NEW DELHI: Metals and mining giant Vedanta Ltd today said it has submitted a preliminary expression of interest (EoI) for Jaypee Infratech currently undergoing the Insolvency Resolution Proceedings (IRP). The company has “submitted a preliminary non-binding Expression of Interest for submission of resolution plan of Jaypee Infratech Ltd under corporate insolvency process (CIRP),” Vedanta Ltd…
New Delhi, Nov 13 () Metals and mining giant Vedanta Ltd today said it has submitted a preliminary expression of interest (EoI) for Jaypee Infratech currently undergoing the Insolvency Resolution Proceedings (IRP). The company has “submitted a preliminary non-binding Expression of Interest for submission of resolution plan of Jaypee Infratech Ltd under corporate insolvency process…
THE former Highfields Bowls Club is set to become a community hub with new owners revealing plans to take over the centre. The Highfields Community Church confirmed to The Chronicle on Monday it had bought the site which once operated as a sporting club in the growing area. It promises a new lease of life…
New Delhi, Nov 12: Forensic audits should be mandated on promoters bidding for stressed assets under an insolvency process, several legal experts have said. Only genuine promoters should be allowed to proceed for insolvency proceedings or bidding for Stressed Assets, they said. “The conducting of the forensic audit of the Corporate debtor is essential to…
THE company behind a trio of failed Perth restaurants is being pursued for more than $300,000 by a landlord and suppliers. Five summons have been issued against Element WA, which ran The Trustee, Beaufort Local and Enriques School for to Bullfighting. They include a summons for $221,322.07 issued by Benjamin and Co which owns the…
The New Delhi bench of the National Company Law Tribunal has started corporate insolvency resolution proceedings (CIRP) against Applied Electro Magnetic for not paying salary to an employee for a long time, the Times of India reported. This is possibly the first ever instance of NCLT giving such a ruling under the Insolvency and Bankruptcy Code…
The Court of Appeal has dismissed the application of representative creditors regarding the distribution of a surplus of LBIE’s estate and their entitlement to statutory interest for periods after the administration starting. This decision is the latest in the series of the Waterfall proceedings which relate to the administration of Lehman’s European business, LBIE. Upon…
This follows WWSA chief executive officer Peter Lombard refusing to answer questions about the alleged closure of the business after team leaders were informed that the company could be shutting down and liquidating its assets. TimesLIVE has established that team leaders were sent a text message on Wednesday informing them to no longer engage in…
The governments new and improved rules for insolvency resolution are not good enough and will pave the way for huge political embarrassment for the government. Neither the original rules nor the new ones preclude original promoters who ran their companies into bankruptcy repossessing their assets on the cheap, shorn of debt. This is a bad…
BOUNTY Mining Limited has raised $17 million to purchase Cook Colliery mine, with plans to resume operations by early next year. Bounty will settle the acquisitions, which also includes the Minyango Coal Project, for $31.5 million, with $6.7 million paid on completion and the balance deferred and paid over 18 months. The purchase includes all…