The Kolkata bench of National Company Law Tribunal (NCLT) ordered Binani Cement Committee of Creditors (CoC) to consider revised offer submitted by UltraTech. Dalmia Bharat Cement and UltraTech are competing to take over the assets of the company. On April 21, UltraTech Cement, the unsuccessful bidder for Binani Cement, urged NCLT to reject the offer…
The Fringe World festival team have confirmed today that one of their largest affiliated events management companies may be preparing for voluntary administration. JumpClimb, an independent presenter of Fringe World events, were behind a number of venues and events at the 2018 festival including the ever-changing Noodle Palace venue. The company posted a message to…
The maker of the Gibson guitar is filing for bankruptcy protection after wrestling for years with debt. The company, founded in 1894 and based in Nashville, Tennessee, has been esteemed by generations of guitar legends including Chuck Berry and BB King. After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the…
But MS Sahoo, the chairman of regulatory body, the Insolvency and Bankruptcy Board of India, doesnt quite agree. He made two distinctions. That these are not bids they are plans. And plans are not suited to an auction process. The resolution plan is expected to address the root cause of the failure of the firm,…
Constituting a 14-member panel to suggest changes to a law little more than a year after its promulgation reflected the governments keenness to correct mistakes in the original legislation, while also shining the spotlight on an impatient New Delhi that seemed unwilling to give more time. Even as some of the recommendations rush through the…
More than $600,000 is owed to suppliers and tradies caught up in the liquidation of rich-list renovator Sasha deBrettons Million Dollar Makeovers. Early numbers from liquidators Hall Chadwick filed with the corporate regulator list more than 70 unsecured creditors believed to be owed a total of $619,700. It includes $61,555 owed to the Australian Taxation…
The Resolution Professional (RP) of Adhunik Metaliks Ltd sought exclusion of 20 days from the mandatory 270-day timeframe required to complete the insolvency resolution process. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29. While no resolution plan was approved by the Committee of Creditors…
Coimbatore: Though there is no change in the position that moratorium on sale will apply not only to the assets of the Corporate Debtor but also to the assets of the guarantors, the National Company Law Appellate Tribunal (NCLAT) has made it clear that the moratorium does not restrict the filing of application for initiating…
The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore. As per the submissions made by IDBI Bank before the Tribunal, the account of…
Calcutta: Maithan Alloys Limited has earmarked an investment of Rs 275 crore to expand capacity in Bengal and is eyeing assets referred for corporate insolvency and liquidation. The company informed the BSE that its board has approved a greenfield plant with an estimated capacity of 1,20,000 tonnes per annum ferro alloy in the state. The…