The Insolvency and Bankruptcy Code (IBC) introduced by the Narendra Modi government in December 2016 to fix the banking sectors bad loans problem has over the last 16 months been a mixed bag, with borrowers and disgruntled bidders increasingly exploiting vagueness in some key provisions of the code to stall bankruptcy proceedings.…
A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction today and keep the business alive, but faced a setback in court last week. U.S. Bankruptcy Judge Mary Walrath in Delaware decided the investment group alternative asset manager DW Partners, commercial real estate investment…
Mobility solutions developer and consulting firm, Airdata, has gone into administration after more than a decade in operation. The Sydney-based company, which makes a range of software solutions for mobility and Internet of Things (IoT) applications, claims Motorola, Microsoft, Apple and Datalogic among its vendor partners. The company entered into voluntary administration on 9 April,…
The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional of Electrosteel Steels Ltd., Dhaivat Anjaria, for neglecting the claims of an operational creditor of the company. IBBI has directed Anjaria to deposit one tenth of his total fee as resolution professional in the corporate insolvency resolution process of Electrosteel Steels within…
April 16 (Reuters) – Alok Industries Ltd: * SAYS APPLICATION HAS BEEN PREFERRED BY RESOLUTION PROFESSIONAL FOR LIQUIDATION OF COMPANY * ALOK INDUSTRIES SAYS APPLICATION FILED WITH NATIONAL COMPANY LAW TRIBUNAL AT AHMEDABAD ON APRIL 16 Source text for Eikon: bit.ly/2H4u1NG Further company coverage: (Mumbai newsroom) Read the full article at: https://www.reuters.com/article/brief-indias-alok-industries-says-applic/brief-indias-alok-industries-says-application-filed-with-nclt-for-liquidation-of-co-idUSL3N1RT4WU
In addition to liquidation and asset realization services, SB360 provides financing solutions for mid-market companies, and advisory services for retail and wholesale businesses and lenders. Other business units of SB360 focus on real estate advisory and commercial real estate investments, as well as operating SBC Logistics’ Asset Recovery Center in Columbus, Ohio. SB360 operates from…
April 16 (Reuters) – Alok Industries Ltd: * SAYS APPLICATION HAS BEEN PREFERRED BY RESOLUTION PROFESSIONAL FOR LIQUIDATION OF COMPANY * ALOK INDUSTRIES SAYS APPLICATION FILED WITH NATIONAL COMPANY LAW TRIBUNAL AT AHMEDABAD ON APRIL 16 Source text for Eikon: bit.ly/2H4u1NG Further company coverage: (Mumbai newsroom) Read the full article at: https://uk.reuters.com/article/brief-indias-alok-industries-says-applic/brief-indias-alok-industries-says-application-filed-with-nclt-for-liquidation-of-co-idUKL3N1RT4WU
New Delhi: The Insolvency and Bankruptcy Code (IBC) introduced by the Narendra Modi government in December 2016 to fix the banking sectors bad loans problem has over the last 16 months been a mixed bag, with borrowers and disgruntled bidders increasingly exploiting vagueness in some key provisions of the code to stall bankruptcy proceedings. The…
Alok Industries Ltd has informed BSE that the Corporate Insolvency Resolution Process for the Company expired on April 14, 2018 and the Resolution Professional has not received the approval of the Committee of Creditors for Resolution Plans within the time period prescribed under the Insolvency and Bankruptcy Code, 2016. Pdf Link: Updates on Corporate Insolvency…
A 1.8m bill for a six-year company liquidation has been cut by almost 261,000 after the Court of Appeal ruled the number of hours billed was neither reasonable nor necessary. The court said the number of hours work claimed by liquidator Pearse Farrell in the later stages of winding up Mouldpro, a Dublin firm, was…