New Delhi: The National Company Law Tribunal (NCLT) on Thursday granted Go First airline a 90-day extension for its Corporate Insolvency Resolution Process (CIRP), now effective from 6 November to 4 February, as the bankrupt carrier seeks to revive its operations. The tribunal has asked the resolution professional (RP) overseeing Go First’s insolvency to submit…
The Resolution Professional (RP) has verified that, despite receiving an expression of interest from Jindal, no resolution plan has been received. This extended period concludes on February 4. The National Company Law Tribunal (NCLT), on November 23, extended the Corporate Insolvency Resolution Process (CIRP) of the grounded airline Go First by 90 days. The 90-day…
The National Company Law Tribunal (NCLT), Ahmedabad Bench, comprising of Shri Shammi Khan (Judicial Member) and Shri Sameer Kakar (Technical Member), has directed the Promoters/Suspended Management of Sysco Industries Ltd. (Corporate Debtor) to deposit Rs. 7.78 Crores with the Corporate Debtor on the basis of a forensic audit report. The Resolution Plan for the Corporate…
A Geelong-based company owned by Geelong businessman David Collard has been wound up over allegations it owes more than $100,000 in debt. A court has ordered Sanitex Global Pty Ltd be placed in liquidation and denied a request by the companys solicitor to postpone the case, to allow Sanitex to repay money alegedly owed. Judicial…
Australia’s northernmost sugar mill has been placed into voluntary administration, despite a $45 million taxpayer-funded handout. Key points: Mossman Sugar Mill is one of the biggest employers in the small town The mill has entered into voluntary administration due to “financial distress” The grower-owned mill has received $45 million in taxpayer funds in recent years…
Dainton Beer have today become the latest brewing company to file for voluntary administration, citing the need to restructure debts in order to continue operating as a profitable business. In a media release, the owners said they had “taken this step to deal with financial losses the business has accrued from ill-timed expansion in the face…
Dainton Beer enters voluntary administration to facilitate a financial restructuring of the business Daicom Australia Pty Ltd trading as Dainton Beer (Dainton), has announced their decision to appoint an administrator to help facilitate a financial restructuring of the business. Dainton operates a craft brewery and taphouse in Carrum Downs and a second taphouse in Croydon.…
On 19 October, it was announced that Australia frozen baked foods and desserts brand Sara Lee has called in administrators, hiring FTI Consulting to sell or restructure the Australian side of the business. Sara Lees Australian business was established in Lisarow, NSW, in 1971 and has a long history of producing home-grown desserts, including frozen…
THE Ghana Association of Restructuring and Insolvency Advisors (GARIA) has launched a journal to enhance the future of Ghanas corporate insolvency and restructuring landscape. Dubbed: Corporate Insolvency and Restructuring Journal, it is designed to be the mouthpiece of Ghana’s relatively young, but fast evolving insolvency and restructuring industry. It seeks to shape a new culture…
Sara Lee, bastion of frozen desserts loved by generations, has gone into voluntary administration. FTI Consulting has been appointed administrator. Originally owned by US based Hillshire Brands, McCain Foods acquired the business for $82 million in an all-cash deal in 2012. McCain announced it was looking for a buyer in 2020, saying it wanted to…