Giving the largest creditor untramelled rights is neither in line with the IBC nor should it be the legislative intent. (Image: Reuters) Abir Roy The Insolvency and Bankruptcy Code (IBC) has been dubbed a game-changer in corporate circles, and the intent of the legislationto see whether corporate debtors can be put back on their feet…
Uncertainties cloud over approvals required for implementing sanctioned plans It has been a hectic first year for the insolvency regulator, which hit the ground running. A year ago, when M S Sahoo went to work in a small room in the building of the Institute of Cost Accountants of India, there were…
Asserting that resolution plans should balance interests of all stakeholders, IBBI chief M S Sahoo has said operationalising the individual insolvency framework as well as developing the market for interim finance are among the priorities for the regulator. In one year of existence, the Insolvency and Bankruptcy Board of India (IBBI) has already put in…
CAPE TOWN The advertising partner for Western Province Rugby (WPR) has laid criminal charges against it, after directors and its chief executive failed to provide the liquidated companys statement of affairs to the Master of the High Court, as required by the Companies Act of 1973. Aerios chief executive Costas Constantinou said the failure constituted…
A TRUSTED office manager who stole almost £50,000 and plunged a family business to the brink of liquidation has walked free from court. Nicola Leadstone was taking an average of £500 a week but her barrister claimed there was no evidence of her living high on the hog. Yet Teesside Crown Court heard yesterday she…
VANCOUVER, April 17, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) provides an update to the interim liquidation order against three subsidiaries of the Company issued by a judge in Kimberley, South Africa, on March 23, 2017. The interim orders, which have yet to be confirmed in a final hearing, include Rockwell…
The Supreme Court of India (Supreme Court) in Mobilox Innovations Private Limited v Kirusa Software Private Limited (Mobilox v Kirusa) has finally settled the widely debated question of what constitutes existence of a dispute in the context of applications filed by operational creditors for initiation of corporate insolvency resolution process (CIRP) of corporate debtors under…
SIX former workers at liquidated Trend Interiors Carpet Court Mackay will end up thousands of dollars out of pocket unless government regulators step in, says the woman tasked with managing the fallout of the failed company. But the company’s liquidator BRI Ferrier principal Moira Carter is not optimistic the ASIC will give worker welfare priority,…
ICICI Securities has approached the National Company Law tribunal (NCLT) against the ailing media house Deccan Chronicle Holdings a few weeks after Canara Bank took the company to the tribunal initiating insolvency proceedings and seeking directives to interim resolution professional (IRP) to recover dues. ICICI Securities, which originally claimed Rs 125 crore dues from Deccan…
The principle view in filing the instant petition is that lakhs of homebuyers in thousands of projects can lose their life-savings, hard-earned money and moneys obtained through bank/institutional loans due to the operation of Insolvency and Bankruptcy Code, the plea said At a time when home buyers Vs builders cases are piling up in the…