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…
Jamie Oliver Restaurant Group placed into voluntary administration Published: 16 April 2018 Image credit: Reuters The Jamie Oliver Restaurant Group has confirmed that it has been placed into voluntary administration less than two years after the company assumed control of Jamies Italian restaurants in Australia. According to the statement, Jamies Italian Canberra will close with…
UltraTech Cement has increased its offer to acquire debt-laden Binani Cement to Rs 7,990 crore from the earlier Rs 7,266 crore, a financial daily reported. The Economic Times said the increased bid for Binani Cement will cover the interest on loans forgone by the lenders when the company was admitted to the bankruptcy court. Citing…
Alok Industries announced 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. The stock had outperformed the market over the…
The bid submitted by Reliance Industries Ltd in conjunction with JM Financial Asset Reconstruction Company Limited (JMFARC) has been rejected by committee of creditors (CoC) of Alok Industries. Earlier both the companies had submitted a resolution plan for Alok Industries Limited. The Insolvency and Bankruptcy Code(IBC) requires CoC approval for a resolution plan. JMFARC is…
According to the Click.ie website, the Navan-based company has eight stores at locations including Ashbourne, Cavan, Navan and franchise stores in NUI Galway and Trinity College Dublin. It also did significant e-commerce business over its website. Some 20 people are set to lose their jobs on foot of the liquidation. The company has previously come…
A joint resolution plan submitted by JM Financial Asset Reconstruction Company Ltd. and Reliance Industries Ltd. has not met with approval of the committee of creditors of Alok Industries Ltd., RIL said in a late-evening stock exchange notification today. The 270-day deadline for the corporate insolvency resolution programme under the insolvency and bankruptcy code ended…
The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on the resolution professional (RP) of insolvent Electrosteel Steels. The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on the resolution professional (RP) of insolvent Electrosteel Steels for failure to consider the claim of an operational creditor, and…