SEBI has moved the Supreme Court against an order by the National Company Law Tribunal (NCLT) in the matter of collective investment schemes (CIS) where the tribunal ruled that the Indian Bankruptcy Code (IBC) will prevail over the SEBI Act. The SC has issued a notice to the parties involved and the next hearing is…
The Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational creditor for the purpose of the Insolvency and Bankruptcy Code, 2016 (IBC). The court said that a trade union is…
Chennai: Integrated sugar maker Thiru Aarooran Sugars (TA Sugars) has knocked the doors of the National Company Law Tribunal (NCLT) to kick-start the process of corporate insolvency resolution plan after SBI moved the tribunal upon default of loans.The petition for resolution under the Bankruptcy Code was filed by SBI claiming dues of Rs 149.36 crore.…
In their April 29 report to creditors, Mr Hosking and Mr Hathway said they were also investigating a number of potentially voidable transactions including payments totalling $9.28 million made to Merhis Finance (a wholly owned subsidiary of Merhis Corp, which is wholly owned by Mark Merhi) and $18.46 million transferred to related companies in the…
LUSAKA (Reuters) Vedanta Resources on Tuesday plans to challenge the appointment of a provisional liquidator and the intended winding up of its Zambian business without the chance to be heard through lawyers of its choice, documents filed in court show. According to a notice filed in court on June 6, Vedanta wants to be represented…
Dear Sir/Madam This is to inform you that the Honourable National Company Law Tribunal (NCLT), Hyderabad Bench has passed the order on 03/06/2019 (uploaded on website on 08/06/2019) admitting the petition CP(IB) No.679/7HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by the Financial Creditor IDBI Bank Limited and initiating the Corporate…
newsletters, editors-pick-list, vallec, tobias McCosker, liquidation, electrical, Toby McCosker, Sydney Swans A HUNTER electrical company that sponsored the Sydney Swans AFL team has gone into liquidation owing more than $3 million, including more than $250,000 in entitlements to 14 employees. Vallec, Vallec EP and Vallec MP were voluntarily placed in the hands of a liquidator…
MUMBAI: The Mumbai bench of the bankruptcy court is scheduled to hear on Monday insolvency petitions filed against Jet Airways by two of its suppliers, a development that could hurt the efforts of banks to cobble together a deal with investors to revive the grounded airline. Banks have so far tried to keep Jet out…
newsletters, editors-pick-list, vallec, tobias McCosker, liquidation, electrical, Toby McCosker, Sydney Swans A HUNTER electrical company that sponsored the Sydney Swans AFL team has gone into liquidation owing more than $3 million, including more than $250,000 in entitlements to 14 employees. Vallec, Vallec EP and Vallec MP were voluntarily placed in the hands of a liquidator…
About 100 retirees caught up in a corporate collapse fear they will be left homeless after investing millions of dollars in a complex retirement scheme which offered to pay their rent for life. Sterling First, the flagship of a sprawling WA group of property management and investment companies behind the scheme, collapsed last month, leaving…