Provisions of the Limitation Act, 1963, should apply to the proceedings under the Insolvency and Bankruptcy Code, 2016 by virtue of Section 433 of the Companies Act, 2013, since the NCLT and the NCLAT are the creation of the Companies Act, 2013 Recently, in the case of Neelkanth Township and Construction Pvt Ltd vs Urban…
THE LIMERICK based oil and gas exploration company Circle Oil Plc, which once had a net worth of 231 million, has gone into voluntary liquidation. Declan McDonald and Brendan Lynch, of Pricewaterhouse Coopers, have been appointed joint liquidators to the company. Creditors have been advised to send particulars of their debts and claims to PwC by October 31…
By Peter Egwuatu Investors in the nation’s capital market are strategizing on how to rescue their investments estimated at N10 billion which were trapped in the troubled Partnership Investment Company, PIC Plc and Partnership Securities Limited, PSL. Financial Vanguard checks with some of them reveal that while some are considering joint liquidation action that entitles…
Bhushan Steel, which owes banks a whopping Rs 44,447 crore, had initially objected to the insolvency proceedings alleging SBI had inflated the dues by around Rs 100 crore. The committee of creditors to Bhushan Steel is reluctant to sanction fresh interim funding of around Rs 500 crore as part of the corporate insolvency process, senior…
Application for the liquidation of a company – Cyprus Mail By continuing to use the Cyprus Mail, you agree to the use of cookies. more information Accept The cookie settings on this website are set to “allow cookies” to give you the best browsing experience possible. If you continue to use this website without changing…
VOLUNTARY ADMINISTRATION: Peter O’Brien. Regional building company Peter OBrien Constructions has gone into voluntary administration after being owed $12 million by debtors including a government organisation. The Blayney-based firm owes $5.7 million to creditors including regional subcontractors. A statement released by Mr OBrien said he and his wife Melissa had been forced to sell their assets. The OBriens have put…
Share this: A recent and troubling editorial by The Economic Times shows how Jaypees defence against angry homebuyers looking for justice is often bought hook, line and sinker. While Jaypee would be happy to have JIL fall into insolvency, letting them off the hook when it comes to stranded home buyers, the Supreme Court put a stop…
The judgment of the Supreme Court in Mobilox Innovations Pvt.Ltd. v.Kirusa Software Pvt.Ltd. rendered by a bench of Justices R. F Nariman and Sanjay Kishan Kaul settles a significant issue under the Insolvency and Bankruptcy Code 2016. The issue was whether the existence of a dispute by itself without the record of initiation of any…
ROCKWELL Diamonds has gone into provisional liquidation after the Kimberley High Court granted an order to discontinue the services of the stricken firms business rescue practitioner Metis Strategic Advisors. According to a note sent to Rockwell employees by Peter van den Steen, a director of Metis Strategic Advisors, there was still a chance the company…
Not so long, all the creditors, as well as the debtors were welcoming the move of the legislature in introducing the now most complicated Insolvency and Bankruptcy Code, 2016 (Code) but now everybody has realized that the code which is well defined procedurally is actually having many issues which need to be settled. The most…