The legislature might come up with a new structure by adding more DRT benches and revisiting provisions relating to individual insolvency. Although liquidation and bankruptcy seem to be similar words, bankruptcy of a company is not the same thing as winding up. Indian laws do not define bankruptcy. The Companies Act, 1956, contained provisions for…
A former FC 11 employee claims the sports academy targeted students who “werent smart enough for university and not good enough to play professional sport”. “It was a sham. The entire business was leveraged on government grants, and when the government turned off the tap, the bottom fell out.” FC 11 purchased a licence to…
Russia’s VTB Capital-based NuMetal Ltd today told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it. ArcelorMittal, the only other bidder to have put in a bid for Essar Steel…
Russia’s VTB Capital-based NuMetal Ltd today told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second round of bidding. The company added that the second round of bidding should be opened and the highest bidder be selected from it. ArcelorMittal, the only other bidder…
By PTI NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal’s plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel’s bid for the debt-ridden Bhushan Steel under corporate insolvency resolution…
Seeks termination of resolution process; if allowed, will be a first for cases being resolved under IBC. Binani Industries (BIL) on Wednesday moved the National Company Law Appellate Tribunal (NCLAT) offering to clear 100% of the claims of all creditors within two weeks if its subsidiary Binani Cement was brought out of the purview of…
Employees at audit firm Nkonki have applied to a Pretoria court to block the companys liquidation and have it put into administration instead so that there is a chance the business can be rescued, according to a court filing. Last month, Nkonki said damage to its brand and uncertainty over future revenue streams had led…
Is it finally curtains down on one of the country’s biggest bankruptcies to go under the hammer? The National Company Law Tribunal (NCLT) yesterday approved Tata Steel’s Rs 35,200 crore bid for the beleaguered Bhushan Steel Ltd (BSL) with debt of over Rs 56,000 crore. This is reportedly Tata Steel’s second-biggest acquisition after the Corus…
A Subiaco-based building contractor is poised to join the growing list of residential builders in Western Australia to go bust. The construction site on Emerald Street in West Perth. Photo: ArchiApps ArchiApps Pty Ltd was placed into liquidation on Wednesday afternoon, with Cameron Shaw and Richard Albarran of Hallchadwick appointed as liquidators. The company billed itself…
The States building regulator was alerted to payment concerns about WA home and apartment builder Archiapps in February but did not issue an official warning until this month. On Monday, the Building Commission said Archiapps had entered voluntary external administration with Hall Chadwicks Cameron Shaw and Richard Albarran appointed. However, Australian Securities and Investments Commission…