Chennai, Oct 31 (PTI) The Madras High Court on Wednesday issued a notice to the Insolvency and Bankruptcy Board of India (IDBI) on a petition which sought to restrain it from proceeding with insolvency applications of corporate bank loan defaulters.Justice R Mahadevan also impleaded the Reserve Bank of India as a respondent. The court observed…
TWO linked Warrington companies that claimed to be able to recover funds for people who had lost money in alternative investments have been ordered into liquidation by the High Court.Asset Recovery Associates Limited (ARA) was incorporated as a private company in July 2011. The linked company, Asset Recovery Resources (ARR) Limited was incorporated as a…
Dear Sir / Madam, We would like to inform you that 17th meeting of Committee of Creditors of ABG Shipyard Limited was held on Tuesday, 30th October 2018 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India. You are requested to take the same on…
The insolvency law committee (ILC) that recently came out with recommendations on cross border insolvency essentially based on the UNCITRAL Model Law has proposed a presumption of default trigger to start insolvency proceedings in India. This, if the insolvency proceedings in the corporate debtors COMI (centre of main interest) has been recognised in India. Under…
Dear Sir / Madam, We would like to inform you that 6th meeting of Committee of Creditors of Sterling Biotech Limited was held on Monday, 29th October 2018 at 12.00 noon IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India. You are requested to take the same on…
The way Nirav Modis entities have filed for bankruptcy in the US, ominously reveals the ingenious ways in which Indian companies through their multi-layered structures, move cash and other assets to other jurisdictions. Some of the US court filings have clearly suggested that assets of Modis entities in the US may have been obtained by…
There are fresh fears 110-year-old foundation club Balmain Tigers is on the verge of folding after the Balmain Leagues Club (BLC) was officially placed into voluntary administration. More than a century of sporting history could come to a premature end after the latest drama involving the new owners of the Leagues Club site at Rozelle.…
Dear Sir / Madam, We would like to inform you that meeting of the 06th Committee of Creditors of Sterling Biotech Limited is scheduled to be held on Monday, 29th October 2018 at 12.00 noon IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India. You are requested to…
In compliance of Para 16(h) of Part A of Schedule III and Regulation 30, i.e. submission of particulars of invitation of resolution plan under section 25(2)(h) of Insolvency Code in Form specified under Regulation 36A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, copy of Form G containing required particulars is enclosed…
Venture Far, previously Venture Holidays, has gone into liquidation after 39 years in the industry. In a statement, the company cited the costs and challenges ofrunning the business as the reason for ceasing operations. The costs and challenges of being a boutique wholesaler, operating in a highly price driven, low margin industry have proven to…