Category Archives: Liquidation

Lanco Infratech liquidation: IRP seeks NCLT’s direction; 270-day insolvency resolution deadline ends today – Firstpost

Lanco Infratech, currently under insolvency proceedings, today said its Resolution Professional (IRP) is approaching the National Company Law Tribunal (NCLT) seeking approval for “the company’s liquidation or any other direction” as “a potential buyer has come with a revised “resolution plan”. The revised plan had been submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and…

BRIEF-Lanco Infratech Says Did Not Get Committee Of Creditors’ Nod for Resolution Plan – Reuters

May 3 (Reuters) – Lanco Infratech Ltd: * RESOLUTION PLAN SUBMITTED BY THRIVENI EARTHMOVERS WAS PRESENTED BY RESOLUTION PROFESSIONAL FOR APPROVAL OF COMMITTEE OF CREDITORS * SAYS ON ACCOUNT OF LESS THAN 75 PERCENT OF VOTES BEING CAST IN FAVOR, APPROVAL OF COC COULD NOT BE OBTAINED * AS CORPORATE INSOLVENCY RESOLUTION PERIOD EXPIRES ON…

Binani Cement insolvency: NCLT asks CoC to consider UltraTech’s revised offer; Dalmia ‘surprised’ by order – Firstpost

Kolkata/New Delhi: The National Company Law Tribunal (NCLT) on Wednesday asked the Committee of Creditors (CoC) of debt-ridden Binani Cement to consider Aditya Birla group firm UltraTech’s revised offer while setting 24 June as deadline for completion of the insolvency resolution process. The NCLT bench also asked the CoC to reconsider resolution plan of Rajputana…

Herb farm Freshzest goes into administration putting jobs in limbo – ABC Online

A herb farm which supplies and packs herbs for major supermarkets has gone into voluntary administration. Freshzest and affiliated company Spicezest were placed into administration by director and owner Robert Hayes last month, putting 60 jobs at risk and leaving more than 100 other creditors out of pocket. The companies have farming operations near…

A-League applauded for keeping its word to regional Australia – Newcastle Herald

Who wouldve thought regional Australia would be hanging a gold medal around the figurative neck of the A-League? In the past couple of weekends, the National Rugby League has hoofed its way to Tamworth for a competition match; AFL clubs have played under lights at Launceston; and now, by virtue of a sequence of events, domestic…

NCLT orders Binani Cement lenders to consider UltraTech bid – Economic Times

The Kolkata bench of National Company Law Tribunal (NCLT) ordered Binani Cement Committee of Creditors (CoC) to consider revised offer submitted by UltraTech. Dalmia Bharat Cement and UltraTech are competing to take over the assets of the company. On April 21, UltraTech Cement, the unsuccessful bidder for Binani Cement, urged NCLT to reject the offer…

JumpClimb closure leaves unpaid Fringe World artists worried – OUTinPerth

The Fringe World festival team have confirmed today that one of their largest affiliated events management companies may be preparing for voluntary administration. JumpClimb, an independent presenter of Fringe World events, were behind a number of venues and events at the 2018 festival including the ever-changing Noodle Palace venue. The company posted a message to…

Iconic guitar maker Gibson files for bankruptcy protection – ABC Online

The maker of the Gibson guitar is filing for bankruptcy protection after wrestling for years with debt. The company, founded in 1894 and based in Nashville, Tennessee, has been esteemed by generations of guitar legends including Chuck Berry and BB King. After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the…

IBC: Why Resolution Plans Are Unsuited To An Auction According To India’s Insolvency Regulator IBBI’s Sahoo – BloombergQuint

But MS Sahoo, the chairman of regulatory body, the Insolvency and Bankruptcy Board of India, doesnt quite agree. He made two distinctions. That these are not bids they are plans. And plans are not suited to an auction process. The resolution plan is expected to address the root cause of the failure of the firm,…

Why IBC panel’s new recommendations may defeat the very purpose of the law – Economic Times

Constituting a 14-member panel to suggest changes to a law little more than a year after its promulgation reflected the governments keenness to correct mistakes in the original legislation, while also shining the spotlight on an impatient New Delhi that seemed unwilling to give more time. Even as some of the recommendations rush through the…