Lily Gold Mine in Barberton. PHOTO: Supplied/Vantage Goldfields website JOHANNESBURG Rob Devereux, the business rescue practitioner of the Lily and Barbrook mines, is considering placing the mines under liquidation, charging that the new mine owners have failed to produce proof of funds that have been required to resume the operations. Devereux is alleging Flaming Silver…
The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety.The ruling by a bench headed by justice Rohinton F. Nariman is a setback to operational creditors,such as suppliers and contractors, who wanted to be treated on a par with secured creditors, who have the first claim…
Martin Building Services, liquidation ONE of the Hunters best-known homegrownbuilders, Martin Building Services, has foldedwith debts of almost $10 million. The company, which began in Maitland almost 20 years ago, was placed in the hands of insolvency expertsin December at the request of director and owner Denis Martin. James Shaw, a partner of Shaw Gidley…
The Insolvency and Bankruptcy Board of India (IBBI) has mandated resolution applicants to furnish performance security in corporate insolvency process. This has been stipulated to ensure that corporate resolution plans, once approved, are not withdrawn on a whim. The idea is to encourage only those resolution applicants who are genuine, credible, and capable of submitting…
HYDERABAD: The National Company Law Tribunal (NCLT), in a first, has passed orders restraining others from using the brand name and trademarks of a corporate debtor — Servomax India — currently undergoing corporate insolvency resolution process (CIRP). NCLT has stepped into the issue of brand protection and trademark enforcement responding to the plea of resolution…
The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be implemented. In furtherance of this, the Insolvency and Bankruptcy Board of India…
University of Queensland experts are available to comment on the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Journalists can contact the experts below or search by topic or name at UQ Experts. Dr Vicky Comino: School of Law Dr Cominos main research area is corporate law,…
Ready to acquire Adhunik Metaliks, Maharashtra Seamless tells lenders Lenders to bankrupt Adhunik Metaliks (AML) on Thursday filed appeals before the Kolkata bench of the National Company Law Tribunal (NCLT) for providing additional time for completion of the insolvency resolution process, as they have received application from Maharashtra Seamless stating that it is ready to…
A seized $47 million stake in gold miner Tribune Resources is finally on the market, with investment bank Morgan Stanley mandated to offload the shares inside six months. Interest in the stock, however, is uncertain given governance issues around Tribune and the companys liquidation of its large gold inventory last year to support a special…
The outcome of the 17th CoC meeting is summarized as herein below: 1. An updated list of creditors- version 5 as on 19th November 2018 was prepared and submitted to NCLT and uploaded on the website of the Company on 28 November 2018. The same was also circulated to the CoC members via email dated…