RIVERSIDE MEATS has gone into voluntary liquidation and has insufficient money to pay the $622,526.46 bill owed to employees. But that figure is only a portion of almost $8 million owed to its creditors in total. In a letter to staff on Friday, liquidator Keith Sutherland said there was not enough money to pay employee…
Need clarity how home buyers will be protected The recommendations of the Insolvency Law Committee appointed by the Ministry of Corporate Affairs if accepted will give a fresh boost to the Insolvency and Bankruptcy Code 2016. In many of the companies where the Corporate Insolvency Resolution Process (CIRP) has been initiated, liquidation process has…
Dalmia Cement is confident that its Rs 6,350 crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official. Last week, the committee of creditors (CoC) of Binani Cement had decided…
Dalmia Cement is confident that its Rs 6,350-crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official. Last week, the Committee of Creditors (CoC) of Binani Cement had decided to…
The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders. The liquidator for Nicco Corporation, Vinod Kothari, in an e-mailed response, said since the slump sale did not incite interest, the…
The board of the pharmaceutical cash shell company said it had evaluated several potential reverse takeover candidates with major shareholders in the first quarter of 2018 but had concluded a potential takeover was not deemed to be practical. Woodford is the largest shareholder, owning about 33% of the business. Abaco Capital makes up 0.05%, roughly…
Having concluded hearing from all the parties in the Essar Steel insolvency case, the Ahmedabad bench of National Company Law Tribunal (NCLT) is likely to pronounce the order no later than April 12. On Friday, legal counsels of VTB-backed Numetal, ArcelorMittal, resolution professional (RP) and Essar Steel’s Committee of Creditors (CoC) presented their concluding…
The National Company Law Tribunal (NCLT) in Mumbai dismissed a petition filed by F J Elsner Trading GMBII against Jyoti Structures Ltd, providers of turnkey solutions in the field of power transmission, who were the first referred to the NCLT by State Bank of India (SBI) back in August 2017. …
2:15 pm Gainers: Titan Company, BPCL, HPCL, Lupin and Sun Pharma are biggest gainers, rising up to 4 percent. HDFC Bank, ITC, Bajaj Finance, IOC, Tata Motors and Reliance Industries were up 0.2-0.9 percent. 2:08 pm Market Update: Benchmark indices continued to consolidate around previous day’s closing values amid US-China trade war. Investors await corporate…
A MUSWELLBROOK company refutes union claims that it owes hundreds of thousands of dollars in employee privileges. The Construction, Forestry, Mining and Energy Union (CFMEU) recently stated it was currently working to claw back more than $200,000 in entitlements for ex-staff at BIGLIFT Cranes and Heavy Haulage. The CFMEU alleges the business is more than…