Insolvency Guardian Media Centre
Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources. Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
Sources said that Adani Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL.
Earlier this month, the National Company Law Tribunal (NCLT) directed…
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New Delhi, Mar 26 (PTI) Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources.
Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
Sources said that Adani Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL.
Earlier this month, the National Company Law Tribunal (NCLT) directed that the resolution plans to acquire JAL…
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New Delhi, Mar 26 (PTI) Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources.
Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
Sources said that Adani Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL.
Earlier this month, the National Company Law Tribunal (NCLT) directed…
Read the original article here
Amsterdam-based Blokker, a prominent household retail chain, ceased its operation at most of its locations after filing for bankruptcy in November 2024.
The company, which had struggled with financial difficulties for years, closed approximately 350 of its remaining 400 stores by the end of December, reports NLTimes.
Only about 40 independently operated franchise locations continue to function, as they operate under separate ownership, paying fees to use the Blokker brand and sell its products.
Blokker raises €103M in bankruptcy sale
According to the report by RetailTrends, the bankruptcy process concluded with a liquidation sale that generated €103M, marking the end of Blokker’s widespread retail presence in the…
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India’s bankruptcy rule maker recently proposed to drop the clause that allows keeping a company in liquidation as a going concern—essentially, a business that can operate and meet its obligations. While the provision intended to save jobs and preserve value, it merely encouraged lawsuits, attracted tainted owners, delayed liquidation and depressed asset values, lawyers said.
“The proposed change will bring down costs by eliminating both the largely futile attempt of keeping the corporate debtor as a going concern and the process of finding a buyer, thereby positively impacting creditor recoveries,” said Manmeet Singh, a partner at Cyril Amarchand Mangaldas.
The…
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Business Matters: Hudson’s Bay liquidation sales begin at all but 6 stores MSN
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As liquidation sales are underway across the country at Hudson’s Bay, local residents are taking part in the emotional goodbye.
Sales started at the Devonshire Mall location on Tuesday morning, with discounts starting at 15 per cent off.
While community members weren’t walking away with large bags of items, some were taking part in the early liquidation sales.
At the end of last week, an Ontario court gave Canada’s oldest company permission to liquidate all but six of its stores. The move comes after the company filed for creditor protection on March 7 to avoid bankruptcy.
This shopper says she’s sad to see the store go.
“I miss department stores, I don’t like Amazon. I’ll really miss it. There isn’t much left for us to…
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After Chapter 11 bankruptcy, discount retailer shares closure news MSN
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Online retail liquidation company opens second San Antonio location The Business Journals
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Corporate insolvencies rise sharply: Cause for concern or normalization after the pandemic years? German Economic Institute (IW)
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A southern-based firewood business has blamed shortage of wood, staffing difficulties, theft of cut wood and Covid-19 for its insolvency position.
KD Firewood, which originated in Invercargill and later took over Wanaka Firewood, was put into liquidation by a special resolution of shareholders earlier this month.
The company, which was incorporated in October 2019 and ceased trading at the end of last year, was jointly owned by Kerry John Dixon and Owen Fredrick Dixon who were also its directors.
In his first report, liquidator Iain Nellies of Insolvency Management Ltd said the total amount owed to creditors was just over $855,000 — which included unsecured creditors of $126,556.
With total net assets of $659,350, that left the…