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JSW Energy Ltd. has completed the acquisition of KSK Mahanadi Power Company Ltd. (KMPCL) pursuant to the Resolution Plan submitted by the company under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
The Resolution Plan has now been implemented, and consequently, KMPCL has become a subsidiary of the company. As per the terms of the resolution plan, the company will hold 74 percent of the equity shares of KMPCL and the secured financial creditors collectively hold the balance 26 percent of equity shares. The transaction is for a total Resolution Amount of INR 16,084.08 crore.
Commenting on the development, Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, “We are pleased to announce…
JSW Energy Ltd. has completed the acquisition of KSK Mahanadi Power Company Ltd. (KMPCL) pursuant to the Resolution Plan submitted by the company under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
The Resolution Plan has now been implemented, and consequently, KMPCL has become a subsidiary of the company. As per the terms of the resolution plan, the company will hold 74 percent of the equity shares of KMPCL and the secured financial creditors collectively hold the balance 26 percent of equity shares. The transaction is for a total Resolution Amount of INR 16,084.08 crore.
Commenting on the development, Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, “We are pleased to announce…
Whyalla steelworks was losing $1.5 million a day before being put into voluntary administration and owes creditors $1.34 billion, including $570 million to entities owned by British industrialist Sanjeev Gupta, which administrators have flagged as a disputed claim.
The steelworks in South Australia was plunged into voluntary administration two weeks ago owing employee entitlements of $189.7 million, the SA state government $40.2 million, and other secured creditors $281.5 million. Unsecured creditors are owed $837 million, the administrators appointed to sort out the mess, KordaMentha, said.
“There are a lot of people at this meeting who are owed a lot of money, and that is not lost on us,” administrator Sebastian Hams told a…
The Brindabella Christian College administration could be a drawn-out process, but it offered the best opportunity to put the school back on its feet. Photo: Michelle Kroll
Brindabella Christian College parents, staff and students face an anxious wait over the next month before the school’s financial situation becomes clearer but the Deloitte administrators goal will be for it to continue operating, albeit possibly in a slimmer state and with repayment plans in place for its secured creditor, NAB, and the Tax Office.
The current board may also need to make way for the restructure to work and be agreeable to all parties.
National Head of Restructuring & Recovery at RSM Australia Frank Lo Pilato said a first creditors meeting would have…
We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please considersubscribing.
Chinese mathematician Wang Hong has solved an “infamous” geometry problem called the Kakeya conjecture within three dimensions. It is considered a breakthrough that could have implications for imaging, data processing, cryptography and wireless communication.
Islamic Society of Melbourne Eastern Region to be wound up following insolvency ruling. (Unsplash)
By Shamsiya Hussainpoor
The winding-up case involving the Lysterfield Islamic Society of Melbourne Eastern Region Inc. has recently come to a close, with the court making a significant decision that highlights the challenges not-for-profit organisations face when handling financial insolvency and legal obligations.
This case sheds light on the interplay between corporate governance, financial solvency, and the complex process of winding up a company under the Corporations Act.
The ruling was issued in the Supreme Court of Victoria on 28 February 2025.
Islamic Society of Melbourne Eastern Region to be wound up following insolvency ruling. (Unsplash)
By Shamsiya Hussainpoor
The winding-up case involving the Lysterfield Islamic Society of Melbourne Eastern Region Inc. has recently come to a close, with the court making a significant decision that highlights the challenges not-for-profit organisations face when handling financial insolvency and legal obligations.
This case sheds light on the interplay between corporate governance, financial solvency, and the complex process of winding up a company under the Corporations Act.
The ruling was issued in the Supreme Court of Victoria on 28 February 2025.
The collapse of British Home Stores and the subsequent High
Court action against its directors serves as a stark reminder of
the potential risks for company officers deemed to have breached
their company duties.
The former high street chain went out of business in 2016 after
running out of money.
Two former directors defending the subsequent Court action were
held to be jointly and severely personally liable and ordered to
pay £110 million to creditors.
One director was held to be innocent of dishonesty with the
Court finding that he was “out of his depth” and unable
to prevent detrimental decisions. However, the Court made it clear
that it would not be able to exercise leniency as this could
encourage others to make…
