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Thai Airways aircraft are parked on the tarmac at Bangkok's Suvarnabhumi International Airport March 27, 2015. REUTERS/Athit Perawongmetha/File PhotoBANGKOK, June
Mantra Properties & Developers and Solitaire group are among the three companies which have submitted their bids to acquire Pune-based listed realty firm D S Kulkarni Developers through the insolvency process.
In September 2019, the National Company Law Tribunal (NCLT), Mumbai Bench ordered the commencement of corporate insolvency resolution process (CIRP) in respect of D S Kulkarni Developers Ltd under the provisions of the Insolvency and Bankruptcy Code, 2016, on an application filed by Bank of Maharashtra.
Manoj Kumar Agarwal, the Resolution Professional (RP), is managing the business of the debt-laden company and also carrying out the insolvency process.
According to sources, Mantra Properties and Solitaire group have submitted …
Around 200 applications for resolution of stressed assets have been filed under the insolvency law since the suspension of fresh proceedings ended on March 24, according to IBBI. Amid the coronavirus pandemic that had significantly impacted economic activities, certain provisions under the Insolvency and Bankruptcy Code (IBC) were suspended with effect from March 25, 2020. The suspension was in place for one year till March 24, 2021.
Talking about fresh insolvency filings after the expiry of the suspension, IBBI Chairperson M S Sahoo said the higher threshold of default of Rs 1 crore coupled with support and forbearances limit the flow of applications.
During the suspension period, fresh proceedings under the IBC were not allowed.
Bankruptcy tribunal NCLT has raised doubts over “confidentiality” of the liquidation valuation of the assets of Videocon Industries and its 12 group companies during the insolvency process.
The tribunal has asked the Insolvency and Bankruptcy Board of India (IBBI) “to examine this issue in depth” to ensure that the confidentiality clause is followed without any compromise.
The liquidation value of Videocon Industries and its 12 group companies was Rs 2,568.13 crore and fair value of the assets was Rs 4,069.95 crore. While the bid amount submitted by Twin Star Technologies in the resolution plan was Rs 2,962.02 crore.
The registered valuers have valued the assets of the 13 companies of Videocon group, having varied business interests ran…
Bankruptcy tribunal NCLT has raised doubts over “confidentiality” of the liquidation valuation of the assets of Videocon Industries and its 12 group companies during the insolvency process. The tribunal has asked the Insolvency and Bankruptcy Board of India (IBBI) “to examine this issue in depth” to ensure that the confidentiality clause is followed without any compromise.
The liquidation value of Videocon Industries and its 12 group companies was Rs 2,568.13 crore and fair value of the assets was Rs 4,069.95 crore. While the bid amount submitted by Twin Star Technologies in the resolution plan was Rs 2,962.02 crore.
The registered valuers have valued the assets of the 13 companies of Videocon group, having varied business interests rangin…
Thai Airways aircraft are parked on the tarmac at Bangkok’s Suvarnabhumi International Airport March 27, 2015. REUTERS/Athit Perawongmetha/File Photo
BANGKOK, June 16 (Reuters) – Thai Airways International Pcl (THAI.BK) on Wednesday said that its acting chief executive officer, Chansin Treenuchagron, had resigned.
The airline’s chief of human resources, Suvadhana Sibunruang, will take over as acting CEO, the company said in a statement. The announcement comes after a court approved the airline’s restructuring plan. Chansin will remain as an administrator of the airline’s business rehabilitation plan.
Reporting by Chayut Setboonsarng
Editing by Ed Davies
A debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock)
A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal loan. This type of loan can help you to pay off debt by reducing your interest rate and consolidating multiple monthly payments into just one.
A debt consolidation loan can be an effective tool but its not right for all situations. Keep reading to get a breakdown of when a debt consolidation loan might be a good idea, as well as some alternatives you can also consider.
MOSCOW, June 16 (RAPSI) The Moscow Commercial Court has dismissed without prejudice a bankruptcy application filed by Russias troubled Antipinsky refinery against New Stream oil and gas company chaired by the former co-owner of the refinery, according to court records.
The applicant has not met obligatory requirements of the current bankruptcy law and therefore it has not received a right to seek for the New Streams insolvency, the court has held.
Another bankruptcy claim lodged by the Federal Tax Service against the company is set for July 9.
In late December, the Supreme Court of Russia has refused to overturn a ruling declaring board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsk…
Hewlett Packard Enterprises Financial Services business has undergone a massive business model transformation that for the first time ever sharply focuses the organisation on the SMB (small medium business) channel market opportunity.
Under the restructuring which was put in place for the start of the HPE fiscal year- the SMB channel is now one of three customer focused segments along with enterprise accounts and global accounts. Before the restructuring, the organisation had a regional focused structure.
As a result of the changes, a full one third of the HPE FS team is now focused on SMB and the channel, said HPEFS President and CEO Irv Rothman.
The reason we did this is because it gives us an ability to focus specifically on the SMB…
With personal consumer loans on the rise, the Bank of Thailand has been asked to review the ceiling of interest rates and supervise credit cards, personal loans and vehicle title loans.Varuth Hirunyatheb
The government has vowed to tackle high household debt, incurred by credit card and personal loans, and offer measures to strengthen the competitiveness of local financial institutions in the long term.
Prime Minister Prayut Chan-o-cha said on Tuesday that all related agencies. including the Bank of Thailand (BoT) are being ordered to accelerate addressing the debt burden among various groups of people.
“If people have a high debt burden, especially at a …
A debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock)
A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal loan. This type of loan can help you to pay off debt by reducing your interest rate and consolidating multiple monthly payments into just one.
A debt consolidation loan can be an effective tool but its not right for all situations. Keep reading to get a breakdown of when a debt consolidation loan might be a good idea, as well as some alternatives you can also consider.
Farming equipment is seen on Foster Farm in Sagaponack, on New York’s Long Island, U.S., July 8, 2019. Picture taken July 8, 2019. REUTERS/Lindsay Morris
CHICAGO, June 15 (Reuters) – The U.S. Agriculture Department (USDA) is defending efforts to wipe clean government-backed loans to farmers facing decades of discrimination, despite a temporary restraining order on the debt relief plan issued by a U.S. District court last week.
A USDA spokesperson said the agency will be ready to process payments on an estimated $4 billion in debt relief for 17,000 Black, Indigenous, Hispanic and Asian farmers once legal battles are resolved. It planned to start the payments in June. read more
“USDA will continue to forcefully defend its ability to carr…
KUALA LUMPUR: Datuk Seri Najib Razak is not a bankrupt despite a court ruling that dismissed his application for a stay on a summary judgment where he is ordered to pay RM1.69bil in tax arrears owed to the Inland Revenue Board (LHDN).
Lawyer Mohamed Haniff Khatri Abdulla said there was a public misconception that the former prime minister was a bankrupt from the bankruptcy notice that was issued to him on Feb 4.
According to the lawyer, there are phases to a bankruptcy process that one must go through before the person is declared bankrupt.
Until this declaration is made by the court, Najib is still the rightful Pekan MP.
The disqualification for an MP is governed by Article 48(1)(b) of the Fe…
