Insolvency Guardian Media Centre
New Delhi: Tata Steel on Saturday announced it had completed the acquisition of debt-ridden Bhushan Energy Ltd.
The announcement came after the National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire Bhushan Energy for around 800 crore.
“We wish to inform you that Tata Steel BSL Ltd has successfully completed the acquisition of Bhushan Energy Limited (BEL) in accordance with the Approved Resolution Plan under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016,” Tata Steel said in a BSE filing.
Pursuant to the acquisition, the company holds 99.99% of the total equity share capital of BEL.
“This disclosure is made in compliance with Regulation 30 of the SEBI (Listing O…
Read the full article at: https://www.livemint.com/companies/news/tata-steel-completes-acquisition-of-bhushan-energy-1559401093938.html
This is to inform you that, the 7th meeting of the Committee of Creditors of Jaihind Projects Limited is held on today, Friday, May 31, 2019 at 3.00 P.M. IST at 5A Vardan Tower, Near Vimal House, Lakhudi Circle, Ahmedabad 380014 and decided to extend the time for submission of Resolution Plans by the resolution applicants by further 10 days i.e. upto 10th June 2019.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/jaihind-projects-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article27379137.ece
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and in accordance with the requirements of sub-clause 16(g) of Clause A of Part A of Schedule III of Listing Regulations, we wish to inform you that the First meeting of the Committee of Creditors (CoC) was conducted on 30 May, 2019 to provide business update, ratification of CIRP Costs and discussion on the appointment of Resolution
Professional of Reliance Communications Limited (the “Company”). CoC would communicate the decision regarding appointment of RP to Adjudicating Authority (i.e. Honble NCLT, Mumbai Bench) after the results of e-voting.
Pdf Link:
Reliance Communications Ltd. – Corporate Insolvency Resolu…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/reliance-communications-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article27380772.ece
We hereby intimate you that CIRP has been initiated in respect of Silveroak Commercials Limited (the company) under the provisions of Insolvency and code 2016 (IBC) by an order of National Company Law Tribunal with effect from 2nd May 2019.
As per section 17 of IBC 2016, the powers of the board of directors stands suspended, and such powers shall be vested with me, Rajendra kumar Khandelwal (IP Registration No. IBBI/IPA-001/IP-P01140/2018-2019/11867 appointed as IRP with respect to the company.
It may further be noted that as per section 14 of IBC 2016 the said NCLT order has declared a moratorium prohibiting all of the following namely:-
(a) the institution of suits or continuation of pending suits or proceedings against the corporate de…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/silver-oak-commercial-ltd-corporate-insolvency-resolution-process-cirp-appointment-of-interim-resolution-professional-irp/article27377867.ece
A vulture fund objected to a financial rescue plan for a heavily indebted Co Offaly firefighter, arguing that he could pay more off his mortgage from his familys child benefits.
The High Court overruled the objections of Promontoria, owned by US private equity giant Cerberus, on Monday, approving a 75,000 write-down on the debts of Gregory Donagher of Portarlington to match the 90,000 market value of his home.
The decision gives the 46-year-old a fresh financial start and means he avoids bankruptcy.
…
Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/vulture-fund-wanted-firefighter-s-mortgage-paid-from-child-benefit-1.3908645
A vulture fund objected to a financial rescue plan for a heavily indebted Co Offaly firefighter, arguing that he could pay more off his mortgage from his familys child benefits.
The High Court overruled the objections of Promontoria, owned by US private equity giant Cerberus, on Monday, approving a 75,000 write-down on the debts of Gregory Donagher of Portarlington to match the 90,000 market value of his home.
The decision gives the 46-year-old a fresh financial start and means he avoids bankruptcy.
…
Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/vulture-fund-wanted-man-s-mortgage-paid-from-child-benefit-1.3908645
CFO Ralph Khoury FCPA is based in Dubai, where he runs the ruler over the numbers and strategies for the Middle East media and advertising operations of Omnicom Media Group and TBWARAAD.
Fact file
Joined Omnicom Inc in August 2008 as the CFO of TBWARAAD Middle East, which was later expanded to the role of CFO of Omnicom Media Group for the Middle East and North Africa.
Formerly the worldwide CFO of a division of Alcatel-Lucent in Paris; prior to that held CFO and board positions for Alcatel joint ventures in Malaysia and Indonesia.
Current team: 100.
My role: reviews and relationships
I provide financial and operational leadership, whether it is navigating business risks, or offerin…
Read the full article at: https://www.intheblack.com/articles/2019/06/01/meet-cfo-of-tbwa-ralph-khoury
THE CASE of Mr Ke, a carpenter from the eastern city of Taizhou who fell deep into debt, may one day be noted in histories of Chinas financial evolution. On May 9th a local court announced that it had arranged for Mr Kes liabilities to be written off. This was made possible by what state media described as the countrys first ever regulations concerning the clearing of personal debt. Sadly, for now, they only apply in Taizhou.
Mr Kethe court did not reveal his full namehad fallen victim to fraud eight years ago. By last year the 54-year-olds debts totalled 480,000 yuan ($70,000), owed to three banks. But the court took account of Mr Kes predicament. He has no income, a home with only one room and less than 100 yuan in savingsthe equivalent…
Read the full article at: https://www.economist.com/china/2019/05/30/china-is-getting-tough-on-those-who-fail-to-pay-their-debts
What are the consequences of bankruptcy? Stephanie McGrath looks at the effects on pharmacy owners
On 18 February 2019 AJP reported that the National Health Amendment (Pharmaceutical Benefits) Bill 2019 would enable PBS medicines supply to continue when a pharmacy owner enters bankruptcy.
The Bill lapsed at dissolution on 11 April 2019 and is not proceeding.
In light of Mr Hunts comments at the time that there are approximately 20 pharmacies each year affected by bankruptcy or external administration, it is timely to revisit the consequences of bankruptcy.
What are the consequences of bankruptcy?
The threat of bankruptcy casts a huge shadow over a person both emotionally and personally. While it can be seen to provide relief where you cannot …
Read the full article at: https://ajp.com.au/columns/how-bankruptcy-can-affect-your-pharmacy/
Law firm OSM Partners has appointed Andrew Croughan as new partner and head of personal insolvency, and Raymond Lambe as new partner in the corporate and commercial litigation department.
Andrew Croughan brings more than 10 years experience in commercial litigation, dispute resolution and insolvency and has acted in cases before all courts including the Supreme Court and Court of Appeal. An insolvency specialist, he advises on all aspects of personal insolvency and bankruptcy law where he both advises and represents clients in contentious matters. He acts for financial institutions, receivers, blue chip companies and private clients.
Raymond Lambe is an experienced litigator and specialises in financial services disputes and enforcement of…
Read the full article at: https://www.irishexaminer.com/breakingnews/business/law-firm-unveils-three-senior-appointments-927825.html
Gamban Managing Director Daniel Umfleet shares his views exclusively with Gambling Insider on whether or not credit card gambling should remain legal in Great Britain.
Last year, the Gambling Commission claimed nearly 20% of deposits on gambling sites were used through credit cards; do you think credit card gambling should still be allowed?
Theres not a massively straightforward answer from my perspective. Some of the security standards in certain countries and some of the lack of access to debit cards make that a complicated problem.
In general, when its looked at from specific regular jurisdictions that do allow access to cash in the form of debit cards, it probably should not be allowed. Basically, they are gambling with debt. If th…
Read the full article at: https://www.gamblinginsider.com/news/7317/gamban-md-exclusive-players-gambling-with-credit-cards-are-gambling-with-debt
DALLAS, May 30, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — Alternet Systems, Inc. (USOTC: ALYI) (ALYI) today published a management update highlighting the companys management restructuring plan within a strategic partnership designed to trigger 1000% revenue growth. The company has recently announced a number of developments regarding major business developments to advance its electric vehicle production and sales in Africa that could take the company from its roughly $250,000 in annual revenue and recently signed $2 million in orders to over $20 million in annual revenue. The management update detailing the latest developments to advance this 1000% revenue growth opportunity are included below.
ALYI Management Update May 30, 2019
In…
Read the full article at: https://www.globenewswire.com/news-release/2019/05/30/1859556/0/en/ALYI-Alternet-Systems-Publishes-Update-On-Management-Restructuring-To-Trigger-1000-Revenue-Growth.html