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Date: 21st May, 2019To The General ManagerDepartment of Corporate Services,BSE Limited,P.]. Towers, Dalal Street,Mumbai-400 001.Dear Sir,Sub: Outcome of 9th CoC
Date: 21st May, 2019 To The General Manager Department of Corporate Services, BSE Limited, P.]. Towers, Dalal Street, Mumbai-400 001. Dear Sir, Sub: Outcome of 9th CoC Meeting of M/ 5. Southern Online Bio Technologies Limited scheduled on 21 May, 2019. With reference to the subject cited above, I would like to inform you that the following matters are the outcome of the 9th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited held on 21St May, 2019. 1. Opened sealed covers of Resolution Plans In front of the members of the CoC and noted highlights of Plans received, total plans received three, out of which two are to take the company as a whole and one for Nalgonda division rallone and details are as below: .
Renowned Australian vocal ensemble The Song Company has been placed in Voluntary Administration. The news was first posted on the Companys website on May 13 with a statement in which the Board of Directors said they had considered the financial affairs of the Company and it is in [sic] their opinion that the company faces the possibility of becoming insolvent at some future time, if it were to continue to trade.
The statement said: Subscribers, donors, benefactors and supporters are notified that until the second meeting of creditors which is scheduled for the 18 June 2019, the Company will not be trading and most events will be postponed or cancelled.
Founded in 1984, The Song Companys repertoire covers vocal music from the 10th century…
Shares in Hanjin Heavy Industries & Construction Co., a midsized South Korean shipbuilder, resumed trading on the Seoul bourse Tuesday following its financial restructuring efforts.
Hanjin Heavys stock trading had been suspended since February due to capital erosion. The shipyard saw its losses snowballing to 1.32 trillion won (US$1.15 billion) last year, from a loss of 278 billion won a year earlier as it reflected losses from its ties with its Philippine affiliate, which received approval for a rehabilitation scheme in January.
The creditors, including the state-run Korea Development Bank, then accepted a 680 billion-won debt-for-equity swap, as well as other restructuring efforts, to help the shipb…
The corpus fund arranged by the Committee of Creditors under the National Company Law Tribunals (NCLT) directions towards the cost of corporate insolvency resolution process (CIRP) cannot be attached by any authority, including the Enforcement Directorate, as it is not an asset of the corporate debtor, according to a ruling by the Tribunals Mumbai bench.
ICICI Bank vs Gitanjali Gems
In the matter of ICICI Bank versus Gitanjali Gems, the Tribunal observed that the company, being a corporate debtor, is under insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) in respect of a petition filed by the bank.
After the Committee of Creditors (CoC) voted in favour of creating an initial corpus of 10 crore towards CIR…
Gibraltar-headquartered LAMP Insurance Company Limited has asked the Supreme Court of Gibraltar to appoint an Official Receiver (OR) and place the firm into liquidation. The application will be heard at the end of the month.
According to the Gibraltar Financial Services Commission (GFSC), the insolvent insurance company has been unable to secure additional financing. It provided general insurance products to customers in Britain as well as in Europe and Asia.
Policyholders should be aware that while their policies are still valid, the firm is not in a position to pay claims, asserted GFSC in a statement. Policyholders should contact their broker, …
Liquidation application will be looked at in Court on 31 May as insolvent provider says it is still pursuing sale options.
Unrated insurer, Lampapplied for liquidation at the Supreme Court of Gibraltar late last week.
In a statement the Gibraltarian firm said that it made efforts to secure more investment, but its liquidation application will be heard in Court on Friday 31 May.
The statement read: Having recently ceased to enter into new contracts of insurance or renew existing contracts the directors of Lamp Insurance Company and its parent company have been exploring all options available to them to obtain additional finance to enable the Company to meet its obligations under existing contract…
Notice of 9th Meeting of Committee of Creditors of SOUTHERN ONLINE BIO TECHNOLOGIES LIMITED Notice along with Agenda for the 9th Meeting of the Committee of Creditors of Southern Online Bio Technologies Limited (under Corporate Insolvency Resolution Process) under the provisions of The Insolvency and Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Day & Date: Tuesday 21st May, 2019 Time: 6.30 P.M
Bank of India Telangana Zonal Office, PTI Building, 2nd Floor, A.C. Guards, Hyderabad-500004
British Steel, the UKs second-largest steelmaker, is on the brink of collapse just three years after it was revived, putting thousands of jobs at risk.
When buyout firm Greybull Capital bought theScunthorpe steelworks and other sitesfor the princely sum of 1 from Indias Tata in 2016 and revived the British Steel brand in 2016, the industry reacted with anticipation and excitement. Could it manage to overcome rising costs, stiff international competition and continued Brexit uncertainty?
It would appear not. The company is seeking a 30m government loan as the companys lenders and government officials brace for an insolvency to take place within 48 hours, with EY lined up as administrators,…
Zambia has ramped up the pressure on Konkola Copper Mines, the copper company controlled by Anil Agarwals Vedanta Resources.
A day after President Edgar Lungu said he would strip KCM of its mining licence and bring in a new investor, Zambias High Court appointed a law firm called Lungu Simwanza & Company to act as provisional liquidator, according to court documents seen by the Financial Times.
These said Lungu Simwanzas appointment would last until the conclusion of a petition brought by state-controlled Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) under the countrys corporate insolvency act.
The move is likely to stoke concern that Zambia, Africas second-largest copper producer, is looking to nationalise KCM and…
British Steel is on the brink of collapse unless it can secure 30m in emergency funding from the government, putting about 5,000 jobs directly at risk and endangering thousands more in the supply chain.
The UKs second-largest steel producer is preparing to call in administrators on Wednesday unless the government steps in with a loan on Tuesday.
British Steel, which is owned by private equity group Greybull Capital, has been scrambling to secure a 75m rescue package to stave off insolvency. Greybull and the companys lenders have agreed to inject 30m into the company.
British Steel is asking the British government for a 30m loan rather than the 75m originally requested.
A spokesperson for the Department for Business, Energy and Industria…
Big-spending election loser Clive Palmer was absent from court as his lawyers were lambasted by a judge overseeing Queensland Nickels liquidation trial.
Days after his federal election campaign failed to win his party a seat, Palmer on Tuesday sought to introduce evidence into the trial over his companys collapse that workers had started receiving their entitlement payments.
ICharter Limited was incorporated in November 2014 as a travel agency for private clients, with offices in Chatham, Kent.
The company, however, entered into Creditors Voluntary Liquidation on 5 March 2018 after it could not pay debts of more than 127,000.
Insolvency Practitioners were appointed to wind-up the company and their report to the Insolvency Service triggered an investigation into the conduct of ICharters director, Helen Jacobs (32), from Chatham, Kent.
The investigation established that, just one year after the company was incorporated, from December 2015 Helen Jacobs failed to maintain ICharters books and records.
As a result, it has not been possible to determine whether various payments from the companys account …
