NAGPUR: The National Company Law Tribunal (NCLT) has admitted an insolvency petition against a Chandrapur-based company over a liability of Rs2.81 lakh. It is among the smallest amounts, so far, for which a case has been fought under the Insolvency and Bankruptcy Code (IBC) 2016, said insolvency practitioners.
Even as IBC 2016 has set the threshold limit of dues for which a petition can be admitted at Rs1 lakh, rarely has a case been filed for such an amount, said professionals.
The company, Samadhan Marketing and Merchandise Private Limited, is running departmental stores in Chandrapur. The petition was filed by brothers Nandlal Popat and Dhayalal Popat, who were former directors of the company. They had leased out their premises to …
Read the full article at: https://timesofindia.indiatimes.com/city/nagpur/tribunal-admits-rs2-81-lakh-claim-under-insolvency-code/articleshow/68070713.cms
The acquisition of hot roll seamless pipe manufacturing company lifted Maharashtra Seamless shares nearly 4 percent in morning on Wednesday.
“….made payment of Rs 477 crore for acquisition of United Seamless Tubulaar Private Limited (USTPL),” the ERW and seamless pipes & tubes manufacturer said in its filing.
TheDP Jindal Group companymade this acquisition under the Corporate Insolvency Resolution Process (CIR process) under the Insolvency and Bankruptcy Code 2016 as approved by Hyderabad Bench of National Company Law Tribunal.
At 09:34 hours IST, the stock was quoting at Rs 444.60, up Rs 11.70, or 2.70 percent on the BSE.
Read the full article at: https://www.moneycontrol.com/news/business/markets/maharashtra-seamless-rallies-4-on-acquisition-of-pipe-maker-under-cir-process-3560971.html
Johannesburg – In a bizarre twist, a former Gupta company is taking on another of the familys companies in a bid to recover R4million in unpaid rent and services.
Business rescue practitioners for Tegeta Exploration and Resources – which is under business rescue – have filed for the liquidation of Oakbay Investments in the high court in Johannesburg.
The application, lodged on Monday, states that Oakbay rented office space from Tegeta at its Sandton offices in October, 2013. Oakbay apparently does not have a business address or a legal entity where the sheriff of the court could serve the notice filed in the high court.
Tegeta, through business rescue practitioners Robert Knoop and Louis Kloppe…
Read the full article at: https://www.iol.co.za/the-star/news/gupta-family-empire-crumbles-19396288
Eden Road Wines is being pulled from voluntary administration.
Creditors (those owed money) agreed on Friday to accept an offer from shareholders that will allow the winery to remain open while the debt of $3,457,711 is paid.
Up until the previous Friday, January 25, a sale of the winery was on the cards in order to clear the debt.
Documents drawing an end to the voluntary administrationare expected to be signed this week.
Voluntary administrator Vaughan Strawbridge of Deloitte said the agreement would also secure the jobs of all the staff at Eden Road Wines and maintain the winerys relationships withsuppliers and customers.
Our focus throughout this process has been to ensure the best outcome for everyone …This outcomewill ensure a strong …
Read the full article at: https://www.yasstribune.com.au/story/5878276/glass-half-full-at-eden-road-wines/
Construction industry reform is overdue and change is needed urgently.
Theres no doubt the property sector is experiencing a downturn, with projects put on hold and more builders going into liquidation. Those who can afford it least suffer most.
As the downturn continues, it is the subcontractors who are feeling the most pressure. Subbies comprise 82 per cent of the construction industry and data from the Australian Securities and Investments Commission shows each year subcontractors are left with more than $3.2 billion in unpaid invoices as a result of construction company collapses.
This situation arises because in an attempt to fund their own cash shortfalls, larger developers and builders may trade while insolvent and collect payments…
Read the full article at: https://thewest.com.au/business/commercial-property/act-now-to-protect-construction-pay-ng-b881106329z
MUMBAI: The Department of Telecommunications has refunded Rs 298 crore to Aircel, bringing relief to the bankrupt mobile phone operator that has been struggling to maintain its assets ahead of their sale as part of an ongoing insolvency process and pay its employees their dues.
Deloitte, which is overseeing the last leg of a corporate insolvency resolution process, received the money from DoT on Tuesday, under a Supreme Court order, according to people familiar with the matter. Deloitte did not respond to ETs queries by press time.
With this transaction, the debt-laden operator has recovered about Rs 639 crore after year-long legal battles with Bharti Airtel and DoT. The Maxis-owned operator is still fighting in the apex court to get ove…
Read the full article at: https://economictimes.indiatimes.com/industry/telecom/telecom-news/department-of-telecommunications-refunds-rs-298-crore-to-aircel/articleshow/68072452.cms
Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of its sister company, Oakbay Investments, claiming it owes it R3.8 million in rental and services arrears.
Tegeta business rescue practitioner Kurt Knoop says in an affidavit that Oakbay is unable to pay its debts and is therefore liable to be wound up. Both Tegeta and Oakbay are Gupta-controlled companies, though of the two, only Tegeta is in business rescue.
In 2013 Oakbay rented office space from Tegeta at Grayston Ridge Office Park in Sandton for R150 000 a month, escalating by 10% a year. This included various services such as phone and fax connections. The lease and services agreement was extended in October 2017, but Oakbay was unable to m…
Read the full article at: https://www.moneyweb.co.za/mineweb/one-gupta-company-applies-for-the-liquidation-of-another/
DETROIT (Reuters) – Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America and cease production at a Brazilian plant this year as a result, part of a global restructuring meant to end losses in different regions.
As part of a broader restructuring that Ford previously said would result in $11 billion in charges, the company said it will cease production at its Sao Bernardo do Campo plant, ending sales of the cargo lineup, F-4000 and F-350 trucks, as well as the Fiesta small car once inventories are sold.
Ford said on Jan. 10 it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region.
Following that announcement, analysts and investors h…
Read the full article at: https://www.euronews.com/2019/02/19/ford-exiting-heavy-truck-business-in-south-america
CDA is pleased to announce CommonBond as a CDA Endorsed Program that offers competitive student loan refinancing as a new member benefit.
Student loan debt is one of the largest financial hurdles a dentist may face. The average educational debt for all indebted graduates in the class of 2018 for U.S. public and private dental schools was $251,869 and $326,133, respectively, according to the American Dental Education Association.
CommonBond is a financial technology company that helps students and graduates pay for higher education. The companys program helps students save money on student debt over time by trading in existing high-interest loans for a single loan with a new interest rate, best-in-…
Read the full article at: https://www.cda.org/news-events/new-cda-endorsed-program-can-help-dentists-save-thousands-on-student-loan-debt
Treasury Cabinet Secretary Henry Rotich is the latest top-ranking official to be questioned over stalled Sh65 billion dam projects in the country.
Mr Rotich recorded a statement on Monday at the Directorate of Criminal Investigations over the Arror multi-purpose dam and Kimwarer in Keiyo South constituency in Elgeyo Marakwet County. It is not clear if the CS was questioned as a witness or if he is under investigation. Yesterday, Rotich did not respond to our calls and text messages inquiring about the issue.
Yesterday, DCI boss George Kinoti said…
Read the full article at: https://www.standardmedia.co.ke/article/2001313641/cs-rotich-grilled-in-kickbacks-probe
Flybmi operated 17 regional jet aircraft on routes to 25 European cities. The airline carried 522,000 passengers on 29,000 flights in 2018.
The majority of Flybmis 376 employees across the UK, Germany, Sweden and Belgium have been made redundant, although some have been retained to assist the joint administrators.
A spokesperson for Flybmi said: The airline has faced several difficulties, including recent spikes in fuel and carbon costs, the latter arising from the EUs recent decision to exclude UK airlines from full participation in the emissions trading scheme.
These issues have undermined efforts to move the airline into profit.
Current trading and future prospects have also been seriously affected by the uncertainty created by the Br…
Read the full article at: https://www.accountancydaily.co/bdo-pilots-flybmi-administration
There can be many twists and turns over the life of a business, but one of the more serious (and usually final) turns is when it declares insolvency.
A recent spate of high profile collapses, most notably music retailer HMV, cake chain Patisserie Valerie, and department store House of Fraser, have all brought various insolvency methods to the fore.
While the word insolvent usually conjures up images of a business going bust and closing down, the reality is less clear.
Insolvency essentially means a company either cannot pay its bills when they are due, or its liabilities outnumber assets on its balance sheet.
A firm can still keep trading while in insolvency, although it often requires either agreement…
Read the full article at: https://www.proactiveinvestors.co.uk/companies/news/214896/when-business-goes-bad-what-are-a-companys-options-when-it-becomes-insolvent-214896.html
