Insolvency Guardian Media Centre
As intimated earlier, the 5th Meeting of the COC was held on Tuesday, the 5th day of March, 2019 at 304, 3rd Floor, Trendeset Towers, Road No.2, Banjara Hills, Hyderabad – 500 034.
Among other items inter-alia discussed at the meeting, the following were put for electronic voting and were duly passed:
1. Approved Evaluation Matrix and the broad parameters of Request for Resolution Plan (RFRP) / Process Document
2. Authorized the Resolution Professional to call the meetings of Committee of Creditors (CoC) at a short notice of not less than 48 hours as permitted by Regulation 19 (2) of CIRP Regulations, 2016.
Source : BSE – www.bs…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bs-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26483011.ece
Pursuant to the verbal order pronounced by the Honble Bench of Honble National Company Law Tribunal (Ahmedabad) on March 8, 2019, the resolution plan dated April 12, 2018 submitted by Reliance Industries Limited, JM Financial Asset Reconstruction Company and JM Financial Asset Reconstruction Company Limited (as trustee to JMF ARC – March 2018 – Trust) has been approved by the Honble National Company Law Tribunal (Ahmedabad). Please note that this disclosure is being made pursuant to the oral pronouncement of order by the Honble National Company Law Tribunal. Upon the written order being made available, an updated disclosure shall be made.
We are informing the Exchanges about the above development based on the oral order as a matter of go…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/alok-industries-ltd-corporate-insolvency-resolution-process-cirp-approval-of-resolution-plan-by-tribunal/article26483050.ece
DALLAS, March 9, 2019 /PRNewswire-PRWeb/ –There are challenges couples may face in managing their finances together that is why National Debt Relief shares some valuable tips to help budget and save their money. The article titled “5 Ways You Can Convince Your Spouse To Save Money Together” released February 13, 2019, helps couples get started with their financial journey together.
The article starts off by sharing that arguing about money is a key source of stress for couples today. Sharing finances can be difficult for any couple. This is especially true when one is a saver and the other one is a spender. This can lead to arguments and fights which can lead to bigger marital problems. This is why it is important fo…
Read the full article at: https://www.benzinga.com/pressreleases/19/03/r13331790/tips-for-couples-to-save-together-shared-by-national-debt-relief
Scientific Games Corporation announced Tuesday that they will be offering $1.1 billion in private notes to mature in 2026. The offering will close on March 19, 2019.
The sale of the 2026 notes will cover a series of unsecured notes set to mature in 2022 worth approximately $1 billion.
Deutsche Bank analysts said they believe the new sale will save Scientific Games an estimated $9 million. Deutsche Bank also expects Scientific Games to be able to reduce the amount of their current debt.
At the end of 2018, Scientific Games had just over $9 billion in debt, and they ran a loss of $353 million in 2018, an increased loss of $110 million from the previous year.
Despite the losses and decision to announce a sale of private…
Read the full article at: https://news.tunf.com/scientific-games-announces-offering-of-1-1-billion-in-private-notes/132417
couples have a better chance of saving money together when they set common goals
DALLAS (PRWEB)
March 09, 2019
There are challenges couples may face in managing their finances together that is why National Debt Relief shares some valuable tips to help budget and save their money. The article titled 5 Ways You Can Convince Your Spouse To Save Money Together released February 13, 2019, helps couples get started with their financial journey together.
The article starts off by sharing that arguing about money is a key source of stress for couples today. Sharing finances can be difficult for any…
Read the full article at: http://virtual-strategy.com/2019/03/07/tips-for-couples-to-save-together-shared-by-national-debt-relief/
By Renuka Sane
In this season of non-performing assets (NPAs) clean-up, lenders recently moved to invoke the personal guarantees the Ruias had made on the debt taken by Essar Groups power companies. Zee Groups promoter gave a personal guarantee for payment obligations on an irrevocable and unconditional basis to a group of lenders. In other news, farmer distress has led to several announcements of farm loan waivers. These disparate events, at two ends of the income distribution, emphasise the need for a personal insolvency law.
It is common in India to have promoters give personal guarantees to large lenders on their loans. Personal guarantee is a promise to pay the other parties debt here, the limited liability firm in the event the p…
Read the full article at: https://economictimes.indiatimes.com/blogs/et-commentary/till-debt-do-borrowers-apart/
In a bid to keep out errant and wilful defaulters from buying back stressed assets, Section 29A was inserted into the Code (Insolvency and Bankruptcy Code) in November 2017. While this has led to a slew of litigations questioning the eligibility of competing bids (Essar Steel), the powers-that-be maintain that the clause is essential to prevent chronic defaulters and fraudulent promoters from regaining control of their company, at a fraction of what they owed lenders. A sound piece of reasoning.
But if one were to go by the recent ruling of the National Company Law Appellate Tribunal (NCLAT) in the SC Sekaran vs Amit Gupta case, such promoters can make a sly back-door entry to reclaim control of their company at a throwaway price.
The ca…
Read the full article at: https://www.thehindubusinessline.com/opinion/back-door-entry-for-errant-promoters/article26474482.ece
30-second summary:
- Japan has rising levels of problem gambling
- A number of innovative measures are being proposed by the government to curb this trend
- Facial recognition technology will be introduced at gambling facilities to refuse entry to problem gamblers
- Japan is expanding its presence in the gambling space
Innovative facial recognition move
The Japanese government is looking into asking operators of pachinko parlors and horse tracks to start using facial recognition technology. This would allow them to refuse entry to those struggling with a gambling addiction.
This is one component of a new plan to curb the rising number of gambling addicts in the country. Since the government first legalized casinos a few years ago, it has been …
Read the full article at: https://www.vegasslotsonline.com/news/2019/03/08/japan-start-using-facial-recognition-stop-addicts-gambling/
A Sydney family struggling with combined loan repayments of $6500 a month managed to slash that by nearly $4000 by consolidating their debts and refinancing.
Tim and Katie Manners recently refinanced their home in The Oaks, near Camden in Sydneys southwest.
Mr Manners, who works in sales, had recently re-entered the workforce but the family had racked up debt while he was off due to a bad neck injury.
We were basically struggling to get money together every week, the 37-year-old said.
We didnt want to live week to week any more. We looked at refinancing with Macquarie but it was all too difficult and they werent very helpful.
Mr Manners did a bit of searching and got in touch with online mortgage platform Lendi, which helped them roll togethe…
Read the full article at: https://www.news.com.au/finance/money/costs/sydney-family-slashes-monthly-loan-payments-by-4000-but-theres-a-catch/news-story/63831454fc6f1ca83af5ff9357f8f64e
Blockchain and settlement payments technology firm SETL has appointed administrators to handle a restructuring of the business.
SETL, which was established by Chi-X founder Peter Randall and appointed the former governor of the Banque De France to its board in January, announced the corporate reorganisation following the completion of a development and investment project in two platforms.
Administrators will separate SETLs software development business line from its investments portfolio, which included the ID2S and IZNES platforms, both based in Paris. ID2S is a regulated central securities depository (CSD) that completed its connection testing to the Target2-Settlement (T2S) platform in October la…
Read the full article at: https://www.thetradenews.com/blockchain-specialist-setl-calls-administrators-amid-corporate-restructuring/
On a day when the National Company Law Tribunal (NCLT) endorsed ArcelorMittals bid to take over Essar Steel, the tribunal also gave the green light to a 5,050-crore joint bid by Reliance Industries Ltd. (RIL) and JM Financial Asset Reconstruction Company to acquire debt-ridden textile manufacturer Alok Industries.
In July 2017, the Ahmedabad bench of the NCLT had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code (IBC). According to the details of the case, Alok Industries owed its lenders 29,500 crore and was taken to NCLT under the newly-instituted IBC.
However, against the total dues of 29,500 crore, RIL and JM Financial had jointly made a bid to acquire it for just 5,050 crore, which …
Read the full article at: https://www.thehindu.com/business/ril-jm-financial-arm-bid-for-alok-industries-gets-nod/article26475458.ece
This is to inform you that Hindusthan National Glass & Industries Limited (the Company) has received an intimation through the legal counsel of the State Bank of India (SBI), that the SBI, in its capacity as a financial creditor to the Company, has initiated proceedings in NCLT, Kolkata bench on 5 March 2019, against the Company seeking certain reliefs under section 7 of the Insolvency and Bankruptcy Code, 2016.The Company is in the implementation stage of the OTS and is taking best efforts to obtain all approvals for the successful implementation of the OTS. In this regard, the incoming Strategic Investor has applied for the approval of the Competition Commission of India (CCI) for the proposed transaction on 21 January 2019 and the ap…