Insolvency Guardian Media Centre
City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process.
In an exchange filing, the company said the Chenai bench of the tribunal, by its order dated February 1, 2019, has approved the resolution plan submitted by resolution applicant Bafna Mahaveer Chand.
The resolution plan approved by Committee of Creditors (CoC) on January 4, 2019 was submitted to the NCLT Chennai on January 17 by Resolution Professional (RP) Radhakrishnan Dharmarajan, the companys statement said.
In July 2018, NCLT admitted the creditor Aries application and initiated corporate insolvency resolution process again…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-chennai-approves-bafna-pharmaceuticals-corporate-insolvency-resolution-plan/article26186441.ece
For more than a year, in order to secure ongoing funding,
there has been an urgent need to provide the local and global financial
communities with assurances that there is a credible Eskom recovery plan in
place that is supported by government and the treasury.
To this end, Eskom presented a long-awaited turnaround plan and
new business model to its board, its shareholder representative, public enterprises
minister Pravin Gordhan, and the Cabinet, at the end of November 2018.
At a media briefing on the state of the power system in early
December 2018, Eskom CFO Calib Cassim advised that Eskoms plan was to ring-fence
the three main business areas of Eskom generation, transmission and
distribution for accounting purposes.
This was to gain …
Read the full article at: https://www.fin24.com/Opinion/chris-yelland-managing-hopes-and-fears-around-restructuring-eskom-20190205-2
MUMBAI: A two judge bench of the Mumbai national company law tribunal (NCLT) has ordered the liquidation of the apparel maker Reid & Taylor (R&T) after none of the suitors to the company were able to garner the required funding guarantees to validate their interest in the company.
In a ruling on Tuesday judges Bhaskar Mohan and V Nallasenapathy said that investors have not been able to prove their net worth before the court giving the bench no option but to order liquidation of the company.
Liquidation of the company is in line with the suggestion by the resolution professional and creditors of the company after they failed to find a buyer for the company more than nine months after dragging it to NCLT.
Three entities namely an R&T emplo…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/reid-taylor-to-be-liquidated-nclt/articleshow/67854155.cms
The German civil aviation authority Luftfahrt-Bundesamt today revoked the operating license of Germania Fluggesellschaft after the company filed for insolvency and ceased flight operations in the night between February 4 and February 5. The Berlin-based leisure carrier blamed unforeseeable events such as the increases in fuel prices last summer and the simultaneous weakening of the euro against the U.S. dollar, as well as considerable delays in phasing aircraft into the fleet and an unusually high number of maintenance events for its short-term liquidity need.
The company could not be reached by AIN to comment on the nature of the aircraft delays, though they are unrelated to its outstanding order with Airbus for 25 A320neos as deliveri…
Read the full article at: https://www.ainonline.com/aviation-news/air-transport/2019-02-05/germania-halts-operations-and-files-insolvency
The average household debt is creeping towards 59,000.
Per adult, the typical amount we owe is increasing by almost 900 a year.
And when the credit runs out or the repayments fail, the house of cards can quickly come crashing down.
…
Read the full article at: https://www.independent.co.uk/money/spend-save/insolvency-guide-facts-risks-personal-finances-credit-debt-mortgage-a8757716.html
The Financial Conduct Authority (FCA) introduced a deadline of 29 August 2019 for making PPI claims. The Official Receiver is seeking to claim outstanding PPI awards available in bankruptcy estates to ensure creditors receive assets owed.
Information for creditors
If you are a creditor in a bankrupts estate, the Official Receiver will contact you if new monies will be sent to you following successful claims on outstanding PPI awards.
Contact the Official Receiver handling your case if you have any further questions. How to register as a creditor in personal insolvency.
Information for bankrupts and former bankrupts
If you took out PPI insurance before you were made bankrupt, PPI claims made by the Official Receiver will be used to…
Read the full article at: https://www.gov.uk/government/news/payment-protection-insurance-ppi-claims-and-the-official-receiver
We refer to the ongoing CIRP of the company by which the Resolution Professional Mr. Radhakrishnan Dharmarajan, submitted the Resolution Plan approved by the COC (Meeting dated 04.01.2019) to the NCLT Chennai on 17.01.2019 for approval.
We are pleased to announce that the Honorable NCLT Chennai Bench by its order dated 1st Feb 2019 ( received by the company on 4th Feb 2019) has approved the Resolution Plan submitted by Mr. BAFNA MAHAVEER CHAND (Resolution Applicant). The NCLT order is attached for your information.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bafna-pharmaceuticals-ltd-corporate-insolvency-resolution-process-cirp-approval-of-resolution-plan-by-tribunal/article26184056.ece
RattanIndia Power said on Tuesday that its board has approved a debt restructuring proposal which includes issuance of non-convertible debentures worth up to Rs 7,200 crore to investors on private placement basis.
“In accordance with the terms of the Binding Settlement Proposal, the Board in this meeting approved (steps) with respect to composite debt restructuring proposal,” a company statement said.
The company will issue non-convertible debentures to investors on private placement basis during a period of one year from the date of receipt of approval from shareholders in one or more tranches for an aggregate value of up to Rs 7,200 crore.
It would also issue 25 crore Cumulative Redeemable Pre…
Read the full article at: https://www.business-standard.com/article/pti-stories/rattanindia-board-approves-steps-under-debt-restructuring-proposal-119020501008_1.html
Paul Rossi (53), also known as Paolo Rossi, and his wife, Claire Michelle Rossi (49), were directors of Independent Derivative Traders Ltd. The company traded as Futex and provided access to a financial markets trading platform for sub-contracted independent traders.
The married couple were joined in the management of the company by Pauls brother Mark Rossi (51), also known as Marco Rossi, and Daniel Michael Goldberg (42).
Independent Derivative Traders was incorporated in March 1995 but 11 years later in February 2016, the company was insolvent due to difficult trading conditions and increased running costs, which meant it could not meet all of its liabilities.
The four directors received professional advice that all of Independent …
Read the full article at: https://www.gov.uk/government/news/financial-services-bosses-banned-for-trading-while-insolvent
(Reuters) – Struggling U.K. flooring retailer Carpetright
The company, which is implementing a survival plan after negotiations with creditors in the past year, said Jeremy Simpson would replace Page on Feb.25.
Simpson is joining Carpetright from asset and energy support services group Sureserve Group
Carpetright had raised 65 million pounds ($82.7 million) through a share issue in June last year after creditors and shareholders backed a restructuring plan to close stores and cut jobs.
Many British retailers have either gone out of business or announced plans to…
Read the full article at: https://www.euronews.com/2019/02/05/flooring-retailer-carpetright-cfo-to-step-down-amid-restructuring
Tthe Nineteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 22 January 2019 at 02:00 PM at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India.
The outcome of the meeting is summarised as herein below:
1. Pursuant to the discussions between the RP and the members of the CoC with respect to the Honble NCLTs order asking the RP to conduct a fresh Outbid Process, the scheduled Outbid Process was carried out amongst the present Resolution Applicants and after the requisite rounds were conducted, the RP declared the H1 bidder.
Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Outc…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26182559.ece
Riga, Latvia, 2019-02-05 10:09 CET (GLOBE NEWSWIRE) —
On Tuesday, 5 February 2019, on the meeting of shareholders of ABLV Bank, AS in liquidation there was a decision made about the changes in the Liquidation Committee. The shareholders appointed two new liquidators Lauma Brzia and Ringolds Balodis, while Elvijs Vbers shall resign from the position of the liquidator.
Lauma Brzia is an individually practicing sworn attorney with more than 20 years of professional experience in legal advisory and practicing commercial law, corporate management and civil rights, employment and administrative rights. She has been representing clients with state and municipality institutions, has been developing corporate management models, as well as c…
Read the full article at: https://globenewswire.com/news-release/2019/02/05/1710367/0/en/On-Changes-in-Liquidation-Committee.html