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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 …
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…
More than a quarter of the roughly 800 people expected to be laid off from Activision Blizzard as part of its sweeping reorganization worked in the Blizzard side of the company, according to records obtained by Varietyfrom Californias Employment Development Department.
Those 209 Blizzard layoffs hit in cities around the country including Califonias Irvine, Santa Monica, and Burbank, as well as New York City, Austin, Texas and Bloomington, Minnesota.
Blizzard employees were given 60 days of compensation and benefits, none were represented by a union, according to the Worker Adjustment and Retraining Notification filed with the state by Blizzard on Feb. 12.
The breakdown by department also noted that employees were provided a severance pa…
Credit Settlement Market report is a comprehensive study of the changing Medical industry due to the Credit Settlement Market. There is several systematic information in the report, like the estimated CAGR values in the forecast years of 2018-2023, and the implication of the market definition, classifications, applications, and market trends mean and the ways to use them to achieve a greater edge on the key players and brands with their company profiles are included in the report.
According to this study, over the next five years the Credit Settlement market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2023, from US$ xx million in 2017. In particular, this report presents the…
Update (12:10 UTC, March 7): This article has been updated with statements from a SETL press release received after publication.
London-based blockchaininfrastructure company SETL has filed for insolvency and is looking for a larger financial services firm to take on some of its holdings.
The newsrevealed in a notice of insolvency filed today with the U.K. authorities comes as something of a shock given that, last October, the startup company was granted a license by Frances securities regulator to operate a central securities depository (CSD)system using blockchain tech.
The firm, whichwas co-founded by City of London trading veteran Peter Randall back in 2015,said in a statement:
A two-member bench also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder.
The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional of the debt-ridden company.
A two-member bench, headed by Justice S J Mukhopadhaya, also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder.
You are a failure party all the time, dragging your feet. You are in bad reputation. We would not allow you to take advantage of the appellate tribunal, the bench said.
Bug killing germ warriorZoono (ASX:ZNO) is set to drop a court case against a hand sanitiser business after the business was placed into liquidation.
Zoono, whichmakes anti-microbial sprays designed tokill germs and treat acne, launched a joint venture called Stayzon Retail Ventures in May 2017.
Under the agreement, Zoono would sell the Stayzon product range, which included a revolutionary alcohol-free, 24-hour protection hand sanitiser.
But Zoono told the market this morning that Stayzon had been placed into voluntary liquidation by its directors, and as such, it was likely to cease legal proceedings that began in December last year.
Stayzon Retail Ventures ownership was split down the middle between Zoono and MCS C…
A local program which helps people get out of debt and improve budgeting is calling for more participants.
Five Cessnock churches – New Vine Vineyards Church, the Salvation Army Church, The Vines Community Church, Cessnock Congregational Church and Beyond Church – have combined to offer the money programs through the charity Christians Against Poverty.
They have been running a debt counselling program and a budgeting course for a bit over a year and helped 11 clients work through their debt and dozens more improve their money planning.
The debt initiative works by the providing financial information to reducedebt while maintaining a budget.
Centre manager for the Cessnock program, Wayne Cooke of New Vine Vineyards Church, said the program al…
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional of the debt-ridden company.
A two-member bench, headed by Justice SJ Mukhopadhaya, also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder.
You are a failure party all the time, dragging your feet. You are in a bad reputation. We would not allow you to take advantage of the appellate tribunal, the bench said.
NCLAT has upheld the previous order of the Chandigarh bench of NCLT, which had imposed a cost of Rs 1 lakh on Liberty House citing casua…
Consolidating high-interest credit card debt at a lower interest rate can save you hundreds or even thousands of dollars. But if youre considering this strategy, youve probably wondered, does debt consolidation hurt your credit or help it?
Lets look at how different approaches to debt consolidation might affect your credit score and some best practices for protecting your credit.
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3 ways debt consolidation helps your credit score
A debt consolidation loan can help your credit score in three ways:
Reducing the overall amount of debt you owe, assuming you dont go out and run up more debt on your credit cards
Lowering your credit utilization ratio, which is the percentage of your available credit limit youre acc…
Going into debt doesnt need to be the end of the world. There are steps you can take in order to pay down your debts effectively and efficiently. Implementing debt consolidation payments can help you become debt free in no time. Debt consolidation payments allow you to take any high interest rates you may have attached to your remaining credit cards and combine them into one low interest sum. Utilizing helpful tools such as a debt consolidation calculator can help determine the best course of action for eliminating your debt.
There are four ways to place all of your existing debt into one payment. Utilizing an online debt consolidation calculator will help determine which is the best loan option to implement.
PTI Last Updated:March 8, 2019 |14:03 IST
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