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Dear Sir/Madam, This is to inform you that pursuant to the Regulation 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Interim Resolution Professional of the Company has called the first meeting of the Committee of Creditors of Kwality Limited, which is schedule to be held on January 11, 2019 at 12:45 PM at The Viceroy, The Claridges Hotels and Resorts, 12, Dr APJ Abdul Kalam Road, Motilal Nehru Marg Area, New Delhi -110011. The above intimation be treated as disclosure pursuant to Part A of Schedule III of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of what is probably the more difficult part of the Insolvency and Bankruptcy Code.
With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of what is probably the more difficult part of the Insolvency and Bankruptcy Codethe insolvency of natural persons. While the government deserves a pat on the back for taking up the archaic law of personal insolvency for reform, a deeper and wider thinking is required for its implementation.
Insolvency of natural persons is complex as it is intertwined with social, political and cultural issues. It is dif…
The collapse of Alpha in May meant structural warranty policies with the company ended immediately. Advantage offers advice on how to ensure vital cover is maintained
Many homeowners who require the 10-year structural defects insurance will still be unaware that they have been left without cover.
Alpha, which supplies the insurance new homes require to protect against structural defects, was declared insolvent in Denmark in May, meaning peoples cover has come to an immediate end.
Policyholders are slowly receiving the news that their homes are no longer insured and at this stage, no plans have been a…
MUNICH: Ford Motor will shed thousands of jobs at its European operations in a bid to return the business to profitability in a broad restructuring that doesnt rule out shutting down production plants.
The carmaker has struggled with an ageing model lineup and a contracting market in the UK, Fords biggest in Europe, which is in store for further disruption from Brexit. The manufactureremploying some 54,000 workers across the region mainly in Germany, the UK and Spainplans to cull less profitable models from its lineup and review its joint venture in Russia. In America, the company is already dropping several sedans.
We are looking to make a stepchange in the performance of the business, Steven Armstrong, Fords head of Europe, said on Thu…
South African consumers are generally not very good at saving or budgeting, so defaults on bonds and rents are always the highest at the start of a new year, according to Rudi Botha, CEO of BetterBond.
However, there are some positive steps you can take right away to help make ends meet, says Botha.
Get real
The first of these is to “get real” about your financial situation.
“Get your bank statements and find out exactly how much money you have available for January. Then make a list of your essential or fixed monthly expenses and a separate list of variable expenses – like your grocery, cell-phone, utility and petrol costs,” suggests Botha.
Pay the minimum
Botha suggests paying the minimum amount required on all your fixed expenses and your c…
NOIDA: The 3C Company on Thursday became the third major Noida-based developer after Jaypee and Amrapali to become embroiled in insolvency proceedings. In response to a plea by buyers who have not received their flats, the National Company Law Tribunal (NCLT) appointed an interim resolution professional to resolve the financial liabilities of Granite Gate Company, the 3C subsidiary that is building its Lotus brand projects Panache and Boulevard.
The IRP has a maximum 270 days for the resolution, following with the two projects could be pushed into liquidation. This will directly affect around 3,500 buyers who are yet to get their flats in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100).
Business leaders may increasingly find themselves falling afoul of the law, with an insolvency specialist warning that a looming credit squeeze could see the volume of such cases increase rapidly.
Ginette Muller (pictured), of insolvency firm Jirsch Sutherland, said that the property downturn and banking royal commission are weighing heavily on banks and lenders, which are in turn tightening the screws on borrowers.
And this is particularly acute with small business, where access to finance is usually conditional on the bank securing the loan against the directors house, she said.
According to Ms Muller, business leaders tend to be a highly resourceful bunch and, when faced with such a squeeze, will often look at a number of ways to rejig t…
Premier Oil has used its second consecutive year of record oil production to make bigger than expected cuts into its huge debt pile.
The London-listed oil and gas company expects its financial results to reveal end-of-year debtsof $2.3bn, after shaving $390m off the total following a boom in its oil output.
Premier told investors it found $100m more than expected to help pay off debt after producing an average of just over 80,000 barrels of oil a day in 2018.
The record production helped Premier post a $300m rise in annual profit of $1.4bn last year.
Tony Durrant, chief executive of Premier, said the company enjoyed a very good fourth quarter in which it produced an average of 92,000 barrels…
Luxury skincare retailer Crabtree & Evelyn is winding down its Australian operations, amidst a global wind-down of its operations.
The business has appointed restructuring firm KordaMentha to handle the closure locally and expects all 12 stores in Australia to close by the end of January, affecting approximately 100 staff.
Crabtree & Evelyn recently announced the closure of its 12 Singaporean stores and 19 Canadian stores after going into bankruptcy protection.
It appears the driving factor for the decision to close the world-wide network of Crabtree & Evelyn was a reduction in sales, or the tough sales environment, purely driven from the discretionary spend challenges in the retail market, KordaMentha partner in restructuring Scott …
ATLANTIC CITY, N.J. Atlantic Citys Ocean Resort Casino is changing hands after just six months of operation, the latest indication that the New Jersey seaside resort may have bitten off more than it can chew when it reopened two shuttered casinos last summer.
The property formerly known as Revel is being acquired by an outside company that will make a major investment into it.
Bruce Deifik, the current owner, would not identify the new company, which would assume majority ownership of the casino.
The new owner will make a $70 million investment in Ocean Resort, which plans to remain open. The transaction is expected to be finalized Thursday.
The new owner would need to be licensed by state gambling regulators a…
The relentless involvement of betting companies in football has drawn a generation of young men into strongly associating their support for the game with gambling, leading to dire consequences for many, a study has found.
The explosion in marketing and sponsorship since the last Labour government deregulated gambling in 2005, combined with the ease of online betting via smartphones, has resulted in the gamblification of watching football, according to research conducted by Dr Darragh McGee of the University of Bath.
McGee spent two years working closely with two groups of football supporters aged 18-35 in Bristol and Derry, recording their gambling habits in depth, in a research project funded by the British Academy.
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