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Disclosure under Regulation 30(2) and Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India Ltd (GOLIL), for initiation of insolvency proceedings against ECL. The insolvency proceedings was initiated as the company refused to pay the interest amount at the rate of 18 per cent per annum on the original debt of around 85 lakh to the operational creditor.
ECL had already paid the principal sum of around 85 lakh to Gulf Oil Lubricants.
Following NCLTs order, Coal India moved NCLAT, challenging the order.
The National Company Law Appellate Tribunal (NCLAT) on Saturday stayed an order passed by the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process against Eastern Coalfields (ECL), a subsidiary of state-run Coal India (CIL). The Kolkata bench of the NCLT on December 19 admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner refused to pay the interest amount on the original debt towards goods supplied. Although ECL had already paid the principal sum of around `84.71 lakh to GOLIL, one of …
This is a good day for mortgage holders, business owners and farmers whose loans have been sold on to so called vulture funds – Cahill.
Tipperary Fianna Fil TD, Jackie Cahill has said that the passage of his partys Private Members Bill to regulate so called vulture funds is a major step forward for Tipperary mortgage holders.
Deputy Cahill was commenting after the bill was passed by Seanad ireann. It will be sent to the President to be signed into law. Its provisions are expected to come into effect in January 2019.
This is a good day for mortgage holders, business owners and farmers whose loans have been sold on to so called vulture funds or who fear their loan will be sold by their bank in t…
Officials in Vernon Township have approved an agreement with Mountain Creek that is aimed at helping the resort emerge from bankruptcy — and it includes a hike in ticket prices for skiing and other attractions at the park.
Under the deal, Mountain Creek is imposing a 7 percent fee as part of admissions to the resort – home to skiing, a water park and other attractions – that is going toward paying off the $28 million sewer debt it owes to the town, officials announced in a release Friday.
While the agreement was not approved until Thursday night, Mountain Creek began imposing the fee last fall, acting in good faith that this solution would be approved, the resort said in a statement Friday.
A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay
A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay has assured that the corporate insolvency bill will be passed within the first quarter of next year.
The assurance follows the completion of the necessary parliamentary procedures surrounding the bill.
The bill when passed seeks to improve the quality of the legal regime for corporate bodies and their administration when they become insolvent.
Also, the critical aspect of the draft bill focuses on a framework for restructuring viable businesses and closing, as well as transferring assets of failed ones.
We wish to inform you that Honble NCLT Chandigarh Bench, vide its order dated 21st December, 2018 in CP(IB)No 80/CHD/Hry/2018, on an application filled by M/s Tata Blue Scope Limited under section 9 has initiated the Corporate Insolvency Resolution Process in respect of the Corporate Debtor Richa Industries Limited. The Honorable Adjudicating Authority has appointed the undersigned Insolvency Professional as Interim Resolution Professional to conduct CIRP. Mr. Arvind Kumar Registration No- IBBI/IPA-001 /IP-00178/2017-18/10357 lnterim Resolution Professional 9816055657, 981 6200033, 0172-40889990 [email protected] I [email protected]
A Melbourne logistics company has collapsed just days before Christmas, reportedly telling its 120 workers it cannot afford to pay them for the past week as it goes into receivership.
Key points:
Fastline International specialises in online, wholesale and retail warehousing
The union says the company wants to re-employ some of the workers on lower conditions
The collapse follows national freight company Redstar Transport going out of business yesterday
If glitzy ads and the scent of evergreens entice you to choose debt when you mean to choose joy, your holiday may already be haunted by the Ghost of Christmas Yet to Come.
Twenty-eight percent of shoppers who used credit cards to pay for last years holidays are still paying for them. Think about how long youre willing to pay for a moment of delight before whipping out the plastic.
Bob Sullivan, author of Gotcha Capitalism, says paying off gifts over two or three months is not the end of the world. But giving up entirely on your budget is a mistake, says Sullivan, who likens it to overindulging at the table. A couple of excesses can be undone in January. Abandoning all restraint could take…
The Kolkata Bench of the National Company Law Tribunal (NCLT) has directed initiation of corporate insolvency resolution process (CIRP) against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
The NCLT admitted the insolvency petition filed by Gulf Oil Lubricants India Ltd against ECL, which allegedly refused to pay the interest on debt outstanding towards goods supplied to the company. ECL had, however, paid the principal sum of around 84.71 lakh to the operational creditor, Gulf Oil Lubricants. The interest was payable at the rate of 18 per cent per annum.
The application filed by the operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, is hereby admitted for initiating CIRP against ECL. The morator…
Personal debt relief pushed, forgiveness to be offered
Dec 22,2018
The government is going all out to ease the debt burdens on lower-income households as a part of its inclusive-finance policies, especially since the challenges faced by these households are expected to increase with the recent rise in the benchmark interest rate by the central bank.
On Friday, the Financial Services Commission (FSC) announced measures that will result in the forgiveness of debt of lower-income households if they demonstrate goodwill and continue to meet their obligations for a period of time. The FSC also said that various adjustments would be made so that people…
Disclosure under Regulation 30(2) and Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 concerning “LIST OF CREDITORS” of Ortel Communications Limited as required under Regulation 13(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
As a result, the danish Guarantee Fund will now be expected to cover the costs of outstanding claims for the company.
Qudos has over 51,000 customers in Ireland,Irelands Insurance Compensation Fund could have been forced to pay the outstanding claims of the Irish holders of policies from Qudos, if the insurer had not been declared bankrupt before the end of this year.
Its products were sold through the Irish agent for Qudos Insurance, Patrona Underwriting.
Patrona said the news of the bankruptcy is awelcome one for Irish customers awaiting the settlement of their claims.
Tony Wright, Managing Director of Patrona, said the move …
