Insolvency Guardian Media Centre
PNB, which filed the insolvency petition, said NRC had failed to honour a one-time settlement deal earlier too. Photo: Pradeep Gaur/Mint
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday reserved its order on the insolvency petition filed by the Punjab National Bank (PNB) against NRC Ltd, formerly known as National Rayon Corp. Ltd.
NRC is one of the leading companies of Kolkata-based Duncan Goenka Group.
The counsel for Punjab National Bank argued that there is an admitted debt by the company and previously, too, the bank had agreed to a one-time settlement (OTS), but the company failed to honour that as well.
The company has sought several one-time settlement offers from the bank, but nothing worked out. In t…
Read the full article at: https://www.livemint.com/Companies/HPQXpVdFm0WjSGFFsimeVO/NCLT-reserves-order-on-plea-against-Duncan-Goenka-firm.html
Hong Kongs legislature decided on Thursday to wrap up its inquiry into the misconduct allegations against former leader Leung Chun-ying, after admitting it had not been able to get any first-hand information over the past 25 months.
The decision came after the Independent Commission Against Corruption (ICAC) announced in December that its four-year investigation into Leung had ended with the Justice Department concluding that there was not enough evidence to press charges against the former chief executive.
The Legislative Council set up a select committee in November 2016 to look into Leungs receipt of part of the HK$50 million (US$6.4 million) payment from Australian firm UGL during his time in office.
The payment, which was not decla…
Read the full article at: https://www.scmp.com/news/hong-kong/politics/article/2181591/legco-closes-down-inquiry-misconduct-allegations-against-cy
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How does crowdfunding work for startup entrepreneurs?
Crowdfunding exploded onto the internet a few years ago. Since then early platforms like Kickstarter and Indiegogo have seen hundreds of new crowdfunding platforms emerge onto the scene, fueled and transformed by the new JOBS Act. How can this help entrepreneurs launch and grow their startups? How does this fundraising strategy compare to other options? What do you need to know before you try it?
What is Crowdfunding?
As the name suggests, this is all about engaging the crowd to co-fund projects and startup ventures. Funding can be provided by tens, hundreds or thousands of individual investors, as well as institutional investors and the…
Read the full article at: https://www.forbes.com/sites/alejandrocremades/2019/01/12/how-crowdfunding-works-for-entrepreneurs/
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Read the full article at: https://www.independent.ie/business/personal-finance/switching-saturday/change-cards-to-help-relieve-your-festive-spending-hangover-37702583.html
Tianjin Quanjians fate has brought the issue of club ownership in Chinese football back to the fore. Following the arrest of pharmaceutical giant Quanjian Group chairman Shu Yuhui and 17 other members of the company the fall of their football club has been swift.
The signs at the stadium have been dragged down and the name has been changed as the club looks to airbrush its history.
Tianjin Quanjian is no more, long live Tianjin Tianhai. The renamed club is under the control of the local sports bureau for the foreseeable future.
While Shu and his fellow purveyors of magic insoles await their fate under the Chinese legal system, sport has moved swiftly with the Tianjin Quanjian table tennis team the first to drop the name.
Read the full article at: https://www.scmp.com/sport/china/article/2181799/alexandre-pato-leaving-stadium-signs-dragged-down-club-name-changed
When you take the time to prepare a meal, you probably expect your food to nourish you instead of making you sick. But foodborne illness due to harmful bacteria, viruses, parasites, toxins, and chemicals is astoundingly common. The Centers for Disease Control and Prevention (CDC) estimates that about 48 million people experience a foodborne illness every year in the United States. Thats a lot of wear and tear on toilets around the nation.
Its not just restaurants or supermarket produce causing the trouble. Cooking at home is a major source of foodborne illness as well, Philip M. Tierno, Ph.D., clinical professor of microbiology and pathology at NYU Langone Health and author of the book The Secret Life of Germs, tells SELF.
Some of the basi…
Read the full article at: https://www.self.com/story/food-safety-mistakes
Jaypee Infratech, which is undergoing insolvency proceedings, will have to display the identity of all the 24,000 home buyers of its Noida housing project on its website, irrespective of the posts they hold, so that the interest of the genuine buyers is protected.
The National Company Law Tribunal (NCLT), Allahabad, in its order of December 10, 2018, said there is no need to protect the privacy of individual investors in Jaypee Infratechs housing projects after the resolution professional appealed for secrecy of the investors, particularly when they hold special post. It would rather improve transparency and voting rights of the investors, the court said.
Even if the investor in the Noida housing project is a Member of Legislative …
Read the full article at: https://www.dnaindia.com/business/report-genuine-jaypee-infratech-told-to-disclose-names-of-homebuyers-2697313
Lenders to Amtek Auto on Wednesday asked the National Company Law Tribunal (NCLT) to restart the resolution process for the company as the lone bidder Liberty House failed to make any payment.
The lenders have also asked for exclusion of the period Liberty House spent in considering the bid while taking into account the 270-day resolution period as mandated under the bankruptcy code for debt resolution.
Liberty House was declared the highest bidder for Amtek Auto in July last year after it made a Rs 4,200 crore bid for the company but failed to pay any amount to the banks, leading to banks filing a prosecution application in the NCLT against the firm. The Section 74 (3) of the I…
Read the full article at: https://www.business-standard.com/article/companies/lenders-seek-nclt-nod-for-restarting-resolution-process-for-amtek-auto-119010901402_1.html
NEW HYDE PARK, N.Y.–(BUSINESS WIRE)–Kimco Realty Corp. (NYSE:KIM) announced today transaction activity for
the fourth quarter and full year 2018.
2018 Activity:
During the fourth quarter of 2018, Kimco sold 16 properties and two land
parcels totaling 1.9 million square feet for $357.1 million. Kimcos
share of the sales price was $228.4 million. For the full year 2018, the
company sold 68 properties and eight land parcels totaling 8.2 million
square feet, for $1.1 billion. Kimcos share of the sales price was
$913.9 million. The blended cap rate for 2018 property sales was in line
with the companys expected range of 7.50% to 8.00%.
…
Read the full article at: https://www.businesswire.com/news/home/20190107006028/en/Kimco-Realty-Reports-Fourth-Quarter-Full-Year
When a company borrows money from a bank, the financial institution typically takes security over assets of the firm to guarantee payment.
And regardless of the macroeconomic landscape in Tanzania, if the company fails to honour the terms of the loan or experiences financial difficulties, the bank with the security of a debenture (floating charge) over the whole or substantially the whole of the companys assets may find it necessary to appoint an administrative receiver.
It should be noted at the outset that claims of unsecured creditors are not dealt with in a receivership, but are normally dealt with in the consequent liquidation of the company. Administrative receivers have similar powers to the administrators described i…
Read the full article at: https://www.thecitizen.co.tz/oped/Of-business-rescue-and-role-of-receivers-in-Tanzania-19/1840568-4906278-etygh3/index.html
WESTPORK has positioned itself as the biggest player in the WA pork market for years to come after taking over GD Pork operations in West Pinjarra and Kojonup.
The company will hold a 45 per cent share of the market producing about 7000 pigs per week or 364,000 per year.
The Danish-owned GD Pork was WAs third biggest producer supplying 5pc of the market until it was placed into voluntary administration in November last year.
GD Pork started its operation in 2007 and invested millions of dollars into its facilities but was hit by the dramatic fall in pork prices nationally in the past few years and the high grain prices and oversupply of pork in the local market.
GD Porks managing director, as well as an internal consultant/technical expert …
Read the full article at: http://www.farmweekly.com.au/story/5843105/westpork-increases-market-share-to-45pc/
Torrent Pharmaceuticals Limited issued a voluntary recall for Losartan potassium tablets USP due to an unexpected impurity.
They are now expanding that recall to a total of 10 lots.
The recall says “Torrent is only recalling lots of losartan-containing products that contain N-nitrosodiethylamine (NDEA) above the acceptable daily intake levels released by the FDA.”
NDEA is classified as a probable human carcinogen, per the International Agency for Research on Cancer (IARC) classification.
Read the full recall here:
Torrent Pharmaceuticals Limited is expanding its voluntary recall from 2 lots of Losartan potassium tablets USP to a total of 10 lots, to the consumer level due to the detection of trace amounts of an unexpected impurity found in a…
Read the full article at: http://wsbt.com/news/local/torrent-pharmaceuticals-limited-expands-voluntary-recall-for-hypertension-drug