Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process.

In a press statement on Thursday, the companys shareholders said they are willing to pay Rs 54,389 crore to creditors. The company said that Essar shareholders will offer upfront cash payment of Rs 47,507 crore to all creditors. This included Rs 45,559 crore to the senior secured financial creditors.

Under Section 12A of the Insolvency and Bankruptcy Code, 2016 the National Company Law Tribunal may allow withdrawal of an insolvency application by the person who filed the case but with the approval of ninety percent voting share of the committee of creditors. But such a withdr…

Read the full article at: https://www.bloombergquint.com/business/ruias-offer-to-repay-over-rs-54000-crore-to-withdraw-essar-steel-from-insolvency

In compliance of Para 16(h) of Part A of Schedule III and Regulation 30, i.e. submission of particulars of invitation of resolution plan under section 25(2)(h) of Insolvency Code in Form specified under Regulation 36A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, copy of Form G containing required particulars is enclosed that is published in Economic Times dated 25-10-2018

Pdf Link:
Jaypee Infratech Ltd – Corporate Insolvency Resolution Process (CIRP)-Invitation of Resolution Plan

Source : BSE – www.bseindia.com

Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/jaypee-infratech-ltd-corporate-insolvency-resolution-process-cirp-invitation-of-resolution-plan/article25321801.ece

Sunil Kumar Ralhan (37) appeared at Birmingham Crown Court on 5 October 2018 and in addition to the court-ordered disqualification for 7 years, the company director received a 9-month prison sentence.

The court heard that Sunil Ralhan was the sole director of Travelogue Ltd from November 2014, having bought the travel agency from its former director.

However, the company was placed in liquidation in May 2015 after it failed to recover payments from travel agents based abroad who had bought tickets through Travelogue. The travel agency was later dissolved in February 2017.

Independent insolvency practitioners were appointed to take charge of liquidating the company but Sunil Ralhan had failed to keep adequate accounting records, while…

Read the full article at: https://www.gov.uk/government/news/jail-for-travel-agent-who-failed-to-explain-missing-thousands

NEW DELHI: A single court in Mumbai will hear matters pertaining to bankruptcy proceedings of 15 Videocon group companies pending in multiple courts, the National Company Law Tribunal (NCLT) ruled on Wednesday.

NCLT president, Justice MM Kumar, directed that all insolvency proceedings initiated by the State Bank of India against the Videocon group be adjudicated upon by the same bench that admitted an insolvency plea against Videocon Industries Limited, groups parent company, in June this year.

The petition for insolvency proceedings against Videocons parent was admitted by the court of Justice MK Shrawat at NCLT Mumbai this year.

The remaining matters are likely to get consolidated at the same bench. This is the first such instance sinc…

Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/mumbai-court-to-hear-bankruptcy-petitions-against-15-videocon-cos/articleshow/66356115.cms

PTC revealed an $18 million restructuring charge on Wednesday that the company said will allow it to invest more in the industrial Internet of Things, augmented reality and other growth opportunities.

The Needham, Mass.-based industrial software company said the $18 million charge set for fiscal year 2019, which began in October, is the result of a workforce realignment plan and “consists principally of termination benefits.” However, the company said the restructuring would not result in significant cost savings because it is a “realignment of resources.”

“With the growth opportunity in front of us in the Industrial Internet of Things and Augmented Reality, other strategic initiatives weve undertaken, and our continued commitment to ope…

Read the full article at: https://www.crn.com/news/internet-of-things/ptc-discloses-18m-restructuring-charge-to-boost-iot-ar-business

This articleoriginally appearedon The Conversation, and is republished under a Creative Commons licence.

One winnerfinally emergedfor the $1.537 billion Mega Millions jackpot. Research suggests the as-yet unidentified winner may not be so lucky.

Thejackpot swelledto that huge sum after the 25 drawings held since the end of July failed to yield a winner. That makes it thesecond-largest lotterygrand prize the world has ever seen. The record came in 2016, when the rival Powerball game hit$1.6 billion. The Mega Millions was earlier estimated at $1.6 billion as well, but came down after tickets were tallied.

The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit …

Read the full article at: http://www.bbc.com/capital/story/20181024-you-can-win-a-billion-and-go-bankrupt

Venture Far, previously Venture Holidays, has gone into liquidation after 39 years in the industry.

In a statement, the company cited the costs and challenges ofrunning the business as the reason for ceasing operations.

The costs and challenges of being a boutique wholesaler, operating in a highly price driven, low margin industry have proven to be too large to overcome, the statement read.

The company underwent major changes in 2017 including a total rebrand to try and keep afloat, but have said that despite seeing some improvements, it was not enough.

The Australian Federation of Travel Agents (AFTA) has also released a statement to confirm the termination of the companys ATAS accreditation.

The circumstances of existing bookings are y…

Read the full article at: http://www.travelweekly.com.au/article/venture-far-ceases-operations-goes-into-liquidation/

The principal bench of the National Company Law Tribunal (NCLT) on Wednesday directed to transfer all insolvency petitions related to Videocon group being heard in Mumbai courts to a single court there.

NCLT President Justice M M Kumar directed to transfer all insolvency petitions related to Videocon group to one court headed by M K Shrawat.

The Mumbai bench of NCLT has three courts.

The order of NCLTs Principal bench came over a petition jointly moved by lenders led by State Bank of India as well as the corporate debtor, the Videocon group and Venugopal N Dhoot.

The Mumbai bench of the tribunal in June admitted the insolvency plea against Videocon.

Following this, SBI had moved separate insolvency petitions against all the 13 subsidia…

Read the full article at: https://www.thehindubusinessline.com/companies/nclt-principal-bench-directs-to-move-videocon-insolvency-pleas-to-one-court/article25312549.ece

One winner finally emerged for the US$1.537 billion Mega Millions jackpot. Research suggests the as-yet unidentified winner may not be so lucky.

The jackpot swelled to that huge sum after the 25 drawings held since the end of July failed to yield a winner. That makes it the second-largest lottery grand prize the world has ever seen. The record came in 2016, when the rival Powerball game hit $1.6 billion. The Mega Millions was earlier estimated at $1.6 billion as well, but came down after tickets were tallied.

The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit by lightning. If every adult in the U.S. purchased just one ticket, each with a different number, there would still…

Read the full article at: http://theconversation.com/how-winning-1-54-billion-in-mega-millions-could-still-lead-to-bankruptcy-105275

SWORDS, Ireland–(BUSINESS WIRE)–Highlights (Third quarter 2018 versus third quarter 2017, unless
otherwise noted):

		Continuing EPS of $2.11, up 50 percent; adjusted continuing EPS* of $1.75, up 22 percent
		Reported and organic bookings* up 11 percent; sustained growth in Climate and Industrial
		… Read the full article at: https://www.businesswire.com/news/home/20181024005200/en/Ingersoll-Rand-Reports-Strong-Third-Quarter-2018-Results In 1968, a group of parents and community members from the Cessnock region had a dream to provide work opportunities for people with disabilities, On November 9, 2018, that dream willofficially be over. Thats the day when the Endeavour Industries laundry at South Cessnock, its property care and maintenance division and box packing facility at Weston close their doors after the company went into voluntary administration earlier this year. 131 staff will be affected,leaving many facing an uncertain future, and fearful of not receivingentitlements as administrators wrap up the company.The closures will also affect approximately 452 clients. Further, 13 residents living in the Endeavour Villas in Regent and King streets, Cessnock, some of them t… Read the full article at: http://www.cessnockadvertiser.com.au/story/5719123/anger-over-closure/ Ford has appointed a new China chief in a company-wide restructuring as the global carmaker attempts to turn around disappointing sales in the worlds biggest car market. Ford has been operating without a China head of operations since January, when its former executive Jason Luo stepped down after only five months in the job, citing personal reasons that predate his time with Ford. Anning Chen, former chief executive of state-owned Chinese carmaker Chery, has been appointed to head the new business unit as well as leading all of Fords import and joint venture operations in China, the company said in a statement. Ford will also be spinning out its China business into a standalone unit, a move “designed to accelerate Fords return to prof… Read the full article at: https://www.ft.com/content/6554af76-d72c-11e8-a854-33d6f82e62f8 Go to Top Call Now Button