Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 pm.
The Congress leader said, On February 12, 2018, RBI issued a circular stating any company that owes more than Rs 20,000 crore to banks, should be declared bankrupt within 180 days.
“GSPC’s highest debt is from SBI. According to RBI’s notification, SBI should declare GSPC as bankrupt by 5 pm today (Monday),” said Mr Ramesh.
During Prime Minister Narendra Modi’s term as Gujarat Chief Minister, the GSPC was cited as one…
Read the full article at: https://www.ndtv.com/india-news/sbi-should-declare-gujarat-state-petroleum-corporation-bankrupt-jairam-ramesh-1907340
Government plans to clamp down on directors who dissolve companies to avoid paying workers or pensions have been welcomed by insolvency practitioners in the North West.
The proposals, which were announced on Sunday and represent the biggest changes to the corporate insolvency regime in almost 20 years, will also give struggling companies more time to rescue the business and help safeguard jobs.
Paul Barber, North West chair of the R3, the trade body for insolvency and restructuring professionals, said: “We welcome the governments long-awaited announcement that it is moving forward with its corporate insolvency reforms.
“As the UK’s exit from the EU approaches, ensuring that our insolvency and restructuring regime remains world class w…
Read the full article at: https://www.manchestereveningnews.co.uk/business/business-news/insolvency-r3-government-clamp-down-15081901
Fuels supplier Caltex Australia has revealed a restructuring of its property assets with the potential to unlock $1.5 billion of proceeds but the long-term nature of the strategy has underwhelmed some investors hoping for a “big bang” move that would provide more immediate returns.
Caltex shares sank 7.9 per cent on news of the plans, which were revealed with first-half results that were broadly within expectations. They include an initial possible sale and leaseback of a $300 million-$500 million portfolio of retail sites into a partnership with an experienced retail property investor. Caltex would keep a 25-50 per cent interest.
Talks are understood to have been held with a number of potential partners in Australia and As…
Read the full article at: https://www.afr.com/business/retail/caltex-to-sell-500m-stake-in-convenience-retailing-business-20180827-h14lfn
WONGA is on the brink of collapse after being inundated with compensations claims.
Here’s what we know about the situation the payday loan giant’s current predicament.
PA:Press Association
Will Wonga collapse?
The company was kept afloat three weeks ago thanks to a £10million emergency cash injection from shareholders.
But sources say it merely encouraged a new wave of compensation claims for alleged unfair debt collection practices.
Wonga has been accused of targeting vulnerable customers and charging sky-high interest.
Administrators are understood to be on stand-by to take over the loans giant if it is declared insolvent.
Insiders say news of the lifeline only spurred fresh legal…
Read the full article at: https://www.thesun.co.uk/news/7114820/wonga-collapse-founded-compensation-payday-loans/
Shardul S. Shroff Ambarish
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India did not have an effective legislation for revival of an insolvent company until the Insolvency and Bankruptcy Code, 2016 (Code).
The Code presents an exciting new opportunity for acquisition of stressed companies in India. The acquisition process is similar to a bidding process and the bid (referred in the Code as the resolution plan) is finally approved by a special tribunal called the National Company Law Tribunal (NCLT). A judicial approval (by the NCLT) ensures that the acquirer is able to effic…
Read the full article at: https://www.legalbusinessonline.com/news/insolvency-new-way-acquire-indian-company-–-not-everyone-welcome-brought-you-shardul-amarchand
NEW DELHI: Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt.
Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been unearthed in GSPC 13 years after Modi, then the Gujarat CM had announced the discovery of a natural gas block in the Krishna-Godavari basin in 2005.
Ramesh cited two CAG reports which noted that GSPC took loans of Rs 20,000 core from 15 banks and gave contracts for drilling to four-five companies. Money was spent but gas was not found and today GSPC is in a financial condition where it…
Read the full article at: https://timesofindia.indiatimes.com/india/congress-alleges-pm-modi-not-allowing-gspc-to-be-declared-bankrupt/articleshow/65573792.cms
Wyndham recorded the highest number of debtors entering personal insolvency within the greater Melbourne area in the June quarter this year.
There were 93 personal insolvencies recorded in Wyndham between April and June, according to the Australian Financial Security Authority. That compares with 80 personal insolvencies between January and March.
Elsewhere in the west, Melton recorded 50 personal insolvencies in the June quarter (56 previously), Brimbank 40 (48 previously), Hobsons Bay 22 (20 previously) and Maribyrnong 14 (20).
A partner in insolvency firm Jirsch Sutherland, Malcolm Howell, said increased levels of personal insolvency were due to a varie…
Read the full article at: http://www.starweekly.com.au/news/debt-distress-for-wyndham/
MUMBAI/NEW DELHI: Private power companies defaulting on an estimated Rs 1.7 lakh crore loans to 34 projects ran out of time to avoid insolvency proceedings on Monday, with the Allahabad high court refusing to grant interim relief.
The court’s decision leaves no other option for lenders but to initiate insolvency proceedings according to the Reserve Bank of India’s directive to banks to initiate insolvency proceedings against defaulters if a resolution plan was not finalised within six months.
According to SBI chairman Rajnish Kumar, neither the court decision nor the expiry of the RBI deadline will have any impact on the bank’s bottomline. “Unlike the NCLT-1 and NCLT-2 list of companies, which was given by the RBI, there is no ad…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/power-companies-with-rs-1-7-crore-stressed-loans-face-insolvency-proceedings/articleshow/65568368.cms
HYDERABAD: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech, after the infrastructure firms committee of creditors rejected a revised resolution plan from Thriveni Earthmovers.
The Hyderabad bench of NCLT headed by judicial member Ratakonda Murali appointed the companys resolution professional, Savan Godiavala, as liquidator.
Lanco Infratech has consolidated debt of more than Rupee45,000 crore from 29 lenders. It was one of the initial 12 stressed assets that was identified by the Reserve Bank of India for resolution under the Insolvency and Bankruptcy Code.
On July 13, the NCLT had extended the deadline to find a resolution by 16 days to facilitate the committee of creditors to consider Th…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/nclt-orders-liquidation-of-lanco-infratech/articleshow/65571215.cms
Australian tax authorities are chasing food delivery company Foodora for unpaid tax and superannuation before it exits the country.
The Australian Taxation Office and Revenue NSW started investigating Foodora’s tax obligations before the food delivery company went into voluntary administration earlier this month, having classified its food delivery riders as employees instead of independent contractors.
In advice to creditors, voluntary administrator Worrells Solvency and Forensic Accountants, said Revenue NSW notified Foodora in March that it was under investigation and that it had now determined the delivery riders attracted payroll tax. This was because it deemed them to be employees under the common law and not independent contractors…
Read the full article at: https://www.smh.com.au/business/workplace/foodora-faces-claims-for-unpaid-tax-and-superannuation-20180828-p5007n.html