Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel.
Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel Ltd, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal (NCLT).
Each company, while challenging its disqualification in the first round of Essar Steel bidding by the interim resolution professional appointed by the committee of creditors (CoC) of the steelmaker, has challenged the …
The Insolvency and Bankruptcy Code (IBC), which was introduced in 2016 to help financially-troubled corporates, is in fact giving banks a run for their money when it comes to subversion of processes.
In June 2017, the Reserve Bank of India (RBI) identified 12 non-performing accounts or assets (NPAs), totaling 25 percent of India’s gross NPAs, which could be immediately taken up under the Insolvency and Bankruptcy Code (IBC).
Following this, companies like Essar Steel and Educomp Solutions had filed for insolvency resolution under provisions of the Code.
But the matter may not be as black and white as it looks. Senior officials from large accounting firms that Moneycontrol spoke to, said that a few companies have been t…
Ailing Fletcher Building is adamant its banking syndicate and US-based private noteholders owed a combined NZ$2.4 billion ($2.27 billion) aren’t being given any special insights into the future plans of the company, ahead of normal shareholders.
Some of the US-based private noteholders are battle-scarred in the construction sector and demanded extra due diligence before signing off on a temporary two-month waiver after a breach of financial covenants because they face big losses elsewhere following the collapse of the United Kingdom’s second largest construction firm.
Carillion, which employed more than 43,000 people in the UK on a broad range of construction projects, went bust in January and PwC is part-way through a liquid…
HONEOYE FALLS, N.Y., April 4, 2018 /PRNewswire/ — KJT Group is pleased to announce the appointment of four new members to its Board of Directors. KJT Group’s CFO, Kimberly DeYoung, Mark Armbruster, Matt Cannuli, and Lynn Sullivan are the four new Directors, joining CEO and President Kenneth Tomaszewski, COO Michaela Gascon, and President, Global Research Lynn Clement. Each new member brings a wealth of business experience, particularly in the market research and healthcare industries.
New Delhi/Mumbai: In a battle for taking over insolvent Essar Steel, Sajjan Jindal-led JSW with Nu Metal submitted its bid for the beleaguered steel firm while L.N. Mittals ArcelorMittal, which teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) for the acquisition, said its India subsidiary submitted an offer in the re-bidding process on Monday.
ArcelorMittals subsidiary ArcelorMittal India Private Ltd (AMIPL) has today (Monday) submitted an offer in the re-bidding process for Essar Steel India Ltgd (Essar Steel) in connection with the joint venture between ArcelorMittal and NSSMC to jointly acquire and manage it, the company said in a statement.
Leading steel company JSW Steel, which is expandi…
Bucharest Film Studios, the former Media Pro Studios, a company that operates an important film studio at Buftea, near Bucharest, has filed for insolvency.
The company filed its request to the Ilfov Court on March 28 and the court will analyze it on April 5, local Paginedemedia.ro reported.
The companys request came after a creditor also asked for the companys insolvency at the end of last year. The company also has over 30 lawsuits filed this year by former employees who havent been paid.
A group of American and Romanian investors bought the studios in 2015 from Central European Media Enterprises (CME), the media group that owns PRO TV, the biggest local TV station. The group was represented by Bobby Paunescu, who a…
THE group behind Junk, The Chelsea Bar, The Office have called in liquidators to carve up their assets.
Worldwide Hospitality Group flagged the end of its southeast Queensland food empire with the recent sale of its three thriving Toowoomba restaurants.
The latest move comes as its Brisbane and Gold Coast Junk restaurants were closed down last week.
Liquidators were called in as directors raised concerns about the profitability of one of the city’s biggest food empires, according to the firm handling the process.
The firm said Sunshine Coast duo Scott Hoskins’ and Tony Kelly’s runaway success Worldwide Hospitality Group recently sold Junk, The Office, speakeasy The Chelsea Bar.
New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature.
However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force will have to follow the new requirements.
The 14-member panel, headed by Srinivas, has recommended various changes to the Insolvency and Bankruptcy Code (IBC).
Responding to a question on whether the amendments would come into force retrospectively, he said that typically the changes are “prospective”.
“If the format has changed, it is not the same bi…
A Tasmanian women who stole money while she was a Flight Centre travel agent to repay her son’s drug debt has escaped a jail sentence.
Sally Anne Walters, 40, embezzled the money over 17 months between April 2014 and September 2015 when she was a team leader at Flight Centre’s Ulverstone branch.
Chief Justice Alan Blow accepted that Walters had stolen the money to help pay the drug debt.
Her son started using drugs at 16 and began using ice two years later, incurring “enormous drug debts that he was unable to pay”, the Chief Justice said.
The court heard Walters feared for her son’s safety after they began getting telephone calls demanding payment.
Twenty-two franchisees face an uncertain future as administrators work to determine the fate of poultry producer and retailer Red Lea Chickens, which collapsed into voluntary administration last Thursday.
The Western Sydney business has been trading for over sixty years, according to its website, and has a processing plant employing 500 staff members, as well as six company-owned stores and 22 franchised sites.
However, the business confirmed on its website last week that it had called in administrators McGrath Nicol to Red Lea Chickens Pty Ltd and associated entities. The company informed customers that, due to the financial position of the companies, we regret to advise that the administrators are unable to trade the business and o…
HELP is on the way for Barbadians who continue to run up high credit card and other debts.
It is coming from the Barbados Chapter of Chartered Professional Accountants of Canada (CPA), which is this month introducing a financial literacy education programme for those who see justice in the exercise.
Ms. Felicia Sue, head of the local chapter of the CPA, told The Barbados Advocate that they want to be of assistance to persons in Barbados looking to pursue better personal financial management.
The financial literacy programme is one that delivers educational seminars through a member volunteer network.
So what this entails is that it is an opportunity for all Barbadian CPAs to give back to their community by sharing our knowledge,…
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.
While Jyoti Structures, one of the 11 companies referred to the National Company Law Tribunal (NCLT) last year, has already overstepped its liquidation deadline, a few others on the list have close to two weeks before they would need to be mandatorily liquidated.
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.
For instance, Alok Industries and Monnet Ispat with debts of `23,443 crore an…
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.