The company said it had filed the application in the apex court for setting aside the April 5 order of the National Company Law Appellate Tribunal (NCLAT), which observed that “pendency of the appeal will not come in the way of the Adjudicating Authority to proceed with the Corporate Insolvency Resolution Process in accordance with provision of I&B (Insolvency and Bankruptcy) Code, 2016”.
“We have pleaded before the Supreme Court for s…
Read the full article at: https://www.ndtv.com/business/insolvency-case-binani-industries-moves-supreme-court-for-out-of-court-settlement-with-ultratech-1834948
A team from Clifford Chance has advised global asset manager The Carlyle Group on its acquisition of Australias largest wine company.
The transaction, valued at AU$1 billion for 100% of The Accolades Wine Group from CHAMP Private Equity and minority shareholder Constellation Brands, was led by Clifford Chance partner Andrew Cook in Sydney.
“This deal represents one of the most significant private equity transactions in Australia to date this year and was a fantastic opportunity for us to support The Carlyle Group by bringing together our strong international private equity experience.”
Cook was supported by senior associate Reuben van Werkum, with UK and EU advice from London partner Nigel W…
Read the full article at: https://www.australasianlawyer.com.au/news/clifford-chances-advises-on-billiondollar-booze-business-deal-248569.aspx
Indias third largest software services firm Wipro Ltd. today said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings.
Without naming the client, Wipro said it had signed a multi-year outsourcing services agreement with a telecom services provider in India in 2008, which was subsequently renewed in the year 2013.
Telecom operator Aircel on Feb. 28 had said it has filed for bankruptcy as it had been facing troubled times in a highly financially stressed industry.
On February 28, 2018, the client filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal (NCLT), Wipro said in a BSE filin…
Read the full article at: https://www.bloombergquint.com/business/2018/04/09/wipro-says-q4-profit-may-be-impacted-by-telecom-clients-insolvency-proceedings
Avanti Communications, the UK satellite company, has warned that it will be put into administration unless shareholders accept a debt-for-equity swap that would allow it to raise fresh funding.
If approved, the proposed swap would leave US bondholders, led by Solus Funds, controlling 42 per cent of the companys stock. Avanti also wants to amend the terms of bonds due in 2021 and 2023. The plan would reduce its debt by 60 per cent and cut its annual cash interest payments by more than 70 per cent.
The company warned that it would default on interest payments related to some of its bonds if the restructu…
Read the full article at: https://www.ft.com/content/cf374e62-3be6-11e8-b7e0-52972418fec4
KOLKATA: Any move to liquidate Facor, one of Indias oldest producers of ferro alloys undergoing insolvency resolution, can be implemented only after the National Company Law Appellate Tribunal (NCLAT) rules on Facors appeal against an NCLT Kolkata order for initiation of bankruptcy resolution process.
Facors committee of creditors (CoC) rejected all resolution plans and conveyed this to the NCLT on April 2. Following this, NCLT Kolkata passed an order fixing the next date of hearing as April 11 and, in the interim, directed the resolution professional to continue management and affairs at Facor.
In a notification on April 3, Facor informed the stock exchanges that the CoC has, after evaluation of resolution plans received from resolut…
Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/any-move-on-facor-liquidation-only-after-nclt-ruling/articleshow/63684135.cms
Read the full article at: https://www.businessnews.com.au/article/Insolvency-appointments-Mar-22-2018-to-Apr-6-2018
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