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The Kolkata-based company is saddled with a debt burden of Rs 10,274 crore, an amount it owes to a consortium of banks led by SBI.
The National Company Law Tribunal (NCLT) has extended time period for Corporate Insolvency Resolution Process for Electrosteel Steels Limited (ESL)by a period of 90 days with effect from January 17, 2018. The dec…
The International Airlines Group, which operates British Airways and Iberia, is to buy Austria’s insolvent low-cost holiday carrier Niki, dpa has learned.
With its network of European and North African vacation destinations, Niki declared itself insolvent this month after German carrier Lufthansa withdrew its takeover offer for the airline.
Lufthansa said it abandoned its bid to acquire Niki as part of a deal to take over large sections of now-defunct Air Berlin after the move was rejected by the European Commission on competition grounds.
Founded by former Formula One champion Niki Lauda in 2003, Niki was sold to Air Berlin group in 2011.
The beleaguered Honeydew Dairies has been placed under provisional liquidation by the Pietermaritzburg high court.
The company and all other interested parties have until February 8 to give reasons why the dairy should not be finally wound up.
In addition, the master of the high court has been directed to appoint a provisional liquidator to take charge of Honeydews business activities.
The application was brought on an urgent basis last week by Stubbs Farming Partnership a day after the court permitted Standard Bank to attach Honeydews movable property to the value it allegedly owes the bank, which according to court papers is R30 million.
Stubbs managing director Rene John Vaughan Stubbs, who is also the chairperson of Dairy Day the pare…
Three years on from recognising his gambling addiction, Antony Smith can look forward to 2018 thanks to help with his finances and running.
Antony, 28, a web designer, had already run up gambling debts approaching £36,000 when a bad result in an obscure Mexican league football match plunged him into despair as another £600 was lost and he was in serious trouble.
With payday-loan companies bearing down on him, his credit cards at their limit and his family refusing to lend him more money, his last chance of winning enough to keep them temporarily at bay had vanished.
When my Mexican bet failed, I knew I didnt have enough money to pay off my creditors and had nowhere else to turn, the Ellesmere Port resident told Runners World.
The beleaguered Honeydew Dairies has been placed under provisional liquidation by the Pietermaritzburg high court.
The company and all other interested parties have until February 8 to give reasons why the dairy should not be finally wound up.
In addition, the master of the high court has been directed to appoint a provisional liquidator to take charge of Honeydews business activities.
The application was brought on an urgent basis last week by Stubbs Farming Partnership a day after the court permitted Standard Bank to attach Honeydews movable property to the value it allegedly owes the bank, which according to court papers is R30 million.
Stubbs managing director Rene John Vaughan Stubbs, who is also the chairperson of Dairy Day the pare…
In a tale of gambling addiction posted to Reddit shortly before Christmas, the numbers were as shocking as they were unsurprising. First the anonymous addict frittered away $200 (£149), in November 2016. Then $700 more, later that month. Then $300, $400, $1,500 eventually, by December 2017, a credit card debt of $16,000, too large to be kept a secret any longer. Its a painful narrative, one thats not softened through repeated telling.
What might be more surprising is the particular type of gambling under discussion. This man hadnt lost his money betting on football, or feeding notes into a fixed-odds betting terminal. He had been playing the mobile video game Final Fantasy: Brave Exodus (FFBE), a free-to-play game for android and iOS…
When 28-year-old manual laborer Elshan Gulmammadov took to the slot machines in the Georgian town of Marneuli last year, all he wanted was money for the birth of his second child and some fun. Instead, he became a victim.
Gulmammadov earns only 10 laris ($4.03) for an eight-hour day toti…
The year 2017 saw the big banks introduce a slew of measures, from scrapped ATM fees to new ethical codes, all intended to boost their battered reputation and fend off a royal commission.
In the end these measures were not enough, and in late November Prime Minister Malcolm Turnbull folded to political pressure and called a royal commission.
Nevertheless many of the banks voluntary measures will significantly improve consumer experience.
In particular, the new Banking Code of Practice, a list of consumer-centric reforms written by the banks themselves, will make a number of changes that consumers can use to their advantage.
Currently before the Australian Securities and Investment Commission for approval, the new Code is likely to include re…
Poor Christmas sales for Australia’s retailers could actually help Oroton’s new owners, led by fund manager Will Vicars, as they prepare for a fight with some of Australia’s biggest landlords.
Mr Vicars, the chief investment officer at Caledonia, signed a deal with Oroton’s administrators on December 23 to rescue the business, which collapsed in November.
His camp is determined to keep Oroton’s 59 stores open, but landlords must come to the table and agree to reduce its lease costs so its rents are sustainable.
While a tough Christmas wouldn’t make life any easier for Oroton, the Vicars camp believes landlords will have little choice but to give ground on rent levels given the pain among retailers.
MUMBAI: Castex Technologies, a subsidiary of automotive component maker Amtek Auto with debt of over Rs 6,000 crore, has been admitted to bankruptcy court.
State Bank of India (SBI), the lead bank, initiated bankruptcy proceedings in the Mumbai bench of the National Company Law Tribunal (NCLT).
Castex Technologies, a provider of iron cast auto components, is among 29 companies listed by the Reserve Bank of India that were required to be restructured by banks before December 13, failing which they would have to be referred to bankruptcy court by December 31.
Parent company Amtex Auto was also admitted to bankruptcy court following the RBI’s directions.
The NCLT admitted Castex Technologies for corporate insolvency resol…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far.
With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the first set of 12 big corporate defaulters that lenders have sought to resolve under the RBIs directive in June this year.
In a judicial boost to companies, as on November 2017, over 4300 applications under CIRP (corporate insolvency resolution process) were filed in the various benches of NCLTs, as per RBI data.
However, the success of the NCLT judgments would be on the resolution of the 12 accounts, constituting 25 percent or on…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far.
With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the first set of 12 big corporate defaulters that lenders have sought to resolve under the RBIs directive in June this year.
In a judicial boost to companies, as on November 2017, over 4300 applications under CIRP (corporate insolvency resolution process) were filed in the various benches of NCLTs, as per RBI data.
However, the success of the NCLT judgments would be on the resolution of the 12 accounts, constituting 25 percent or on…
