Updated: Dec 12, 2017, 08.38 PM IST
Select listed companies have failed to pay annual listing fees to BSE despite several reminders and grant of sufficient time in the past few yea…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/bse-turns-to-ibc-files-insolvency-cases-against-defaulting-listed-companies/articleshow/62040900.cms
To facilitate the restructuring, the Company and its subsidiaries have filed voluntary petitions under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. Charming Charlie expects to operate the majority of its stores and its website as usual during the court-supervised process. Subject to Court approval, the Company also intends to move forward with its previously announced plans to close underperforming locations and simplify its business operations.
“During this holiday season, CharmingCharlie.com and hundreds of our stores across the country are open for business and serving customers,” said Lana Kra…
Read the full article at: https://www.prnewswire.com/news-releases/charming-charlie-reaches-agreement-with-majority-of-term-loan-lenders-on-terms-of-comprehensive-financial-and-operational-restructuring-300569803.html
JSW Group chairman Sajjan Jindal on Tuesday questioned the finance ministry on discriminating against clean promoters of NCLT cases by not allowing them to bid for their own assets when promoters of non-NCLT cases are allowed to retain their positions while a resolution plan is being worked out for their companies.
“Existing promoters are allowed to be in management in non-NCLT cases with deep debt restructuring involving large haircuts if they are not wilful & non-cooperative borrowers. If so, why to differentiate in #NCLT cases to debar legitimate promoters in bidding process? @arunjaitley,” said Jindal who has earlier crusaded against allowing “dubious promoters” to bid for their own distressed assets in the insolvency re…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/why-discriminate-against-clean-promoters-of-nclt-cases-sajjan-jindal/articleshow/62039226.cms
The insolvency laws in India have quite the complicated history to say the least. However, with the advent of the code, there have been unprecedented changes in the landscape of insolvency laws in India, most importantly the inclusion of the concept of ‘corporate insolvency resolution process’ and this is exactly what this article intends to shed some light on.
Departure from the laws existing prior to the code
The Companies Act, 1913 spoke about winding up in a voluntary manner, by court and under the supervision of a court.
In the 1956 Act, the provision relating to ‘by court’ was substituted for the phrase ‘by the Tribunal’ and the phrase ‘under the supervision of the court’ was omitted altogether, by the 2002 Amendment Act.
Th…
Read the full article at: http://www.businesstoday.in/opinion/columns/insolvency-and-bankruptcy-code-2016-advent-era-of-ambiguity/story/265848.html
Published 6:59 am, Monday, December 11, 2017
BIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex.
Birmingham police say officers were called Sunday evening to the HighPointe Apartments complex. The victim was found shot in one of the apartments.
Al.com reports that police say their preliminary investigation shows the slaying may have results from an argument over a gambling debt or a dice game.
Police have not released the name of the victim.
A woman’s decomposing body was found in October in a wooded area at the same apartment complex. The woman was identified as 34-year-old Ieasha Shakinna Abrams, but the cause of…
Read the full article at: http://www.newstimes.com/news/crime/article/Police-Alabama-slaying-may-have-been-over-12421095.php
Dec 12 (Reuters) – BSE Ltd:
* BSE TO FILE PROCEEDINGS AGAINST DEFAULTING LISTED COMPANIES UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016
* PROCEEDINGS FILED AGAINST 7 DEFAULTING COS BEFORE NCLT, MUMBAI ON ACCOUNT OF THEIR FAILURE TO PAY ANNUAL LISTING FEES OVER PERIOD OF TIME
* SIMILAR ACTION BEING ENVISAGED AGAINST OTHER COMPANIES TOO
* 7 COS INCLUDE NEO CORP INTERNATIONAL, S. KUMARS NATIONWIDE, ASAHI INFRA & PROJECTS, MAVI INDUSTRIES, TRICOM, TWINSTAR INDUSTRIES, SEZAL GLASS Source text: [A few listed companies have failed to pay Annual Listing Fees (ALF) to BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years. Such companies continue to be listed and traded on BSE. There are about 130 such Com…
Read the full article at: https://www.reuters.com/article/brief-bse-to-file-proceedings-against-7/brief-bse-to-file-proceedings-against-7-defaulting-listed-cos-under-insolvency-and-bankruptcy-code-idUSFWN1OC0L3
As the Indian economy attempted to move from an agrarian economy and adopted economic plan to foster industrialization, major policies of the government, including legislative provisions, were directed to achieve rapid industrialization. With focus on industry and to provide basic legislative support for the development and regulation of industries, the Industries (Development and Regulation) Act was enacted in 1951. Formation and liquidation of business entities continued to be governed by the Companies Act/Partnership Act and other Insolvency Acts. However, in view of growing inadequacy of the then prevailing mechanism to deal with sickness and insolvency, the Sick Industrial Companies (Special Provisions) Act (SICA) of 1985 was enacte…
Read the full article at: http://www.livelaw.in/insolvency-bankruptcy-code-background-road-ahead/
BIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex.
Read the full article at: http://www.sfchronicle.com/news/crime/article/Police-Alabama-slaying-may-have-been-over-12421095.php