Insolvency Guardian Media Centre
The National Company Law Tribunal (NCLT) will consider admitting an insolvency case against Reliance Communications (Rcom) filed by Tech Mahindra on 2nd of November.
The IT company had filed an insolvency petition for a recovery of Rs 8.2 crore from the Anil Ambani owned telco and its two units, few days after Rcoms deal with Aircel was called off.
The quality of service and amounts billed are disputed, RCom said in a regulatory filing terming the petitions as “misconceived, premature and motivated by extraneous considerations”. The Ambani owned company, struggling under a debt of Rs 46700 crore, also said that the the claim amount is not considered material by the respective Companies concerned.
“We wish to inform you that Tech …
Read the full article at: http://economictimes.indiatimes.com/tech/ites/nclt-to-consider-november-2-admitting-techm-insolvency-petition-against-rcom/articleshow/61007081.cms
opinion
By Henry Boyo
Barely eleven years ago, Nigeria was compelled by pressure, from International creditors, particularly the London and Paris club, to ‘voluntarily’ part with almost $12.4bn allegedly owed, so that another $18bn debt could be written off, from the country’s total external debt of about $30bn.
Notably, the debt write-off was, primarily, the product of pressure from civil society groups, such as the Jubilee Debt Campaign, committedly led by one, Trishia Rogers. Regrettably, while countries, like Ghana and Zambia with similar debt overhang got 100% debt relief, Nigeria, with a more formidable array of celebrated negotiators received 60% of the so called “debt forgiveness”.
Notably, by 2005, the cost of refinancing…
Read the full article at: http://allafrica.com/stories/201710090436.html
By Njiraini Muchira
In 2013, Nakumatt Holdings launched its in-store packaged goods under the Blue Label. Its management believed this was a milestone in its efforts to dominate the retail sector in the region.
Managing director Atul Shah was categorical that customers would no longer be held to ransom by suppliers, as its products were much cheaper, drawing in lower-income customers, who would previously shun the supermarket.
The move was not entirely new, considering that some retailers were already repackaging some goods, albeit in small quantities, targeting the low-income earners.
Nakumatt, which targets the middle class, was keen on bringing a majority of goods under its Blue Label.
This did not go down well with its suppliers. …
Read the full article at: http://allafrica.com/stories/201710090504.html
The finance director of Switzerlands LafargeHolcim is leaving after less than two years in the job in the latest management upset at the worlds largest cement group.
Ron Wirahadiraksa, who joined LafargeHolcim from Philips in December 2015, had decided to pursue opportunities outside the group, the company announced on Monday without giving more details.
His departure comes just weeks after Jan Jenisch took over as chief executive of the cement group formed in 2015 by the 41bn merger of Lafarge of France and Holcim, its Swiss rival.
People close to the company said Mr Jenisch, who previously headed Sika, a Swiss chemicals company, had pushed hard for Mr Wirahadiraksas replacement by Géraldine Picaud, finance director of Essilor In…
Read the full article at: https://www.ft.com/content/8dfc4c8e-acc8-11e7-beba-5521c713abf4
The finance director of Switzerlands LafargeHolcim is leaving after less than two years in the job, in the latest management upset at the worlds largest cement group.
Ron Wirahadiraksa, who joined LafargeHolcim from Philips in December 2015, had decided to pursue opportunities outside the group, the company announced on Monday without giving more details.
He will be replaced from February 1 by Géraldine Picaud, the French finance director of Essilor International, the ophthalmic optics company.
Mr Wirahadiraksas departure follows change at the top of LafargeHolcim in April. Then, chief executive Eric Olsen become the highest profile casualty of an internal investigation into a Lafarge cement plant that the company kept running as S…
Read the full article at: https://www.ft.com/content/22c10feb-d715-3711-941d-3d2631edc1a4
LONDON (Reuters) – European shares rose on Monday, with Germanys DAX touching a record high and Spains IBEX its highest for a week, as political risk concerns over Catalonia eased a day after a demonstration in Barcelona against independence.
Following four consecutive weeks of gains, the pan-European STOXX 600 rose 0.2 percent while the DAX was up 0.3 percent at an all-time peak of 12,997 points.
The IBEX rebounded 0.7 percent with Caixabank gaining 2 percent after its board agreed to move its registered office to Valencia.
Banco de Sabadell, which already announced the same move, was the top gainer, up 2 percent.
Other firms including Gas Natural, Albertis, Inmobiliara Colonial, are also considering joining a corporate exodus out …
Read the full article at: https://www.reuters.com/article/us-europe-stocks/dax-ibex-push-european-shares-higher-as-catalonia-worries-ease-idUSKBN1CE0JC
Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 (Code) of India. The Regulation coming into existence with an aim to revitalise and resolve the sick companies and bring it back to a better financial condition, has gained a lot of recognition in the present market condition. Among other features, one of the important feature of the Code is its time bound resolution process whereby it focuses on resurrecting the sick companies within a period of 180 days and a one-time extended period of 90 days to avoid the upheaval of a never-ending litigation. This article tries to bring out the reasons for which the resolution professionals seek extension of the resolution process from the Honble Tribunal (Tribunal).
Why exten…
Read the full article at: http://www.livelaw.in/analysis-extension-moratorium-period-ibc/
CLIVE Palmers fortune is set to suffer a blow after a judge ordered his flagship company to pay a $US17.6m debt to a Singaporean exploration business.
Mr Palmers company Mineralogy wanted the Supreme Court to declare it did not have to pay BGP Geoexplorer any money over a debt owed to it by another of his businesses, Palmer Petroleum, which is in liquidation.
BGP carried out exploration work for Palmer Petroleum in the Gulf of Papua, but Mr Palmer had complained about the quality of the report.
It was argued by BGP that Mineralogy, as a parent company, was responsible for the debt.
Justice David Jackson handed down his decision today, which followed a two-day trial in August.
Justice Jackson said the allegation of unsatisfactory performance …
Read the full article at: http://www.news.com.au/finance/business/mining/clive-palmers-mineralogy-ordered-to-pay-us176m-bill-from-bgp-geoexplorer/news-story/a676dbc8906778808b55cc67cc70d1d2
HYDERABAD: The National Company Law Tribunal (NCLT), in a rare move, decided to reject the insolvency petition filed by a corporate in the ‘interest of the nation’ despite the company and lenders pleading liquidation while claiming to have explored available options.
Rejecting the petition filed by Anrak Aluminium, a joint venture between India’s Penna Cement and Ras Al Khaimah Investment Authority (RAKIA), the NCLT’s Hyderabad bench advised it to approach government agencies to resolve the issue before initiating insolvency proceedings. Disappointed with the directives, the lenders are weighing options to contest the decision either at a higher forum or file a fresh insolvency petition under other provisions of the Insolvency an…
Read the full article at: http://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/nclt-rejects-anraks-insolvency-petition-in-national-interest/articleshow/61001147.cms
Two news stories with a partypoker flavour including Fedor Holz winning another poker tournament as well as appearing on one of the worlds top podcasts, and is Boris Becker deep in 
debt, or does he have a plan?
Fedor Holz has added another hit to his jukebox of poker memories.
The German star defeated 50 entrants (42 unique) to capture the 34,000 first prize in the 2,200 buy-in High Roller at the partypoker LIVE Grand Prix Vienna.
Its the first win for Holz since signing his allegiance to the boot camp at partypoker in early September. Holz made the final table of nine, second only to partypoker ambassador Jan-Peter Jachtmann in chips. The two duelled in heads-up action for four hours before Holz eventually stamped all over Jachtmanns attem…
Read the full article at: https://calvinayre.com/2017/10/09/poker/holz-wins-austria-appears-lewis-howes-becker-bankrupt-balls/
In the matter of M/s.Consolidated Construction Consortium Limited (‘CCCL’) vs. M/s. VA Tech Wabag Limited (‘the Company’) in respect of an application filed by CCCL in respect of an alleged default in payment of dues amounting to Rs.1,50,13,529/-,the National Company Law Tribunal, Division Bench, Chennai (‘NCLT’) at its hearing held on 6th October 2017 has passed an order for initiation of Corporate Insolvency Resolution Process (‘CIRP’) under the provisions of Insolvency and Bankruptcy Code, 2016.
The Company has filed an appeal against this Order with the National Company Law Appellate Tribunal.
Shares of VA TECH WABAG LTD. was last trading in BSE at Rs.590.15 as compared to the previous close of Rs. 586. The total number of shar…
Read the full article at: http://equitybulls.com/admin/news2006/news_det.asp?id=214450
In the matter of M/s.Consolidated Construction Consortium Limited (‘CCCL’) vs. M/s. VA Tech Wabag Limited (‘the Company’) in respect of an application filed by CCCL in respect of an alleged default in payment of dues amounting to Rs.1,50,13,529/-,the National Company Law Tribunal, Division Bench, Chennai (‘NCLT’) at its hearing held on 6th October 2017 has passed an order for initiation of Corporate Insolvency Resolution Process (‘CIRP’) under the provisions of Insolvency and Bankruptcy Code, 2016.
The Company has filed an appeal against this Order with the National Company Law Appellate Tribunal.
Shares of VA TECH WABAG LTD. was last trading in BSE at Rs.590.15 as compared to the previous close of Rs. 586. The total number of shar…
Read the full article at: http://www.equitybulls.com/admin/news2006/news_det.asp?id=214450