Updated: October 2, 2017 12:55 am
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The Insolvency and Bankruptcy Code may have prescribed a minimum vote of 75 per cent in a creditors committee before any decisions are taken in the insolvency process, but the countrys courts are interpreting this quite differently. Two benches of the National Company Law Tribunal (NCLT) have interpreted the law to mean the biggest creditor calls the shots. While this might hurt the interests of the smaller creditors, the benches seem to be arguing that it will hasten the process of winding-up.
In June this year, Raj Oil Mills approached t…
Read the full article at: http://indianexpress.com/article/business/economy/insolvency-code-biggest-creditors-call-the-shots-4870264/
MUMBAI: Telecom operator Aircel may start an independent debt restructuring programme now that its proposed merger with Reliance Communications has fallen through, people aware of the firm’s alternative plans said.
In an email sent to employees on Sunday night, Aircel chief executive Kaizad Heerjee said that while decision to call off the merger with Reliance Communications (RCom) “was disappointing”, the company needs “to move ahead and explore other business options”. ET has seen a copy of the email.
According to sources, a strategic debt restructuring program (SDR) is the only option left for the Malaysia’s Maxis-owned telco that cannot adopt the bankruptcy route because that would instantaneously invoke Maxis’ …
Read the full article at: http://economictimes.indiatimes.com/tech/ites/aircel-likely-to-go-for-debt-restructuring/articleshow/60905140.cms
Q. I’m considering buying an investment p…
Read the full article at: http://www.independent.ie/business/personal-finance/how-to-handle-saleandleaseback-mess-36184930.html
VANCOUVER, April 17, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) provides an update to the interim liquidation order against three subsidiaries of the Company issued by a judge in Kimberley, South Africa, on March 23, 2017. The interim orders, which have yet to be confirmed in a final hearing, include Rockwell Resources RSA (Pty) Ltd (Rockwell RSA), HC van Wyk Diamonds Ltd (HC van Wyk) and Saxendrift Mine (Pty) Ltd (Saxendrift). Interim liquidators have been appointed by the Master of the High Court, in accordance with requisitions by the major creditors. However, in view of further filings by the Compan…
Read the full article at: http://www.newswire.ca/news-releases/rockwell-provides-update-regarding-three-subsidiaries-with-interim-liquidation-order-issued-by-court-in-kimberley-south-africa-619625783.html
A Lincolnshire woman failed to disclose all of the property in her ownership after being declared bankrupt, a court has heard.
Susan Thatcher, 54, from Skegness did not inform the relevant authorities about a Spanish holiday home in her possession.
Thatcher, of Barkham Grove, pleaded guilty to owning the property in Fuerteventura and not informing the relevant personnel between March 23 and November 11 2015.
She was handed a four month prison sentence at Boston Magistrates Court which was suspended for two years.
Additionally, Thatcher was ordered to pay costs totalling £1471.35 and pay a victim surcharge fee of £80.00.
Read the full article at: http://www.lincolnshirelive.co.uk/news/local-news/bankrupt-skegness-woman-54-punished-561496
NEW YORK (Reuters) – Puerto Ricos government on Friday called moves by creditors of the islands bankrupt power utility to offer a $1 billion loan a publicity stunt, the latest salvo in a public back-and-forth on how to help the utility recover after Hurricane Maria.
As Puerto Rico struggles with near total destruction of its power distribution grid from last weeks storm, the government released a new point-by-point critique of the offers terms to the utility, while calling the groups arguments in favor of the loan self-serving.
Hurricane Maria knocked out power to the U.S. territorys 3.4 million residents and left the Puerto Rico Electric Power Authority (PREPA), which declared bankruptcy in July, scrambling to complete damage assessment…
Read the full article at: https://www.reuters.com/article/us-usa-puertorico-prepa/puerto-rico-lashes-out-again-at-utility-creditors-loan-offer-idUSKCN1C4367
The Supreme Court of India (Supreme Court) in Mobilox Innovations Private Limited v Kirusa Software Private Limited (Mobilox v Kirusa) has finally settled the widely debated question of what constitutes existence of a dispute in the context of applications filed by operational creditors for initiation of corporate insolvency resolution process (CIRP) of corporate debtors under the Insolvency and Bankruptcy Code, 2016 (IBC). This path breaking judgment follows close on the heels of another landmark ruling of the Supreme Court in M/s Innoventive Industries Ltd. vs. ICICI Bank & Another, which was rendered in the context of a CIRP application filed by a financial creditor.
A CIRP of a corporate debtor can be initiated by its operational cred…
Read the full article at: http://www.livelaw.in/supreme-court-finally-interprets-existence-dispute-ibc-mobilox-v-kirusa/