New Delhi, Oct 22 (PTI) The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore.

The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company’s operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal.

A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium…

In this episode, Paola Subacchi sits down with Nicole Kearse to explore the intricacies of debt management. Drawing on Nicole’s extensive experience at the African Legal Support Facility (ALSF), they discuss debt sustainability, capacity building, and the strategies to help countries prevent debt crises.

Guest: Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.

Prior to…

Wayne Miller, 55, from Lydd in Kent, was tasked with building a two-storey home extension, including a new kitchen.

The builder received more than £30,000 for the project in Canterbury but abandoned the job part way through, having also concealed his status as a bankrupt.

He promised to repay the customer for the unfinished work and goods but no payments were ever made. 

Miller appeared at Southwark Crown Court on 15^th October after an Insolvency Service investigation. He was sentenced to six months in prison, suspended for 12 months. HeeHe= was also ordered to repay £18,000 in compensation to his victim and a further £1,000 in costs.

Miller also made a payment of £7,500 to the victim at an earlier date.

Insolvency Service…

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Regional airline Rex has a US buyer, the announcement on Tuesday night coming more than a year after the airline that operates numerous services in Queensland entered voluntary administration.

Air T — a Nasdaq-listed US aviation business that runs cargo services, an aircraft trading business and sells parts – has entered a sale and implementation deed with Rex administrator EY.

“The sale and implementation deed is subject to customary conditions precedent for a transaction of this type including receipt of regulatory approvals and approval by creditors,” the administrators’ announcement said.

The federal government has been propping up the airline to ensure regional and remote communities remain serviced, buying $50 million in…