Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Steel producer ArcelorMittal South Africa (AMSA) announced on Tuesday that it had initiated consultations with employees regarding its proposed business-restructuring
Lanco Infratech Ltd, against which Corporate Insolvency Resolution Process has been initiated, has said that the management of the affairs of the company vests with Savan Godiawala, who has been appointed as the Interim Resolution Professional.
Mr.Godiawala was appointed as the IRP with effect from August 7, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), by the Hyderabad Bench of the National Company Law Tribunal. The NCLT had initiated the Corporate Insolvency Resolution Process based on an application filed by IDBI Bank, a financial creditor of the company. Consequently, the powers of the Board of Directors stand suspended.
Financial results
On Monday, Lanco Infratech informed the stock exchanges that with suspen…
On August 9, the Allahabad bench of National Company Law Tribunal (NCLT) admitted an insolvency plea of IDBI Bank relating to default of Rs 526.11 crore loan by Jaypee Infratech in its Wishtown project in Noida.
NCLT has appointed Anuj Jain as the Interim Resolution Professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. Jain has been given six months to revive the company by paying back debts to financial creditors and homes to buyers. The period can be extended by three more months. If Jain is unable to revive the projects, assets of Jaypee Infratech will be sold and recovered money will be distributed among creditors including homebuyers.
The NCLT has asked the homebuyers to file their claims by Augus…
Hundreds of homebuyers of Jaypee Infratech Group decided legal and political action on Tuesday after the private housing major in Noida teetered on the brink of insolvency.
Around 500 of them gathered at a park in Sector 15A to chalk out a plan after the National Company Law Tribunal admitted the insolvency petition filed by IDBI Bank against the debt-ridden Jaypee group.
The tribunal advised homebuyers, employees and creditors of Jaypee projects to file their claims before August 24.
We fail to understand why buyers should suffer if a real estate developer fails, said SK Nagrath, a retired army official and president of Jaypee Aman Flat Buyers Association.
The people agreed to meet Gautam Budh Nagar parliamentarian Mahesh Sharma, and Noida …
Steel producer ArcelorMittal South Africa (AMSA) announced on Tuesday that it had initiated consultations with employees regarding its proposed business-restructuring programme, which could result in job losses.
CEO Wim de Klerk said in a statement that it was premature to provide an estimate as to the number of employees who could be retrenched. However, it was possible that more than 50 employees could lose their jobs, which means that this will fall within the ambit of a large-scale retrenchment. The JSE-listed company currently employs over 8 600 people directly and more than 3 200 contractors.
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The retrenchment talks follow AMSAs announcement of a R1.6-billion headline loss for the six months to June 30; a per…
Air Berlin has filed for insolvency and is in discussions with Lufthansa and the German government to rescue parts of its business, after its largest shareholder Etihad said it would not provide any further funding for the struggling airline.
Germanys second-largest carrier has struggled to compete with low-cost rivals and has been kept in the air by repeated cash injections from Abu Dhabi based carrier Etihad, which bought a stake in the airline in 2011.
However, on Tuesday Air Berlin filed a provisional insolvency proceeding at the local court of Berlin-Charlottenburg after Etihad refused to provide further guarantees for Air Berlins short-and medium-term commitments. Two members of Air Berlins board who were nominated by Etihad…
Air Berlin Plc filed for insolvency after leading shareholder Etihad Airways PJSC withdrew its financial support, marking the second failure of a major European airline in four months after the Persian Gulf carrier pulled the plug on funding Italys Alitalia SpA in May.
While Air Berlin said in a statement Tuesday that it will continue flying with the help of government loans, the filing puts thousands of German jobs at risk wee…
The fifth progress report on the insolvency of retail FX broker Alpari (UK) shows the special administrators have paid a total of $77.9 million from the client money pool in respect of 13,644 clients.
The joint special administrators (JSAs) from KPMG have just published their fifth progress report into the case of Alpari (UK), one of the retail FX brokers that went insolvent following the Black Thursday events from January 2015.
The latest report into the Alpari (UK) case covers the period from January 19, 2017 to July 18, 2017. It announces the closur…
Air Berlin, Germany’s second-largest carrier, has filed for insolvency, after its main shareholder Etihad declared it would not be providing further financial support.
The airline, which has accumulated debt for almost a decade, reported a record loss of 782m euros (£713m) in 2016.
Flights will continue to operate thanks to a transitional loan of 150m euros from the German government.
Its main rival, Lufthansa, is in talks to buy part of the Air Berlin Group.
Air Berlin’s passenger numbers have been in freefall: in July, the airline lost a quarter of its customers compared with the previous year.
Air Berlin has filed for insolvency proceedings after main shareholder Etihad Airways withdrew its financial support.
The Oneworld member submitted the filing in a local Berlin court, though it wont seek bankruptcy protection for its Niki and Leisure Cargo units, Air Berlin said in a statement.
With the suspension of powers of the board of directors of Lanco Infratech Limited under the insolvency resolution proceedings, the results of the company will be submitted by Savan Godiawala, who has been appointed as the interim resolution professional.
The company had earlier informed the stock exchanges that the company board of directors would meet on August 11 to finalise first quarter results.
This development comes in the backdrop of the National Company Law Tribunal, Hyderabad branch initiating the Corporate Insolvency Proceedings (CIRP) as per the provisions under the Insolvency and Bankruptcy Code, 2016. On August 7, based on the application fi…
A class action will seek to recoup as much as $100 million in GST that may have been incorrectly charged on the sale of apartments in the ACT.
International litigation funder IMF Bentham, which is working with Corrs Chambers Westgarth, announced the law suit to the ASX on Tuesday morning.
It has lodged a statement of claim with the Federal Court in NSW that alleges Belconnen Lakeview, a company in the Hindmarsh Group, charged and collected GST on the sale of 352 units in Altitude Apartments when no GST was payable.
But the problem may have been more widespread, with IMF Bentham having identified 25 residential developments sold by a range of developers in the ACT that may fit the same criteria.
