MUMBAI: Bankers and metals maker Monnet Ispat & Energy agreed on Tuesday to reorganise the company under the Insolvency and Bankruptcy Code after it defaulted on its Rs. 12,000 crore even as its equity valuation remained less than a 12th of its total obligations to banks. But the agreement gave a sense of hope to…
Associate Judge Warwick Smith today ordered the liquidation of Pipitea Street Development Limited (PSDL), a company linked to the fraud case involving Ngatata Love, in Wellington’s High Court at the request of Inland Revenue. Treaty of Waitangi claims negotiator Ngatata Love was sentenced to two years and six months in prison last October after…
Advocate Joseph Benkel, the special manager for businessman Eliezer Fishman’s assets, today informed Tel Aviv District Court president Eitan Orenstein that Fishman’s creditors – Bank Hapoalim (TASE: POLI), Bank Leumi (TASE: LUMI), Israel Discount Bank (TASE: DSCT), Mercantile Discount Bank, Mizrahi Tefahot Bank (TASE:MZTF), Union Bank of Israel (TASE: UNON), and the Israel Tax Authority…
Lanco Infratech – File Photo New Delhi : Infrastructure major Lanco Infratech became the first company to face insolvency proceedings among the twelve entities identified by IDBI Bank to recover its dues by taking the resolution to insolvency courts, said a person familiar with the matter. The bank has fund based exposure of Rs…
Dick Smith in Forrest Hill. Picture: Luis Enrique Ascui/The Australian THE insurers of the former directors of collapsed electronics retailer Dick Smith could be hit with a hefty bill from disgruntled shareholders if a class-action lawsuit gets the go-ahead and proves successful. Just under 1000 former shareholders of the company, who individually lost anywhere from…
Outback Travel Centres has gone into voluntary administration. Picture: Alicia PereraPicture: Pilbara News North West roadhouse operator Outback Travel Centres has gone into voluntary administration this week after a steep drop in revenue combined with rental agreements still set at mining boom levels took its toll. In a statement issued this week, the management team…
MUMBAI Lanco Infratech Ltd confirmed on Saturday that the Reserve Bank of India (RBI) had directed the company’s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country’s bankruptcy laws. Lanco is among 12 companies that the RBI has ordered lenders to take to bankruptcy court as it strives to cut…
Mumbai: The first meeting of the state-appointed committee to decide the criteria of farm debt relief remained inconclusive as farmer leaders demanded loan waiver to all cultivators and sought changes in the criteria fixed for providing Rs 10,000 initial help. Farmer leaders burnt the copy of the Government Resolution (GR) about the initial crop loan…
As news that Channel 10 is to be placed into voluntary administration echoes around Australia, many are asking what this really means for the network and concern is rife for some Aussie favourites including Offspring, Neighbours, MasterChef and The Project. What happened? Channel 10s billionaire shareholders made the decision that they would no longer guarantee a…
KEVIN STENT/FAIRFAX NZ Sir Ngatata Love, a former chief executive of Te Puni Kokiri, was sentenced on fraud charges to two-and-a-half years in prison after a three-week trial at the High Court in Wellington. A company linked to Sir Ngatata Love’s fraud case has been put into liquidation. In late 2016, Inland Revenue (IRD) successfully applied…