Tribunal justice system is now a recognised trend globally, but India’s experiment with this has nothing to boast about. Given diverse judicial functions it performs, the National Company Law Tribunal (NCLT) is burdened with the workload of enormous magnitude and, in the process, it might lose focus on revival and rehabilitation of sick entities. In…
Advisers evaluating the offers for Essar Steel India Ltd. are recommending that both bids for the insolvent company be disqualified, according to people with knowledge of the matter. Legal and accounting advisers expressed concerns to the interim resolution professional, which is overseeing the Essar Steel sale process, about the eligibility of ArcelorMittals offer as well as a separate…
Nathan Schmidt / Bethlehem Israeli gas fields in the Mediterranean will soon be providing gas exports to Egypt as a part of a 10-year, $15 billion deal announced on Monday. Israeli gas excavation companies Delek Drilling and Noble Energy will export roughly seven-billion cubic-meters of gas annually from drilling platforms in the Mediterranean, namely the…
Retailer Steinhoff’s local unit has secured a new $300 million loan from its existing banking syndicate. Steinhoff Asia Pacific announced on Tuesday morning that the new loan was struck on normal commercial terms and was based on the operating performance of its local business. Six banks, including domestic and offshore names, tipped into the offer. King &…
IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of…
Turnaround of a large steel company of Tata Steel’s size is a tough job to do in a year’s time. But still, N Chandrasekaran’s one year at the helm of Tata group – on February 21, he completes one year of his chairmanship – has changed the fate of the steel maker quite dramatically. The…
The new boss of Godfreys Group has embarked on a rescue mission at the vacuum cleaner retailer, promising to ramp up e-commerce and wholesale distribution as sales continue to slide. Godfreys has suffered a further sales slump and plunged to a $59 million loss for the first half of 2017/18, with new recently installed chief…
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state. Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter. Toowoomba recorded 64 debtors entering a new personal…
The Balmoral Knitwear factory – a favourite brand among Scotland’s golfing community – has closed following the appointment of liquidators to the Ayrshire-based business. Paul Dounis and Steven Ross of RSM Restructuring Advisory have been appointed provisional liquidators of Balmoral Knitwear , which makes plain and embroidered corporate uniform, school and workwear. The move means…
More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd. As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This…