Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel. Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal,…
The Insolvency and Bankruptcy Code (IBC), which was introduced in 2016 to help financially-troubled corporates, is in fact giving banks a run for their money when it comes to subversion of processes. In June 2017, the Reserve Bank of India (RBI) identified 12 non-performing accounts or assets (NPAs), totaling 25 percent of India’s gross NPAs,…
Ailing Fletcher Building is adamant its banking syndicate and US-based private noteholders owed a combined NZ$2.4 billion ($2.27 billion) aren’t being given any special insights into the future plans of the company, ahead of normal shareholders. Some of the US-based private noteholders are battle-scarred in the construction sector and demanded extra due diligence before signing…
HONEOYE FALLS, N.Y., April 4, 2018 /PRNewswire/ — KJT Group is pleased to announce the appointment of four new members to its Board of Directors. KJT Group’s CFO, Kimberly DeYoung, Mark Armbruster, Matt Cannuli, and Lynn Sullivan are the four new Directors, joining CEO and President Kenneth Tomaszewski, COO Michaela Gascon, and President, Global Research…
New Delhi/Mumbai: In a battle for taking over insolvent Essar Steel, Sajjan Jindal-led JSW with Nu Metal submitted its bid for the beleaguered steel firm while L.N. Mittals ArcelorMittal, which teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) for the acquisition, said its India subsidiary submitted an offer in the re-bidding process on…
Bucharest Film Studios, the former Media Pro Studios, a company that operates an important film studio at Buftea, near Bucharest, has filed for insolvency. The company filed its request to the Ilfov Court on March 28 and the court will analyze it on April 5, local Paginedemedia.ro reported. The companys request came after a creditor…
THE group behind Junk, The Chelsea Bar, The Office have called in liquidators to carve up their assets. Worldwide Hospitality Group flagged the end of its southeast Queensland food empire with the recent sale of its three thriving Toowoomba restaurants. The latest move comes as its Brisbane and Gold Coast Junk restaurants were closed down…
New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature. However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force…
A Tasmanian women who stole money while she was a Flight Centre travel agent to repay her son’s drug debt has escaped a jail sentence. Sally Anne Walters, 40, embezzled the money over 17 months between April 2014 and September 2015 when she was a team leader at Flight Centre’s Ulverstone branch. Chief Justice…
Twenty-two franchisees face an uncertain future as administrators work to determine the fate of poultry producer and retailer Red Lea Chickens, which collapsed into voluntary administration last Thursday. The Western Sydney business has been trading for over sixty years, according to its website, and has a processing plant employing 500 staff members, as well as…