NAGPUR: The National Company Law Tribunal (NCLT) has admitted an insolvency petition against a Chandrapur-based company over a liability of Rs2.81 lakh. It is among the smallest amounts, so far, for which a case has been fought under the Insolvency and Bankruptcy Code (IBC) 2016, said insolvency practitioners. Even as IBC 2016 has set the…
Construction industry reform is overdue and change is needed urgently. Theres no doubt the property sector is experiencing a downturn, with projects put on hold and more builders going into liquidation. Those who can afford it least suffer most. As the downturn continues, it is the subcontractors who are feeling the most pressure. Subbies comprise…
Kerio Valley Development Authority (KVDA) MD David Kimosop (in a white shirt) on a tour at Kipsaiya in Marakwet West where Arror multi-purpose dam will be constructed. [Fred Kibor/Standard] Treasury Cabinet Secretary Henry Rotich is the latest top-ranking official to be questioned over stalled Sh65 billion dam projects in the country. Mr Rotich recorded a…
There can be many twists and turns over the life of a business, but one of the more serious (and usually final) turns is when it declares insolvency. A recent spate of high profile collapses, most notably music retailer HMV, cake chain Patisserie Valerie, and department store House of Fraser, have all brought…
This is crucial since a large sum of lenders capital is tied in such assets, Bansal added. Lack Of Clarity In Relinquishing Or Realising Security Interest The second challenge relates to secured lenders in whose favour assets of the company have been charged as a security for the loan extended. The insolvency code gives secured…
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the…
Mumbai: There is a need to strengthen the insolvency resolution process by having deterrents against failure or delays in implementing resolutions plans, a report said Monday. In the last two years, Insolvency and Bankruptcy Code (IBC) was implemented, three concluded corporate insolvency resolution process (CIRPs) being brought back to the National Company Law Tribunals (NCLTs),…
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the…
By Kipchumba Some An Italian construction conglomerate that is building three mega dams in the Rift Valley worth more than Sh90 billion is being investigated for allegedly bribing senior government officials to win tenders. CMC di Ravenna is alleged to have paid a bribe of an unknown amount from a Sh4.9 billion down payment it…
The order placing TMF Services Ltd into provisional liquidation followed a hearing at the High Court on 14 February 2019 of an application issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy. The company is concerned with trading in non-ferrous, precious and scrap metals, as well…