BELGRADE (Serbia), April 3 (SeeNews) – Serbia’s government plans to sign a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($697,000/565,000 euro), Serbian prime minister Ana Brnabic has said. The contract will be signed in the coming three days and the acquisition of…
HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose. This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar…
Utility FirstEnergy has taken the long-threatened step of filing for bankruptcy protection for its competitive power generation subsidiaries. It’s the latest development for a coal and nuclear power fleet that has become a focus of the Trump administrations efforts to shift energy policies to favor fossil-fired electricity. Saturdays filing with the U.S. Bankruptcy Court for…
KOLKATA: Facor, one of Indias oldest producers of ferro alloys, is likely to be liquidated after the NCLT Kolkata bench was informed on Monday that its Committee of Creditors has rejected all bids. Facor has been under insolvency resolution process and the 270-day period for insolvency resolution of the company got over on April 2,…
NEW DELHI: The government will soon seek the law ministrys opinion on amendments to the Insolvency and Bankruptcy Code (IBC) suggested by a high-level committee and may move an ordinance to make urgent changes. The 14-member insolvency law committee headed by corporate affairs secretary Injeti Srinivas made a presentation on its final recommendations to the…
The Homebase business is not very well positioned now. Its overpriced and over rented in terms of the properties – all the properties are far too expensive,” Mr Grimsey told Fairfax Media. “Theyve paid too much for it… theyve arrived in England with a Bunnings format and really plonked Australia into England and that was…
Electrosteel Steels’ resolution professional (RP) on Monday submitted Vedanta’s resolution plan before the Kolkata bench of National Company Law Tribunal for final disposal after lenders declared it as “successful resolution applicant”. However, Renaissance Steel, one of the resolution applicants, was opposing the Committee of Creditors’ (COC) decision in respect to eligibility of its rival…
BULAWAYO South legislator Edie Cross has mocked former First Lady Grace Mugabe over her recent spate of misfortunes, saying she must not cry foul as she had also grabbed several properties from powerless individuals during her husband former President Robert Mugabes reign. This came amid reports that illegal artisanal miners invaded Graces farm in Mazowe…
ICICI Bank board will meet today to review the insolvency cases pending before the National Company Law Tribunal, and other routine matters. This is the first time ICICI Bank board will meet after the controversy over alleged conflict of interest involving its CEO Chanda Kochhar and Videocon group broke out. The private sector lender pointed…
Hyderabad bench of National Company Law Tribunal (NCLT) has initiated the insolvency resolution process for Lanco Teesta Hydro Power Private Limited in a petition filed by the company’s lead bank ICICI Bank Limited under section 7 of Insolvency and Bankruptcy Code(IBC). The company failed to repay project loan dues of…