Mumbai: The National Company Law Tribunal (NCLT) on Tuesday approved bankruptcy proceedings for power infrastructure company Jyoti Structures Ltd, making it the first among the 12 cases referred by the central bank under India’s new Insolvency and Bankruptcy Code (IBC). The tribunal’s order came on an insolvency application filed last week by the company’s lead lender State…
The total amount due to SBI stands at Rs 1,601 crore, the banks lawyer said during the proceedings at the tribunal. The company initially owed Rs 1,227 crore to the state-run lender, according to the working capital consortium agreement extended in March 2012. The loan was restructured in September 2014. Jyoti Structures is among the…
AIB has pulled financial support to a distressed London-listed firm whose main business is to help troubled borrowers navigate their financial difficulties. Lancashire-based Fairpoint Group said on Monday that AIBs UK subsidiary had assigned debt it owes the bank to a company called Doorway Capital. Doorway Capital, a specialist provider of capital to law firms,…
Sparke Helmore has promoted two lawyers the partnership, bolstering the firms government and corporate and commercial groups with the appointments of Matthew Hawker and Nick Christiansen. Hawker practices exclusively in administrative law litigation and workers compensation claims and advises on claims management and litigation matters. He has extensive experience as solicitor-advocate before the Administrative Appeals…
A woman has lost a challenge to the rejection of her proposed personal insolvency arrangement following a dispute over the appropriate valuation of her home. Start Mortgages had rejected the 180,000 valuation of the womans home in Birr, Co Offaly, provided last summer by an independent expert appointed by the Insolvency Service of Ireland (ISI),…
UPDATE, 5.30pm: Flynn Transport owes an estimated $2.5 million to unsecured creditors, according to the forensic accountant handling the liquidation of the company. Morgan Lane, a partner at Insolvency firm Worrells, said three companies which comprised Flynn Transport were being wound up and it was estimated that two of them carried the debts. One of…
The new insolvency regime has completed six months. Everything seems to have happened in a jiffy. Close to a hundred cases have been filed. And, the big ones are likely to hit the National Company Law Tribunal this week. The completion of six months of the regime is also underlined by another event.…
14 year-old Pattarada met by Thai Lawyers Council of Thailand said on Monday. BANGKOK A lawyer who allegedly cheated a 14 year-old accident victim and her family out of their compensation is now facing the risk of losing his licence and legal career. The Lawyers Council of Thailand said on Monday that the alleged offence…
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Millions of dollars have been rorted from a federal government scheme introduced to encourage Australian companies to invest in research and development, including claims from bankrupts, a property spruiker and a disgraced businessman. The Research and Development (R&D) Tax Incentive program is the government’s largest industry innovation package, providing about $3 billion in tax offsets to businesses each year.…