Hyderabad, Jan 12: State Bank of India has initiated corporate insolvency proceedings against IVRCL Ltd. In a regulatory filing made with the BSE, the Hyderabad-based infrastructure company has informed that the provisions of Insolvency and Bankruptcy Code 2016 (IBC) have been invoked by the lender. The debt laden company said that SBI had initiated Corporate…
A fool and his money, as the saying goes, are soon parted (although I prefer James Vanden Boschs quip that a fool and his money are some party), but fools arent the only ones afflicted this way. Many highly intelligent people find themselves with financial problems, too. This is because your IQ has absolutely nothing…
Adelaide Friday January 12, 2018 In what looms as another electoral blow for the state Liberal Party, the fledgling Australian Conservatives are set to run candidates in as few as 10 lower house seats at the March election a move that could cost the Opposition decisive preferences in a host of key seats. Golden North…
January 11th, 2018 Nicola Capuzzo Dry Cargo, Europe, Tankers 0 comments Naples-based shipping company RBD Armatori was formally declared bankrupt by the Court of Torre Annunziata on Thursday. A few weeks ago the company controlled by the Rizzo, Bottiglieri and De Carlini families saw the opportunity to present its third rescue plan dismissed by shareholders…
Financial Supervision Commission/All rights reserved. SOFIA (Bulgaria), January 11 (SeeNews) – Bulgaria’s financial regulator said it has delisted engineering, construction and energy group Enemona [BUL:E4A] from the register of public companies due to a court decision declaring the company insolvent. The regulator has decided to remove the company’s shares [BUL:E4A], preferred shares [BUL:E4AP] and warrants…
The Lusaka High Court has declared the Post Newspaper in liquidation insolvent. High Court Judge Sunday Nkonde has ruled that the liabilities of the Post Newspapers in Liquidation exceed the values of its assets. As a result of this the company is unable to pay its debt, reads part of the Consent Judgement by Judge…
The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Bhushan Energy Ltd after admitting a plea from the country’s largest lender State Bank of India (SBI). A two-member bench of NCLT has appointed Navneet Kumar Gupta as the interim resolution professional (IRP) to initiate insolvency proceedings. Bhushan Energy Ltd, the corporate debtor,…
The Supreme Court on Wednesday directed Jaiprakash Associates Ltd (JAL), the holding company of infrastructure giant Jaypee, to produce on record details of each and every one of its housing projects spread across the country. With the direction the SC has now made clear that it is committed to protecting the lower middle-class homebuyers who…
MUMBAI: India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters’ assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen the framework dedicated toward recovering bad loans. “Cross-border insolvency is on top of the agenda. The…
Macquarie Group is chasing $US40.7 million ($52 million) from an American family that ran a billion-dollar-plus cocoa trading business, after emails between staff allegedly revealed one of the biggest fraud cases in recent US history. Macquarie has joined forces with several other banks including Dutch financial giant ABN AMRO to sue the father-son duo that ran one of the world’s largest suppliers…