The group has suffering big losses on a couple of resources projects. Indigenous contracting company Eastern Guruma has been put in the hands of administrators after suffering big losses on a couple of resources projects. Eastern Guruma was also caught up in the collapse of joint venture partner Brierty, leaving it with a claim of…
Nagpur: An insolvency petition has been admitted against the Manoj Jayaswal-led Abhijeet MADC Energy Private Limited (AMNEPL) by National Company Law Tribunal (NCLT). The plea was filed by Alchemist Asset Reconstruction Company (AARC) over a loan default of Rs959 crore. Companies under Jayaswal’s Abhijeet Group are sitting on bad loans worth Rs11,000 crore, making it…
Image copyright Getty Images EasyJet has confirmed a 40m (£35m) deal with Air Berlin to buy part of the insolvent German airline’s operations, in a move that will secure 1,000 jobs. EasyJet will buy some of the company’s assets at Berlin Tegel Airport, including landing slots as well as leases for up to 25 A320…
RUGBY UNION: Peter Kurtz admits the enormity of being named Australian rugby’s top volunteer is still sinking in. The Biloela club stalwart was named the HSBC Volunteer of the Year at the Rugby Australia Awards at Royal Randwick in Sydney on Thursday night. He received the accolade at the gala ceremony in front of a…
EMBATTLED law firm Slater & Gordon (ASX: SGH) has called on its shareholders to vote in favour of a recapitalisation of its “unsustainable debt levels” otherwise it will become insolvent. Slater & Gordon says it owes a total of $761 million, as of 30 June 2017, which it cannot pay down and the debt…
State-owned Andhra Bank has dragged Housing Development & Infrastructure (HDIL) to the National Company Law Tribunal (NCLT) in an insolvency petition because the Mumbai-based real estate developer failed to pay back Rs 55 crore invested by the bank in the company’s non-convertible debentures (NCDs). The petition filed by law firm MDP & Partners on behalf…
By Ginger Gibson and David Gaffen Puerto Rico governor calls for cancellation of Whitefish contract WASHINGTON/NEW YORK (Reuters) – Puerto Rico’s government power company said on Sunday it will cancel a $300 million contract with a tiny Montana company to restore power to the storm-hit U.S. territory after an uproar over the deal. The contract…
By Ginger Gibson and David Gaffen WASHINGTON/NEW YORK (Reuters) – Puerto Rico’s government power company said on Sunday it will cancel a $300 million contract with a tiny Montana company to restore power to the storm-hit U.S. territory after an uproar over the deal. The contract between Whitefish Energy Holdings and Puerto Rico’s bankrupt power…
LONDON (Reuters) – The number of people registering as insolvent in England and Wales hit a five-year high in the third quarter, according to figures on Friday that hinted at trouble brewing in Britains consumer economy. FILE PHOTO: People walk across Westminster Bridge in London, Britain, June 22, 2017. REUTERS/Marko Djurica The governments Insolvency Service…
Coimbatore, October 29: The time taken and costs involved in resolving disputes have crippled the entrepreneurial community in India. Statistics show that the recovery is only 20 per cent in India and in global ranking, the country is in the 136th position with respect to the time taken for resolving disputes. China is in the…