Updated: Oct 26, 2017, 10.38 AM IST The government is of the view that Insolvency and Bankruptcy Code (IBC) provides that the resolution plan will be binding on a company , its shareholders, lenders, employees, guarantors and other stakeholders if approved by NCLT. NEW DELHI: The government on Wednesday said insolvency resolution plans, such as…
NEW DELHI: The government on Wednesday said insolvency resolution plans, such as sale and transfer of assets, do not require approval from shareholders or the company as the law provides a detailed process from the receipt of the resolution plan to approval by the adjudicating authority. The clarification by the ministry of corporate affairs is…
A nearly three year old elevator insolvency case has been closed. Almost. It involves the Grand Forks Bean Company. That elevator dealt with edible beans. It went into insolvency after not being able to pay farmers claims. The last such claim has now been paid. The courts said Curt Amundson had a credit sale contract…
In his argument, Union Banks advocate said the IBC is a consolidating law relating to insolvency of corporate entities which provides for resolution of the corporate debtor before ordering liquidation. Citing legal precedents and rules under the Insolvency and Bankruptcy Code (IBC), Union Bank of India on Wednesday argued before the National Company Law Tribunal…
Anthony Joshua, 28, is said to be worth more than £16.7million He is currently preparing to defend his heavyweight title for the fourth time Joshua insists he will not follow in the footsteps of previous heavyweights who have lost their earnings By Mark Stainforth, Press Association Published: 02:48 AEDT, 26 October 2017 | Updated: 07:04…
NEW DELHI: Attorney General KK Venugopal on Tuesday strongly opposed in the Supreme Court a proposal by Jaiprakash Associates to hive off the Yamuna expressway to a Singapore-based company to raise Rs 2,000 crore it had been asked to deposit to meet refund demands by homebuyers for projects. Technically, the Yamuna Expressway is owned by…
Practice of promoters to bid in bankruptcy or insolvency cases is prevalent in developing countries Mumbai, October 25: As insolvency proceedings at some of 12 stressed accounts identified by the RBI earlier this year are moving forward, key question that has emerged is whether promoters of these companies are better placed to get back control…
The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the countrys revised bankruptcy code, which foresees the rapid sale of assets and the withdrawal of old shares. The governments petition has brought a strong reaction from the yards owner, Privinvest Group of Lebanon…
Some companies keep trading and operating their business, even when it is clear to them that they are bankrupt and are unable to continue. When this happens to a business or company, that business or company is said to be insolvent. This can put the business owner or company director into a lot of trouble.…
Two months after a National Company Law Tribunal (NCLT) issued an order initiating corporate insolvency proceedings against debt-ridden Orchid Pharma, numerous potential suitors, including top private equity players and domestic peers are eyeing the Chennai based company as part of a resolution plan under the provisions of the insolvency and bankruptcy code, multiple sources familiar…