By M R Umarji Recently, the Delhi High Court blamed public sector undertakings for resorting to litigation with public money challenging arbitration awards. Such arbitration awards normally relate to assessment of the work completed for which a payment is to be made to the contractor or other enterprises undertaking infrastructure projects or other work. Public…
Year-on-year 14% rise in personal insolvencies in Wales 17 October 2017 From the section Wales Image copyright PA Image caption Spiralling debt has led to “record numbers” of people seeking help, says a charity The number of people declared insolvent in Wales rose by more than 14% last year, latest figures reveal. The increase prompted…
Image copyright PA Image caption Spiralling debt has led to “record numbers” of people seeking help, says a charity The number of people declared insolvent in Wales rose by more than 14% last year, latest figures reveal. The increase prompted stern warnings from debt advice groups, who said their debt caseload was at “record levels”.…
Kinetiko Energy has been forced to defend its 2017 annual report after the ASX quizzed the oil and gas explorer over a lack of information provided to the auditor regarding a joint venture. Kinetikos (ASX:KKO) auditor was unable to obtain sufficient evidence to provide an audit opinion on the annual report, leading the ASX to…
Vandana Ramnani Moneycontrol News The Union Housing and Urban Affairs Ministrys recommendation to the Ministry of Corporate Affairs that the Insolvency and Bankruptcy Code rules ought to be tweaked to make homebuyers primary secured creditors has been welcomed by troubled Jaypee and Amrapali homebuyers as a positive step but they are not sure whether the…
, ET Bureau| Updated: Sep 18, 2017, 07.34 PM IST Watch: NCLT orders insolvency process against Stayzilla CHENNAI: The National Company Law Tribunal had ordered initiation of insolvency proceedings against hotel and homestay aggregator StayZilla, the consumer internet start-up that sparked national debates on the perils of entrepreneurship in India after its founder Yogendra Vasupal…
Construction firm MBL Infrastructure is hoping to avoid liquidation with the promoter of the company likely to infuse Rs 50,100 crore capital, according to two people aware of the development. A consortium of 15-20 lenders and insolvency professionals have tweaked the resolution plan that must be submitted to the National Company Law Tribunal (NCLT) for…
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Naveen Jindal-promoted Jindal Steel and Power Ltd (JSPL) is looking at a recovery after paying back more than Rs 10,000 crore in interest and Rs 6,000 crore in principal to its lenders since 2014. This is at a time when steel firms, barring three majors, are in a troubled phase. Since…
Some of the federal government’s biggest spending departments could require contractors to pay their supply chain businesses within 30 days, as part of a campaign by Small Business Ombudsman Kate Carnell. As the government considers the former ACT Liberal leader’s inquiry into payment times and contract practices in the Australian economy, Ms Carnell has written…