NEW DELHI: Essar Steel has moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI). The high court issued notice to the RBI and leader of the banking consortium SBI and posted the matter for Friday, sources said. When contacted, a company spokesperson said: “Essar…
Piyush Pandey MUMBAI, July 04, 2017 20:32 IST Updated: July 04, 2017 20:32 IST “; var device = “”; for ( var type in WFClientTypeDef) { if (window.matchMedia(WFClientTypeDef[type]).matches) { switch (type) { case “xlarge”: device = ‘desktop’; break; case “large”: device = ‘desktop’; break; case “medium”: device = ‘tab’; break; case “small”: device = ‘mobile’;…
By Rebecca Lawrence For Mailonline Published: 00:37 +10:00, 5 July 2017 | Updated: 00:45 +10:00, 5 July 2017 e-mail View comments She’s been keeping a low-profile since it emerged her husband had been declared bankrupt. But Lilly Becker, 41, made a bold fashion statement in a scarlet mini dress on Tuesday as she enjoyed some…
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.…