The new insolvency ordinance is expected to create substantial problems for SMEs and most may be liquidated if the revival plan does not work out. At the heart of the problem is Section 29A, a new section of the Insolvency and Bankruptcy Code, 2016, that makes certain persons ineligible to be a resolution applicant. Those…
The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. Photo: Mint Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. HDFC Bank looks to raise Rs24,000 crore via…
Brand ambassadors of Gitanjali Gems Ltd, Mahesh Bhupathi and Lara Dutta have filed an insolvency petition as operational creditors against the jewellery manufacturer and retailer, according to the website of National Company Law Tribunal (NCLT). The case in the Mumbai bench of the Tribunal by the celebrity couple to recover their contractual dues, is first…
New government rules for dealing with guarantors of corporate loans to bankrupt companies are likely to provide for selling off individuals assets to recover the unpaid dues, top government sources told HT. The government is likely to notify the rules that will provide for proceedings by the National Company Law Tribunal against individual guarantors. The…
NEW DELHI: The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. The Section 53 of the amended Companies Bill states, “a company may issue shares at a discount to its creditors when its debt is converted…
NEW DELHI: The government will fix a few urgent problem areas in the insolvency ordinance when it is brought to Parliament in the ongoing session but is likely to make substantive changes to the law in the upcoming budget after the panel looking into the Insolvency and Bankruptcy Code (IBC) makes its recommendations. The government…
A year after being declared bankrupt, Independent TD Mick Wallace is scheduled to walk away from debts of more than 30m, writes Elaine Loughlin. Wallace leaves behind debts of 30m as he exits bankruptcy Mr Wallace was adjudicated a bankrupt at the High Court on December 19, last year on foot of a 2m judgment…
Diamond and precious metals dealer Alejandro “Alex” Mendieta has been ordered by the Supreme Court of Victoria to pay more than $190,000 to the owner of five precious stones that appear to have vanished. The court order handed down on December 15 is the latest setback for Mr Mendieta, who was charged with receiving stolen…
Queenslands health department has allowed a disgraced British psychiatrist to slip through the cracks. Dr Richard Seamark has been practising at Sunshine Coast Hospital for 18 months despite being banned in the UK for jeopardising patient safety. Seamark was accused of failing to adequately safeguard patients wellbeing, presenting a significant risk to patients and the public. The…
A year after being declared bankrupt, Independent TD Mick Wallace is scheduled to walk away from debts of more than 30m. Mr Wallace was adjudicated a bankrupt at the High Court on December 19, last year on foot of a 2m judgment debt. He was therefore scheduled to leave bankruptcy yesterday. Mr Wallace had been…