KOLKATA: The National Company Law Tribunal has ordered liquidation in Nicco Corporation, a specialised cable maker and a defaulter of nearly Rs 300 crore of bank loans, and one of the first movers to bankruptcy court. The NCLTs Kolkata bench passed the order Tuesday as lenders led by State Bank of India rejected the debt…
WA rugby could be driven to extinction by the Australian Rugby Union as it chases costs for the legal actions launched to save the Western Force being axed from Super Rugby. The costs, understood to be around $1 million, could force RugbyWA into voluntary administration but ARU chief executive Bill Pulver has made it quite…
Nicco Corporation was the first company to be referred to NCLT after the BIFR was scrapped. Photo: Mint Kolkata: The Kolkata bench of National Company Law Tribunal (NCLT) has put cable manufacturer Nicco Corporation Ltd under liquidation process to meet the demands of the creditors. The company has been put under liquidation under Section 14…
By: ENS Economic Bureau | Kolkata | Published:October 18, 2017 2:20 am According to sources, Kunal Banerjee proposed to start liquidation process as the committee rejected resolution plans prepared by the Kolkata-based firm. The Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday ordered liquidation proceedings against Nicco Corporation after its lenders voted…
The Insolvency and Bankruptcy Code, 2016 (IBC), is a watershed in the history of Indias banking credit culture. Replacing a plethora of legislation it provides for a single-window, time-bound process designed to revive a company or failing which to liquidate it. Based on equity, asset maximization and promotion of entrepreneurship, the IBC aims to balance…
The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from IDBI Bank. Rahul SudOf counselSNG & Partners The IBC aims to remove the bottlenecks and expedite the CIRP, with a paradigm…
AdvertisementThe U.S. Bankruptcy Court entered an order converting Outer Harbor Terminals Chapter 11 reorganization to a liquidation under Chapter 7. Advertisement The U.S. Trustee assigned to the case requested the conversion order. At the time of its bankruptcy filing, the Company told the Court [T]he Debtor bankruptcy filing coincides with the……
A MAJOR corruption probe is under way into the former heads of the Chinese state-owned Guangdong Rising, the owner of recently liquidated Caledon Coal. Chinese media is reporting former chairman of the Chinese state-owned enterprise Li Jinming was handed to prosecutors for investigation after the company’s Australian investments, including Caledon Resources, lost more than $1billion.…
TORONTO — Sears Canada Inc. says executive chairman Brandon Stranzl has resigned from its board of directors following court approval last week for the retailer to begin its liquidation sales. The company says his services are no longer required. Sears Canada has been operating under court protection from creditors since June. Stranzl had led a…