Key Highlights: Jyoti Structures owes over Rs 7,000 crore to bankers Jyoti Structures defaulted over Rs 1,200 crore to SBI Jyoti Structures first company to go for bankruptcy process Jyoti Structures on Monday said that the NCLT has admitted a corporate insolvency resolution process (CIRP) filed by its lead lender State Bank of India (SBI). …
John Fast, one of the founding partners of Clayton’s lobbying outfit Dragoman Global, has delivered a scathing parting shot to his erstwhile colleague Tom Harley, explaining he decided to put the company into liquidation following a “a total breakdown of the relationship” between the two. In an email to clients sent on Monday afternoon, Fast made…
It is just not banks which are wielding the provisions of the Bankruptcy Code to recover dues.Even employees have started approaching the National Company Law Tribunal (NCLT) as was seen in a recent bankruptcy application filed by employees of Aruna Hotels in Chennai against their former employer. Although over 125 cases have been referred before…
POOLSIDE Runway Show at Matisse Beach Club on Saturday January 21st, 2017. Fashion Parade Picture: John Koh. With a clutch of appointments into the sector in recent months, insolvency firm McGrathNicol is cautioning about growing stress in WAs hospitality industry. The combination of WAs softer post-resources boom economy, cautious consumers and stay-at-home drinkers tapping the…
The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of India’s (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process. “The petition filed by the Financial Creditor (in the case SBI) under section 7 of the Insolvency…
Kolkata, July 21 (IANS) The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of Indias (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process. The petition filed by the Financial Creditor (in the case SBI) under section…
The business failure rate in Scotland rate fell significantly in the three months to June, new figures for KPMG show. The professional services firm said total corporate insolvency appointments fell 27 per cent to 196 in the second quarter to 30 June, down from 270 recorded in Q2 of 2016. Separate research from R3, the…
RECENTLY collapsed Northern Rivers trucking company Flynn Transport owes more than $800,000 to the Australian Tax Office for unpaid employee superannuation, according to documents from a creditor’s meeting held this week. The debt is held by NSW Employment Company Pty Ltd, one of the three companies which went into liquidation when Flynn officially closed on…
Liquidation sales kick off Friday at the 59 locations that embattled retailer Sears Canada plans to close as part of its corporate restructuring. (See a complete list of closing locations at the bottom of this page.) Customers can expect savings of up to 50 per cent off, the company told Global News. Sears Canada filed…
Many fans aren’t being offered refunds. Two of Olly Murs upcoming summer concerts have been cancelled because the company that organised them has gone into liquidation. The pop singers gigs in Powderham Castle, Exeter on July 29 and Kings Park, Bournemouth on August 5 have both been scrapped. At the moment, many fans who bought tickets…