One of the objects of the Insolvency and Bankruptcy Code, 2016 is stated to be balancing the interests of all stakeholders. This object and purpose have recently been the subject matter of judicial interpretation as well as arguments in some of the significant resolution cases undertaken under the provisions of the code. One of the…
NEW DELHI: Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said. The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said. As many…
New Zealand-based CBL Corporation has been placed into liquidation by the High Court, as directors of the failed insurer withdrew their opposition to liquidate the group. CBL Corporation directors Alistair Hutchison and Peter Harris said they decided not to oppose the liquidation application after failing to obtain the agreement of the companys bankers to the…
Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the sixth meeting of CoC of Kwality Limited is schedule on 13th May, 2019 at 03:00 PM at The Claridges, Viceroy Hall, 12 Dr. A P J Abdul Kalam Road, New Delhi – 110011 as per the…
By Express News Service Corporate insolvency and resolution is a work in progress. To smooth out its kinks, the Insolvency and Bankruptcy Board of India (IBBI) had, last week, proposed additional changes, allowing companies to withdraw an application from undergoing the insolvency process. Such an option doesnt exist now, and as a result though, several…
STUFF Lights blazed late into the night as CBL Insurance staff attempted to save the company in 2018. The failures of CBL Insurance has led to a review at the Reserve Bank. CBL Corporation, which was once valued at $750 million, has been placedintoliquidation by the HighCourt in Auckland. CBL Corporation was a feature of…
NEW DELHI: India has begun work on a universal debt relief scheme for small borrowers aimed at micro enterprises, small farmers and artisans, which should be ready for implementation when the next government is in place. Individuals below a specified income and asset threshold will be eligible for debt relief. People with annual income of…
Eight out of ten companies entering insolvency in the first three months of 2019 were incorporated more than five years ago, new figures show. The data, which has been compiled by Deloitte, indicates that 195 companies entered insolvency during the first quarter, a marginal increase on the 188 insolvencies recorded for the same period a…
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs. Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based…
The Insolvency and Bankruptcy Board of India (IBBI) proposes to make the legal regime around withdrawal of resolution applications under the Insolvency and Bankruptcy Code (IBC) more practical. This, in turn, will give the original promoters a wider opportunity to seek resolution outside the IBC process and thereby gain back control of their companies. Plans…