The bid submitted by Reliance Industries Ltd in conjunction with JM Financial Asset Reconstruction Company Limited (JMFARC) has been rejected by committee of creditors (CoC) of Alok Industries. Earlier both the companies had submitted a resolution plan for Alok Industries Limited. The Insolvency and Bankruptcy Code(IBC) requires CoC approval for a resolution plan. JMFARC is…
According to the Click.ie website, the Navan-based company has eight stores at locations including Ashbourne, Cavan, Navan and franchise stores in NUI Galway and Trinity College Dublin. It also did significant e-commerce business over its website. Some 20 people are set to lose their jobs on foot of the liquidation. The company has previously come…
A joint resolution plan submitted by JM Financial Asset Reconstruction Company Ltd. and Reliance Industries Ltd. has not met with approval of the committee of creditors of Alok Industries Ltd., RIL said in a late-evening stock exchange notification today. The 270-day deadline for the corporate insolvency resolution programme under the insolvency and bankruptcy code ended…
The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on the resolution professional (RP) of insolvent Electrosteel Steels. The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on the resolution professional (RP) of insolvent Electrosteel Steels for failure to consider the claim of an operational creditor, and…
Written by Mithun Dasgupta | Kolkata | Published: April 15, 2018 3:49:11 am National Sales claims fell in the category of 31 operational creditors for which claims are under dispute in the pre-corporate insolvency resolution process The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on the resolution professional (RP) of…
The Insolvency Petition filed against SEL Manufacturing, the first company under the Reserve Bank of Indias (RBI) second list to have been referred to the National Company Law Tribunal (NCLT), has now been admitted. SBI referred the case to Chandigarh Bench of the NCLT on October 12, 2017 under Section 7 of the Insolvency and Bankruptcy…
GABORONE, April 11 (Reuters) – Botswanas High Court has taken Tati Nickel Mine out of provisional liquidation, dismissing a request for more time to negotiate with potential buyers, the liquidator said on Wednesday. Tati a subsidiary of the liquidated BCL mine group has since October 2016 been under provisional liquidation, which was twice extended after…
Piper Alderman welcomed a senior lawyer to the partnership today. Sarah Johnson, who is based in Sydney, has joined the national firms commercial law team. She moves from Kemp Strang, where she has been executive counsel since 2012. She made the move to Australia and Kemp Strang in 2006 when she joined the firm as…
Hopes of bankers of lesser haircuts along with resolutions of almost half of the 12 stressed assets under the insolvency proceedings, are close to realization in the next two months. Nearly ten months after the Reserve Bank of India identified 12 non-performing assets (NPAs), estimated to account for 25 percent of the gross NPAs of…
In a setback for Ultratech, the Supreme Court on Friday refused to allow out-of-court settlement for Binani Cement bankruptcy case. UltraTech Cement had informed the stock exchanges that it had obtained the Competition Commission of India’s (CCI) approval for its bid for the under-debt company and the company claimed the…