Bhushan Steel, which owes banks a whopping Rs 44,447 crore, had initially objected to the insolvency proceedings alleging SBI had inflated the dues by around Rs 100 crore. The committee of creditors to Bhushan Steel is reluctant to sanction fresh interim funding of around Rs 500 crore as part of the corporate insolvency process, senior…
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VOLUNTARY ADMINISTRATION: Peter O’Brien. Regional building company Peter OBrien Constructions has gone into voluntary administration after being owed $12 million by debtors including a government organisation. The Blayney-based firm owes $5.7 million to creditors including regional subcontractors. A statement released by Mr OBrien said he and his wife Melissa had been forced to sell their assets. The OBriens have put…
Share this: A recent and troubling editorial by The Economic Times shows how Jaypees defence against angry homebuyers looking for justice is often bought hook, line and sinker. While Jaypee would be happy to have JIL fall into insolvency, letting them off the hook when it comes to stranded home buyers, the Supreme Court put a stop…
The judgment of the Supreme Court in Mobilox Innovations Pvt.Ltd. v.Kirusa Software Pvt.Ltd. rendered by a bench of Justices R. F Nariman and Sanjay Kishan Kaul settles a significant issue under the Insolvency and Bankruptcy Code 2016. The issue was whether the existence of a dispute by itself without the record of initiation of any…
ROCKWELL Diamonds has gone into provisional liquidation after the Kimberley High Court granted an order to discontinue the services of the stricken firms business rescue practitioner Metis Strategic Advisors. According to a note sent to Rockwell employees by Peter van den Steen, a director of Metis Strategic Advisors, there was still a chance the company…
Not so long, all the creditors, as well as the debtors were welcoming the move of the legislature in introducing the now most complicated Insolvency and Bankruptcy Code, 2016 (Code) but now everybody has realized that the code which is well defined procedurally is actually having many issues which need to be settled. The most…
ROCKWELL Diamonds has gone into provisional liquidation after the Kimberley High Court granted an order to discontinue the services of the stricken firms business rescue practitioner Metis Strategic Advisors. According to a note sent to Rockwell employees by Peter van den Steen, a director of Metis Strategic Advisors, there was still a chance the company…
Scandal-plagued Acquire Learning goes into administration exit The shakeout of Australia’s privatised vocational education market has claimed one of its biggest players. Acquire Learning, a company which once boasted former AFL boss Andrew Demetriou as chair of its advisory council, went into voluntary administration on Friday on the verge of insolvency. Back in 2014 the…
BHUBANESWAR: Members of the banned CPI (Maoist) have allegedly damaged Essar Steel‘s 273-km iron ore slurry pipeline from Dantewada in Chhattisgarh to Visakhapatnam in Andhra Pradesh near Odisha-Andhra border. The pipeline is critical for Essar‘s Visakhapatnam steel plant, bringing 22,000 tonnes of iron ore daily from state miner NMDC’s Bailadila mines in Dantewada to the…