The Congress on Friday attacked the government over the low debt recovery under the Insolvency and Bankruptcy Code and asked whether it was a mechanism to rescue stressed firms or another tool for organised loot”. The Opposition party also asked whether the Insolvency and Bankruptcy Code (IBC) was aimed at helping cronies for creating monopolies…
India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity –…
India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity –…
Shardul Amarchand Mangaldas advised the committee of creditors, including Axis Bank, State Bank of India and others, in the corporate insolvency resolution process of Educomp Infrastructure and School Management. JC Flowers Asset Reconstruction, Punjab National Bank, Karnataka Bank, Union Bank of India and Bank of India also also among the committee of creditors. Partner Jatin…
Future Lifestyle Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the corporate insolvency resolution process (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of Rs 2,117.03 crore and claims worth Rs 38.5 crore are “under verification”, said…
Future Lifestyle Insolvency: RP receives claims of Rs 2,155.53 crore from financial creditors Future Lifestyle Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the corporate insolvency resolution process (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of…
The JCT is due to release a new suite of contracts within the year ahead. Aside from the homeowners building contracts released in 2021, this will be the first new suite since 2016. The new contract suite is expected to address several issues that have arisen over the last seven years, including insolvency a particular…
EXCLUSIVE: High-profile construction company suddenly collapses – as Melissa Caddick link to the firm is revealed Midson Construction (Qld) goes into voluntary administration Jones Partners principal appointed voluntary liquidator Bruce Gleeson also liquidated Caddick’s companies By Kylie Stevens and Eliza Mcphee For Daily Mail Australia Published: 16:12 AEST, 2 June 2023 | Updated: 16:45 AEST,…
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (the Act) came into force on 18 February 2020. The purpose of the Act is to: combat illegal phoenix activity; and improve the accountability of resigning directors. Three years since the Act came into force, we revisit the changes to see what impact they have…
Source: Coco Tribe A premium coconut yoghurt brand stocked in hundreds of grocery stores across the country has collapsed into voluntary administration. Coco Tribe was founded in 2016 by entrepreneur Tedy Altree-Williams to provide dairy-free coconut-based yoghurt and ice-cream products. Its brightly coloured range of six plant-based yoghurt flavours and eight ice cream varieties are…