IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL’s debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut TopicsVideocon Industries|NCLT Dev Chatterjee | Mumbai Last Updated at August 18, 2021 17:17 IST Delhi-based lender IFCI Ltd has moved the National Company…
Advertisement Mumbai: The National Company Law Tribunal (NCLT), Mumbai bench recently initiated corporate insolvency resolution process (CIRP) against Vijay Group Realty LLP for failing to pay a debt of around Rs one crore to a Thane-based financial creditor. The bench of H V Subba Rao, judicial member and Chandra Bhan Singh, technical member, allowed the…
Debated almost ad infinitum, Brexit has been a hot potato since the UK chose to leave the European Union (EU) in 2016. Its departure has far-reaching implications for many spheres of activity cross-border restructurings and insolvencies among them. The restructuring and insolvency market is going through a period of substantial change, says Emilie Delacave, an…
Clients of Karvy Private Wealth have challenged certain sections under the Insolvency and Bankruptcy Code (IBC) on the grounds that these do not provide restitution to financial creditors in cases where the corporate debtor has raised money through a fraudulent investment scheme. The Delhi High Court had issued notices to the Centre, Karvy Stock Broking…
Crdito y Caucin | According to Iberinforms monitoring of insolvency proceedings published in the BOE, in the first seven months of 2021 the Spanish economy recorded a 69% increase in corporate insolvencies, 3,838 proceedings compared to 2,270 in the first seven months of 2020. Data for the month of July (657 proceedings) show growth of…
Credit: Dreamstime A subsidiary of OSS Group is in voluntary liquidation after the Employment Relations Authority (ERA) awarded $76,700 to its former sales and marketing manager. HR Processing 2008, formerly called OSS Limited, was put into liquidation earlier this month after the ERA awarded the sum to Brett Arthur, who was employed by OSS Limited…
It is like scrapping the bottom of the barrel for the country’s largest bank, the State Bank of India (SBI), when it comes to liquidation of defaulting companies under the five-year-old Insolvency and Bankruptcy Code (IBC). The state-owned bank has managed to get a paltry 5 per cent of the outstanding loan amount. Sources suggest…
A national fresh food distribution company has gone bust, with its devastated boss blaming snap lockdowns for sending the business to the wall. In2food, which also trades as Yarra Valley Farms Australia, delivered the hammer blow to staff late on Friday afternoon, The Daily Telegraph reports. They were told that receivers FTI Consulting had been…
Latest News Bis has signed a new multi-year contract with GFG Alliances Whyalla integrated mining and steelworks which will see the company continue providing materials handling and export facilities services at the site. Bis will carry on with the movement and processing of bulk materials, iron and steel slag, scrap and semi-finished products at the…
President Ramnath Kovind has given his assent to the Insolvency and Bankruptcy Code (amendment) Bill 2021, which was passed by the Parliament in the recently concluded monsoon session. This enactment will now provide the statutory backing for the pre-packaged insolvency resolution process (Pre-Pack) regime for companies classified as micro, small and medium enterprises (MSMEs). The…