The Supreme Court on Tuesday upheld amendments in the Insolvency and Bankruptcy Code which prescribe that at least 100 allottees from the same real estate project should support the initiation of corporate insolvency resolution process in the National Company Law Tribunal (NCLT) against their property developer. The Insolvency and Bankruptcy Code (Amendment) Act of 2020…
eCommodities Plc has been placed into provisional liquidation following an investigation by the Insolvency Service. The Official Receiver has been appointed as the provisional liquidator after a hearing at the High Court in London on 10 December 2020. This followed an application by the Insolvency Service on behalf of the Secretary of State for Business,…
eCommodities Plc has been placed into provisional liquidation following an investigation by the Insolvency Service. The Official Receiver has been appointed as the provisional liquidator after a hearing at the High Court in London on 10 December 2020. This followed an application by the Insolvency Service on behalf of the Secretary of State for Business,…
Clarks could soon be owned by ex-Olympic gymnast Li Ningsinvestment arm Viva China, which aims to buy up 51 per cent of the British footwear retailer for a consideration worth US$69 million (51 million). Viva said it had earlier helped facilitate the acquisition of the business out of voluntary administration by funding a loan to…
Egypt’s Iron and Steel Company workers in the country’s Helwan city organised a protest on Sunday at the company’s headquarters, against a recent decision to liquidate the state-owned organisation. The protestors called on the government to intervene to stop the liquidation move, which they told Youm7 would displace some 8,000 employees. They also demanded the…
In a recent judgement which could have wide-reaching ramifications, the National Company Law Appellate Tribunal (NCLAT) upheld the order of the National Company Law Tribunal (NCLT) that set aside termination of a power purchase agreement (PPA) between the corporate debtor, Lanco and the Gujarat distribution licensee, GUVNL. It held that the Insolvency and Bankruptcy Code,…
Rockwell said on Friday it had entered an acquisition and amalgamation agreement with Bristow’s wholly-owned 1274787 BC Ltd. Under the deal, Rockwell shares – except those held by Bristow and any dissenting shareholders – would be exchanged for redeemable preferred shares in the amalgamated corporation, which would be immediately redeemed for C0.5c per share in…
In a statement issued on Saturday, the Egyptian parliament’s industrial committee said that the government’s decision to liquidate the 67-year-old Egyptian Iron and Steel Company should be a matter of careful study. “The liquidation process should be based on a logical review of the company’s performance in terms of losses and profits in the last…
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed. Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up. However, its…
HYDERABAD: Upholding the claims of a Vietnamese prawn feed supplier company that moved the National Company Law Tribunal (NCLT) against a Bhimavaram based shrimp farming firm, the Hyderabad bench of NCLT initiated the corporate insolvency process against the shrimp firm for failing to clear the dues it owed to the Vietnamese firm.The bench of K…