With the UK-based Liberty House Group failing to implement its resolution plan, the Cuttack Bench of the National Company Law Tribunal (NCLT) on Monday passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel. The Bench, comprising Justice M B Gosavi, Member (Judicial), cancelled the resolution plan of Liberty House and ordered…
A TASMANIAN businessman and a national winemaker have saved one of the states premier wine and cider producers, which had entered voluntary administration. Winemaking Tasmania will be renamed Tasmanian Vintners after being jointly taken over by Western Australias largest winemaker, the Fogarty Wine Group, and a family company run by former Webster Limited managing director…
This week in fashion, Debenhams closes its only Australian store and Stockholm Fashion Week has been cancelled to shine a light on sustainability. Find these stories and more as we uncover the top international fashion news of the week. Debenhams Closes Store in Australia Debenhams has entered voluntary administration and is closing its only store…
Hes Australias makeup king but Napoleon Perdis has stood down from his own cosmetics empire. Beauty lovers were shocked earlier this year when it was revealed that Napoleon Perdis Cosmetics had appointed administrators after racking up debts of $22.8 million. A stocktake sale was immediately announced, followed by the closure of dozens of stores across…
One man presides over most, if not all, of the corporate insolvency resolution cases in the country ever since the Insolvency and Bankruptcy Code came into force in 2016. Justice Sudhansu Jyoti Mukhopadhaya, a 69-year-old retired Supreme Court judge, has headed the National Company Law Appellate Tribunal since its inception in June 2016 and all…
Our wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL) had submitted a resolution plan for Asian Colour Coated Ispat Limited (ACCIL), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code). The Committee of Creditors of ACCIL has issued a Letter of Intent (LOI) dated 6th July, 2019 to JSWSCPL…
Sub.:- Update on National Company Law Appellate Tribunal (NCLAT), New Delhi Order We would like to inform you that appeal filed by Saravana Global Holdings Limited against the Order dated 1st February, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai in MA/71/2019 in CP/682/IB/CB/2017 with National Company Law Appellate Tribunal…
“If I made a mistake, it was probably not putting a residential requirement in the legislation,” he said. “It seemed to me wrong somehow that if someone had been visiting the territory and took ill in some way and was in a bed with the same conditions as a Territorian, one entitled to voluntary euthanasia…
The National Company Law Appellate Tribunal on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittals 42,000-crore bid for the acquisition of bankrupt Essar Steel. Resolution plan tweaked The tribunal, however, modified the Resolution Plan submitted by ArcelorMittal to safeguard the rights of the operational creditors and other financial creditors of Essar Steel. It said the proceeds…
Bennetts Bookstores Ltd, which operates a chain of retail stores around the country, has been placed into voluntary administration after 130 years in business. The company operates Bennetts book shops on university campus throughout the country including in Auckland, Canterbury, Palmerston North, Waikato and Wellington, which specialise in tertiary textbooks. Bryan Williams of BWA Insolvency…