In a bid to keep out errant and wilful defaulters from buying back stressed assets, Section 29A was inserted into the Code (Insolvency and Bankruptcy Code) in November 2017. While this has led to a slew of litigations questioning the eligibility of competing bids (Essar Steel), the powers-that-be maintain that the clause is essential to…
On a day when the National Company Law Tribunal (NCLT) endorsed ArcelorMittals bid to take over Essar Steel, the tribunal also gave the green light to a 5,050-crore joint bid by Reliance Industries Ltd. (RIL) and JM Financial Asset Reconstruction Company to acquire debt-ridden textile manufacturer Alok Industries. In July 2017, the Ahmedabad bench of…
This is to inform you that Hindusthan National Glass & Industries Limited (the Company) has received an intimation through the legal counsel of the State Bank of India (SBI), that the SBI, in its capacity as a financial creditor to the Company, has initiated proceedings in NCLT, Kolkata bench on 5 March 2019, against the…
A Set small text size A Set the default text size A Set large text size A lack of parity exists between the Western Suburbs Magpies and Balmain Tigers in the joint venture.
A two-member bench also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder. PTI Last Updated:March 8, 2019 |14:03 IST The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional…
Bug killing germ warriorZoono (ASX:ZNO) is set to drop a court case against a hand sanitiser business after the business was placed into liquidation. Zoono, whichmakes anti-microbial sprays designed tokill germs and treat acne, launched a joint venture called Stayzon Retail Ventures in May 2017. Under the agreement, Zoono would sell the Stayzon product range,…
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional of the debt-ridden company. A two-member bench, headed by Justice SJ Mukhopadhaya, also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected…
Womens apparel chain Charlotte Russe will close all of its remaining stores as it becomes the latest victim of the retail apocalypse. The company says the shutdown of 416 locations will occur during the next two months. Going out of business sales will begin immediately in stores across 44 states and Puerto Rico. Charlotte Russe…
Thu, 07 Mar 2019 | ADMINISTRATION Leaving a 16-year legacy of delivering door-to-door fundraising for a number of charities behind, HOME Fundraising announced that it was entering voluntary administration. The agency was forced to call in accountancy firm HW Fisher & Company to handle the administration process, with the administrators actively looking for buyers to…
MUMBAI: Liquidation cases are likely to rise as resolution plans fail to give a reasonable valuation, said bankers at the Mint India Investment Summit. They also said liquidation numbers are high due to legacy issues. If we really look into the number of liquidation orders, the ratio is 1:4. Partly, we need to understand these…