Latest government figures highlighting a quarterly fall in corporate insolvencies may only be a blip in an underlying upward trend, according to the Midlands branch of insolvency and restructuring trade body R3. The body is urging business owners not to be lulled into a false sense of security as England and Wales statistics published by…
DOUG FIELD/STUFF The Pleasant Point Hotel will not be put into liquidation after an Inland Revenue Department application was withdrawn. The only hotel in a small South Canterbury town has avoided being placed in liquidation, after Inland Revenue withdrew an application against the business in the Timaru High Court on Monday. Inland Revenue filed the application to have…
DOUG FIELD/STUFF The Pleasant Point Hotel will not be put into liquidation after an Inland Revenue Department application was withdrawn. The only hotel in a small South Canterbury town has avoided being placed in liquidation, after Inland Revenue withdrew an application against the business in the Timaru High Court on Monday. Inland Revenue filed the application to have…
The National Company Law Appellate Tribunal (NCLAT) on Wednesday, July 25, 2018 resolved the stay order against Chennai based, Shriram EPC in connection with a petition filed by ACRE (Asset Care & Reconstruction Enterprises) under Corporate insolvency Resolution process of the corporate debtor. The NCLAT accepted the stand that there was no default on…
In probably the first petition to be filed after an ordinance brought homebuyers on par with financial creditors, an investor has moved the National Company Law Tribunal, Delhi, seeking to initiate corporate insolvency resolution process in respect of a builder who not only failed to handover possession of residential unit despite missing the deadline five years…
MUMBAI: Mumbai-based power transmission and distribution company Jyoti Structures has been ordered to be liquidated by the National Company Law Tribunal (NCLT) after lenders could not agree with a resolution plan within the stipulated deadline. The company owed lenders a total of Rs 8,000 crore and was among the 12 companies which the Reserve Bank…
The West Perth Football Club has entered Voluntary Administration after discovering they are around $600,000 in debt. The WA Football Commission has handed the well-supported club a lifeline by giving them a $250,000 loan to pay players and staff and continue in the competition for the remainder of the 2018 season. West Perth President, Scott…
Dear Sir/Madam This is in continuation of our earlier intimation dated 16th April, 2018 regarding filing of resolution plan, which was duly approved by the Committee of Creditors, before the Adjudicating Authority, Honble National Company Law Tribunal (NCLT), Chandigarh for approval under the provisions of Insolvency and Bankruptcy Code, 2016. In this regard, kindly take…
Shilpi Cable Technologies Limited informed the stock exchanges that an application was filed by resolution professional for the exclusion of period 24.05.2017 to 13.07.2017 from the period of 180/270 days on the basis that during said period, IRP was not appointed as the matters remains pending before the IBBI. Likewise exclusion of time has been…
Sir,Please refer the decision in 4th COC meeting held on 28.06.2018 wherein it was decided that Resolution Professional should seek extension in time-line from Honble Adjudicating Authority for compliance of insolvency resolution process. RP had submitted application before the Honble Adjudicating Authority and the same had appeared for hearing on 13th July 2018. Honble Adjudicating…