60 jobs go as Hexham firm hits the wall HEXHAM company Total Fabrication Services has gone into liquidation, leaving more than 60 employees owed more than $1.5 million in entitlements. Although the employees should receive some entitlements through the federal governments Fair Entitlements Guarantee scheme, the Australian Manufacturing Workers Union says the company was three months behind with…
Home buyers should be treated as financial creditors for the Insolvency process, the MCA-appointed Insolvency Law Committee (ILC) has suggested. They should be treated as financial creditors owing to the unique nature of financing in real estate projects and the treatment of home buyers by Supreme Court in ongoing cases, said the ILC report made…
Throwing another lifeline to banks, the Reserve Bank of India has reduced the provisioning requirement for large accounts referred to the National Company Law Tribunal (NCLT) up to March 31, 2018. This comes on fears that banks may be worse off due to bad loans provisioning when they declare their financial results for FY2018, Provisioning…
Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel. Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal,…
Ailing Fletcher Building is adamant its banking syndicate and US-based private noteholders owed a combined NZ$2.4 billion ($2.27 billion) aren’t being given any special insights into the future plans of the company, ahead of normal shareholders. Some of the US-based private noteholders are battle-scarred in the construction sector and demanded extra due diligence before signing…
New Delhi/Mumbai: In a battle for taking over insolvent Essar Steel, Sajjan Jindal-led JSW with Nu Metal submitted its bid for the beleaguered steel firm while L.N. Mittals ArcelorMittal, which teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) for the acquisition, said its India subsidiary submitted an offer in the re-bidding process on…
Twenty-two franchisees face an uncertain future as administrators work to determine the fate of poultry producer and retailer Red Lea Chickens, which collapsed into voluntary administration last Thursday. The Western Sydney business has been trading for over sixty years, according to its website, and has a processing plant employing 500 staff members, as well as…
Coimbatore: In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has said that time barred debt or stale debt those for which no action has been taken for three years from due datecannot be a reason for not allowing initiation of corporate insolvency resolution process under IBC (Insolvency and Bankruptcy Code). A debt…
Sajjan Jindals JSW didnt swap places with Rewant Ruia-connected offshore trust Aurora in the Numetal consortium bidding for Essar Steel, according to several people with knowledge of the matter. Instead, JSW has come on board Nu Metal & Steel Pvt. Ltd, a drop-down subsidiary of Numetal Mauritius, as an investor with a 25 per cent…
HUNDREDS of employees at a 60-year-old takeaway chicken brand were informed they no longer had jobs in an email over the Easter long weekend. Red Lea Chickens, founded in western Sydneys Blacktown in 1957 by Croatian immigrant John Velcich, was placed into voluntary administration on March 29. Due to the financial position of the companies,…