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,…
The going-out-business sales are in full swing at Toys R Us stores across the country. The iconic toy giant announced in March that it will shut or sell all of its 735 US stores after a 70-year run. Heres everything deal-seeking shoppers need to know: How long do I have to use my Toys R Us gift…
More than 500 workers in Sydney have had their jobs terminated after the collapse of Red Lea Chickens, which has been placed into voluntary administration after 60 years in business. Workers from the Blacktown processing plant and Sydney retail stores were told their jobs no longer existed in an email sent to them over…
Hundreds of employees at Red Lea Chickens are coming to grips with the possibility they will lose their jobs after the Australian chicken supplier was placed into voluntary administration. Red Lea Chickens was on March 29 placed into voluntary administration, with the company saying on its website its financial position means there’s “no alternative” but…
One of Australia’s biggest chicken suppliers has been placed into voluntary administration with hundreds of jobs likely to be lost. Red Lea Chickens was on March 29 placed into voluntary administration, with the company saying on its website its financial position means there’s “no alternative” but to wind-down operations. The message on Red Lea Chickens’…
JK Paper is set to takeover the management of the ailing Sirpur Paper Mills, located at Kaghaznagar, with the resolution plan and and the approval of a consortium of lenders headed by IDBI, in the final stages. JK Paper has come up with a 628-crore resolution plan. Responding to the proposed move by JK Paper,…
Renaissance Steel India on Monday said it will file an application before the Kolkata bench of the National Company Law Tribunal (NCLT), challenging the decision of the Committee of Creditors (CoC) that Vedanta and Tata Steel are eligible bidders for Electrosteel Steels. We will be filing an application challenging the CoCs decision to consider Vedanta…
Dalmia Bharat Cement was declared the higher bidder after it offered close to Rs6,400 crore in upfront cash payment to the lenders of distressed Binani Cement. Photo: HT Mumbai: Creditors are driving hard bargains with potential suitors of distressed assets in the ongoing corporate insolvency cases, preferring resolution plans that offer upfront cash payments over…