In what is being considered as a first in India’s insolvency resolution history, a state-owned entity has moved the National Company Law Tribunal (NCLT) to recover its arrears from another government-run firm. Andhra Pradesh Power Generation Corporation (AP Genco) has dragged a Telangana power distribution company to the tribunal, seeking to recover more than 3,700…
The company behind the Wanderlust festivals in Australia and New Zealand has been placed into liquidation. And there is definitely no calming for the burgeoning group of creditors who claim they are owed tens of thousands of dollars. scenestr has been contacted by local suppliers and small busnesses claiming they are owed from $300 to…
ET Bureau| Jan 18, 2018, 12.54 PM IST If relationship with any of the above comes to notice or arises subsequently, it has to be notified within three days of such notice, said IBBI. MUMBAI: Insolvency professionals will now have to disclose their relationship with all associated parties including the corporate borrower and lenders within…
Payments to Carillion executives have ceased (PA) Carillions collapse raises questions over weak corporate governance Independent.ie The Insolvency Service has ceased payments to Carillion executives, but questions are still raised over the strength of corporate governance at the collapsed construction and facilities management firm.How much were former executives actually earning in the lead up to…
The court applied the principles outlined in the 1990 case of Guinness v Saunders rather than the more recent decision in Global v Hale in finding that the directors had acted in breach of their fiduciary duty to act in the best interest of the creditors. They misapplied the company’s assets for their own benefit…
India is on the cusp of a major shift in its recovery, insolvency, and bankruptcy jurisprudence post introduction of Insolvency and Bankruptcy Code 2016 (hereafter, the Code). Several well established concepts are being challenged and at the same time, new concepts are being evolved. For instance, it is a well-known principle of law that every…
The Publican Group business was quietly placed into voluntary administration at the end of last year, after selling off all of its assets to Australian Venue Co. The Australian Securities and Investments Commission published that Richard Albarran, Cameron Shaw and Carl Huxtable of Chadwick Hall were appointed as administrators of the Publican Group in mid-December.…
To further ease the insolvency and bankruptcy process and streamline the acquisition of stressed assets, Union Finance Minister Arun Jaitley may do away with no-objection certificates required for asset transfers. This comes under Section 281 of the Income-Tax Act, and it will be waived for transactions between companies under insolvency…
MUMBAI: Essar Steel promoters Shashi and Ravi Ruia are working toward setting up a consortium to bid for the company that’s in the midst of bankruptcy proceedings at the National Company Law Tribunal (NCLT), said several people aware of the matter. However, the move is expected to come under scrutiny as a recent amendment to…
A British company that is part of a P3 agreement with the Saskatchewan government to build and maintain a new hospital in North Battleford has gone into liquidation. In a statement released Monday, Carillion PLC, which employs more than 6,000 people in Canada, said it had no choice but to liquidate. It has been struggling…