STAFF at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration. As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which…
Delhi bench of the National Company Law Tribunal has given its nod for corporate insolvency resolution process against Era Housing and Developers (India) Ltd. The insolvency process was initiated at the request of state run IFCI Ltd. which had stated that the firm has been a non-performing asset (NPA) on its books since 2013. The…
Luckyraj Indorkar Its been less than two years that the Insolvency and Bankruptcy Code, 2016 (IBC) came into force. National Company Law Tribunal (NCLT) which acts as adjudicating authority and Insolvency Resolution Professional (IRP) appointed under the code are bound by timelines to dispose of an application for corporate insolvency process. Initially, the parties and…
This Article traces implementation of IBC and progress achieved over the past one year and the challenges faced by each of the of the Pillars during their one year of journey. For the sake of convenience and better understanding, the article is divided into four parts. Part-I Captures Criticality of IBC as a piece of…
Financially slumping Toys R Us began sales at select locations this week as the company prepares to close about 150 stores 24 of them in California according to a press release by one of the firms operating the liquidation sales. Though the press release does not specify which locations are participating, liquidation will lead to…
Arts Illuminated, the publisher of classical music magazine Limelight, is searching for a buyer for its masthead as the company teeters towards liquidation. I couldnt weather the monthly highs and lows anymore, publisher Andrew Batt-Rawden told Mumbrella yesterday. I started the company in debt, and as a starving artist I had no assets to borrow against.…
Staff at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration. As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which…
ANI | Updated: Feb 07, 2018 21:54 IST
The norms for fast track insolvency proceedings have been tweaked wherein both fair value and liquidation value need to be assessed for the entity concerned. Under fast track mode, the resolution process is to be completed in 90 days. The Insolvency and Bankruptcy Board of India (IBBI) has amended the Fast Track Insolvency Resolution Process…
New Delhi, Feb 7 (IANS) The Insolvency and Bankruptcy Board of India has amended the regulations on the insolvency resolution process for corporate persons, an official release said here on Wednesday. As per the revised framework, two registered valuers shall be appointed to determine the fair value and the liquidation value of the corporate debtor.…