The National Company Law Tribunal has admitted an application by State Bank of India to initiate the corporate insolvency resolution process against iron-cast auto parts maker Castex Technologies Ltd. The Mumbai bench of the NCLT appointed Dinkar Tiruvannadpuram Venkatsubramanian as an interim resolution professional for the debt resolution process, according to a stock exchange filing.…
December 26, 2017: This is to inform you that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC 2016) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by the Honble…
The co-owner of high-profile art gallery and auction house Mossgreen says creditors will not be out of pocket after the shock news the company has gone into voluntary administration. Paul Sumner, who is also chief executive and co-founder, said the move was due to debts following the company’s rapid expansion and the withdrawal of its key investor. Mossgreen chief…
manner: Sahoo By Manoj Rammohan New Delhi, Dec 25 Steering the “smooth and fast- paced” journey of the insolvency law, the IBBI is now looking to put in place the regime for individual insolvency in a phased manner, according to its Chairperson M S Sahoo. Around 500 corporates have been admitted for resolution and about…
manner: Sahoo By Manoj Rammohan New Delhi, Dec 25 (PTI) Steering the “smooth and fast- paced” journey of the insolvency law, the IBBI is now looking to put in place the regime for individual insolvency in a phased manner, according to its Chairperson M S Sahoo. Around 500 corporates have been admitted for resolution and…
The Gujarat High Court has issued notice on a Petition challenging the constitutional validity of the Insolvency and Bankruptcy Code, 2016 and the recent ordinance barring Promoters from submitting a resolution plan. The notice returnable on 22 January, 2018 was issued by a Bench comprising Chief Justice R. Subhash Reddy and Justice Vipul M. Pancholi…
Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data. The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the…
MUMBAI: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data. The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing…
MUMBAI: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data. The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing…
Lanco Infratech, through its Australian subsidiary, acquired Griffin Coal Mining Company and Carpenter Mine Management for A$740 million in March 2011. Though the transfer of shares was to have legal title on the shares to the lenders, the beneficial interest continued to be with with the company, as part of “perfection” of security under the…