By Varun Marwah & Zacarias Kanjirath Joseph Introduction In yet another landmark judgment for the bankruptcy regime in India, the Bombay High Court has ruled that an Application under the Insolvency and Bankruptcy Code, 2016 (IBC) may be made even in cases where a Winding-Up petition has been admitted by a Company Court. Such an…
, ET Bureau| Jan 09, 2018, 09.47 AM IST The employees had presented a resolution plan which provides higher payback to lenders (Rs .500 crore) as against Rs 350 crore liquidation value. Mumbai: The National Company Law Tribunal has sought Gujarat NRE Coke‘s employee details as it is expected to deliver on Tuesday its final…
ICONIC Australian footwear, clothing and accessories label Diana Ferrari will close all bricks-and-mortar stores within months. In a statement to shoppers, the company announced the brands 23 retail boutiques and 11 clearance outlets will all shut down in the coming months. The label will continue to maintain an online presence. All Diana Ferrari stores will…
ICONIC Australian footwear, clothing and accessories label Diana Ferrari will close all bricks-and-mortar stores within months. In a statement to shoppers, the company announced the brand’s 23 retail boutiques and 11 clearance outlets will all shut down in the coming months. The label will continue to maintain an online presence. “All Diana Ferrari stores will…
FIONA GOODALL/GETTY Models showcase Andrea Moore designs at New Zealand Fashion Week 2017. Iconic Kiwi fashion brand Andrea Moore has gone into liquidation after nearly 20 years in business. The label’s managing director, Brian Molloy, said “highly damaging” late deliveries, crippling creditor payment defaults and extensive roadworks outside both its Auckland and Christchurch stores constrained…
Huelin-Renouf, made up of separate Guernsey, Jersey and UK entities, collapsed in 2013 leaving 90 employees redundant and a large amount of cargo bound for Jersey businesses stranded in Southampton. Following the penultimate liquidation hearing in Guernseys Royal Court, a total of £674,330 will be returned to creditors. Final closure of the case is scheduled…
South Africa-based hospital chain Life Healthcare Group Holdings Ltd is looking to sell its 49.7% stake in Max Healthcare Ltd, Bloomberg reported citing persons aware of the development. Last month, VCCircle first reported that Life Healthcare was looking to sell its stake in Max Healthcare. VCCircle also reported that Life Healthcare had emerged as a…
The Reserve Bank of India on Monday approached the Supreme Court seeking permission to initiate insolvency proceedings against Jaiprakash Associates (JAL), the parent company of Jaypee Infratech (JIL). The move had more than 25,000 homebuyers of Jaypee Infratech in Noida and Greater Noida worried that if insolvency proceedings against JAL are allowed, who will deposit…
Women’s clothing retailer Andrea Moore – which has stores in Auckland, Wellington and Christchurch – has gone into liquidation. The Andrea Moore store in Wellington. Photo: Instagram / Andrea Moore McGrathNicol has been appointed as receiver. Andrea Moore has traded as a registered business since 2004. Managing director Brian Molloy said a perfect storm hit…
The government has announced relaxation in the provisions relating to levy of minimum alternate tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016. The existing provisions of section 115JB of the Income-tax Act, 1961, inter alia, provide that for…