NEW DELHI: The government today said it has no plans to waive corporate loan and banks are advised to resolve stressed accounts speedily or start insolvency proceedings case by case. “No proposal for waiver of corporate loan is under consideration of the government,” Minister of State for Finance Shiv Pratap Shukla said in a written…
HYDERABAD:Canara Bank on Friday filed a petition before National Company Law Tribunal (NCLT), Hyderabad, urging it to declare M/s Transstroy (India) Ltd as bankrupt and initiate corporate insolvency process against the construction company. This bank’s decision is likely to have several ramifications as Transstroy is the main contractor currently entrusted with the task of constructing…
The government on Thursday introduced a bill in the Lok Sabha to bar those with non-performing accounts from bidding to acquire insolvent companies or their assets. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 will replace an ordinance promulgated last month, which barred those with RBI recognised non-performing loan of at least a year from…
The beleaguered Honeydew Dairies has been placed under provisional liquidation by the Pietermaritzburg high court. The company and all other interested parties have until February 8 to give reasons why the dairy should not be finally wound up. In addition, the master of the high court has been directed to appoint a provisional liquidator to…
The beleaguered Honeydew Dairies has been placed under provisional liquidation by the Pietermaritzburg high court. The company and all other interested parties have until February 8 to give reasons why the dairy should not be finally wound up. In addition, the master of the high court has been directed to appoint a provisional liquidator to…
MUMBAI: Castex Technologies, a subsidiary of automotive component maker Amtek Auto with debt of over Rs 6,000 crore, has been admitted to bankruptcy court. State Bank of India (SBI), the lead bank, initiated bankruptcy proceedings in the Mumbai bench of the National Company Law Tribunal (NCLT). Castex Technologies, a provider of iron cast auto components,…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far. With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far. With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the…
A Rockingham security company has been forced to repay more than $200,000 to its employees after under-paying them for just over 12 months. Sureguard Security Pty Ltd landed in the Federal Court of Australia over the underpayments, and was fined last week for the offences which affected 22 employees. A security company has been forced…
By Tom Arnold DUBAI (Reuters) – A Saudi Arabian businessman whose family’s commercial empire is involved in a multi-billion dollar debt dispute has been released from detention in the kingdom’s Eastern Province, according to sources familiar with the matter.Abdulaziz al-Sanea’s release comes as the government steps up efforts to find a company to run a…