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…
2016 Mumbai, Dec 24 (PTI) 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)…
Hyderabad, Dec 24 () Griffin Coal Mine in Australia is no longer a Lanco Group company as the ICICI-led lenders took over the pledged shares as a result of default of payment, a senior official of the debt-ridden Indian infra firm said. Lenders of Lanco Resources International Pte Limited (LRIPL), a Lanco Infratech subsidiary, which…
THE man behind the ill-fated Teralba Waters development, Colin Wallace, is facing further strife with two more of his companies placed in liquidation owing $2 million. Property purchasers and investors, many from Mr Wallace’s Christadelphian Church, put their faith and money into his projects and are now demanding answers about what went wrong. The former bankrupt…
Dr Evan Jones summarises the issues confronting the Hayne Royal Commission, which he has been investigating for over 30 years. [Read Part One: The Clayton’s Banking Royal Commission] OVER THE LAST 30 YEARS (since comprehensive financial deregulation), the scale of public exchange regarding complaints about banks, bank opposition to reform, and the combination of official formal concern…
The liquidation hearing of Markus Jooste-owned Mayfair Speculators was postponed to next year, after Judge Siraj Desai ruled that the matter needs a full hearing, as it has far-reaching implications. Court papers suggest that Mayfair Speculators owe three banks more than R1.2 billion. Absa claims R226 million, whilst Investec and Sanlam are owed R250 million…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
The Reserve Bank of India has advised banks to file for insolvency proceedings on their own rather than waiting for its instructions. The regulator has said that prompt action by lenders will help realise best value of these stressed assets. The RBI in its report on trends and progress in the banking industry has also…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
With effect from 15 December 2017 Metalyst Forgings announced 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…