Beena Parmar Moneycontrol News The amended Insolvency and Bankruptcy Code may weed out the majority of promoters from bidding on assets undergoing court proceedings and could also deepen losses for banks. President Ram Nath Kovind gave his assent to an ordinance amending the Insolvency and Bankruptcy Code (IBC) on Thursday, barring errant promoters. While lawyers…
A RETURNED Palaszczuk government would fund a public examination in court of those in charge of two building companies that collapsed and left unsecured creditors exposed to the tune of $38 million. Housing Minister Mick de Brenni has made the commitment in a letter to Subcontractors’ Alliance head Les Williams who has pursued security of…
“; var writeOnDocument = true; var skipOnDeviceValue = “[medium, small]”; var noSkipOnDevice = skipOnDeviceValue.length > 0; if(noSkipOnDevice) { if (skipOnDeviceValue.indexOf(“large”) > -1 && (isDesktop || isLargeDesktop)) { writeOnDocument = false; } if (skipOnDeviceValue.indexOf(“medium”) > -1 && isTablet) { writeOnDocument = false; } if (skipOnDeviceValue.indexOf(“small”) > -1 && isMobile) { writeOnDocument = false; } } if(writeOnDocument)…
The National Company Law Tribunal (NCLT) has ordered the liquidation of Pune-based steel products maker Innoventive Industries, dismissing opposition to the closure by the promoter and employees. In a verbal order issued by the Mumbai NCLT Thursday, judicial member of the tribunal BSV Prakash Kumar said all other petitions except the one by the resolution…
“; var writeOnDocument = true; var skipOnDeviceValue = “[medium, small]”; var noSkipOnDevice = skipOnDeviceValue.length > 0; if(noSkipOnDevice) { if (skipOnDeviceValue.indexOf(“large”) > -1 && (isDesktop || isLargeDesktop)) { writeOnDocument = false; } if (skipOnDeviceValue.indexOf(“medium”) > -1 && isTablet) { writeOnDocument = false; } if (skipOnDeviceValue.indexOf(“small”) > -1 && isMobile) { writeOnDocument = false; } } if(writeOnDocument)…
MORE than 200 Ostwald Bros employees are facing the sack, with administrators of the embattled civil construction company to recommend the company be liquidated at a creditors’ meeting next week. The employees were kept on by administrators PricewaterhouseCoopers after they took control of the company in late August in an effort to improve the company’s…
Cardiff-based Ticketline (UK) placed into liquidation 23 November 2017 From the section South East Wales Image copyright Google Image caption The company provides tickets for live shows, sporting events and day trips Customers with outstanding tickets from Ticketline (UK) could miss out as the company is placed into liquidation. Insolvency firm CVR … Read the…
Image copyright Google Image caption The company provides tickets for live shows, sporting events and day trips Customers with outstanding tickets from Ticketline (UK) have been urged to contact their credit card provider as the company is placed into liquidation. Insolvency firm CVR Global said it had been called in after the company, based on…
The government sought to tighten the Insolvency and Bankruptcy Code (IBC) through an ordinance to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time wont be able to get their hands back on assets during the resolution process. The ordinance comes in the wake of concerns that…
At a meeting on Nov 15, the board considered its combined financial position, including all of its subsidiary companies in China. In an update to the Stock Exchange of Hong Kong, the board stated: The combined net liabilities of such subsidiaries in the Peoples Republic of China as at 31 March 2017 could have been…