The Insolvency and Bankruptcy Code, 2016 (IBC), is a watershed in the history of Indias banking credit culture. Replacing a plethora of legislation it provides for a single-window, time-bound process designed to revive a company or failing which to liquidate it. Based on equity, asset maximization and promotion of entrepreneurship, the IBC aims to balance…
The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from IDBI Bank. Rahul SudOf counselSNG & Partners The IBC aims to remove the bottlenecks and expedite the CIRP, with a paradigm…
AdvertisementThe U.S. Bankruptcy Court entered an order converting Outer Harbor Terminals Chapter 11 reorganization to a liquidation under Chapter 7. Advertisement The U.S. Trustee assigned to the case requested the conversion order. At the time of its bankruptcy filing, the Company told the Court [T]he Debtor bankruptcy filing coincides with the……
A MAJOR corruption probe is under way into the former heads of the Chinese state-owned Guangdong Rising, the owner of recently liquidated Caledon Coal. Chinese media is reporting former chairman of the Chinese state-owned enterprise Li Jinming was handed to prosecutors for investigation after the company’s Australian investments, including Caledon Resources, lost more than $1billion.…
TORONTO — Sears Canada Inc. says executive chairman Brandon Stranzl has resigned from its board of directors following court approval last week for the retailer to begin its liquidation sales. The company says his services are no longer required. Sears Canada has been operating under court protection from creditors since June. Stranzl had led a…
Innoventive Industries Ltd, a Pune-based steel products maker that is undergoing bankruptcy proceedings, has approached the Mumbai bench of National Company Law Tribunal (NCLT) cha …. Leave Your Comment Buyout firm TPG Capital has again emerged as the front runner to acquire ICICI… The government will form a committee to guide foreign investors about the……
Ranjani Ayyar | TNN | Oct 16, 2017, 13:50 IST The National Company Law Appellate Tribunal has dismissed the appeal filed by Stayzilla co-founder Yogendra Vasupal. CHENNAI: The National Company Law Appellate Tribunal on Monday dismissed the appeal filed by Stayzilla co-founder Yogendra Vasupal, who had filed an appeal against the order of the NCLT…
Ash Whitefly looks forward to a bevy of Park Lands events in the coming year, but has reservations about the complaints, city councillors conflicts of interest and debt left in their wake. A mixed response The park lands events calendar is getting busy. The Park Lands Authority in winter reviewed its Events Management Plan about…
A file photo of a steel plant. The liquidation value of Innoventive Industries is expected to be in the range of Rs130-140 crore. Photo: Abhijit Bhatlekar/Mint Mumbai: Innoventive Industries Ltd, a Pune-based steel products maker that is undergoing bankruptcy proceedings, faces liquidation after a committee of creditors (CoC) rejected two resolution plans, including one from…
Embattled Indian sandalwood producer Quintis controls at least 51,277 megalitres of water the largest volume of licenced water in the Northern Territory significantly more than any other agricultural, industrial or government entity, ABC Rural can reveal. NTCH Quintis water facts Quintis controls: 26 per cent of the Top End’s total allocated water 49 per cent…