It may be difficult for banks to dispose of personal properties given as a collateral for a loan when the company is referred to the National Company Law Tribunal (NCLT). The Chennai bench of NCLT ruled that if promoters or directors of a company have pledged their personal property and the committee of creditors (CoC)…
THE WIDESPREAD effects of the collapse of Ostwald Bros has become clearer as administrators establish roughly how much money the company owes to creditors. PricewaterhouseCoopers revealed the company owed at least $61million to creditors, including companies and businesses across the Maranoa region. Among the creditors owed money from Ostwalds are Maranoa Regional Council, Roma Rugby…
As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapalis Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project. Represented by advocate ML Lahoty, the petitioners sought enforcement of…
Banks are likely to reject bankruptcy-facing Essar Steel‘s demand for Rs 1,000 crore of working capital loans as the lenders are easing the other monetary restrictions they imposed on the company to safeguard their interests, said two people familiar with the developments. Banks have decided to do away with the so called Rs tagging’ of…
PRESS RELEASE REGULATED INFORMATIONChanges in significant shareholdings and notification of transactions in shares by persons discharging managerial responsibility (“PDMRs”) Cambridge (UK) 20 September 2017: Global Graphics PLC (Euronext:GLOG) discloses notification of changes in major shareholdings in the Company’s shares and a notification and public disclosure of transactions by persons discharging managerial responsibilities and…
New Delhi, Sep 20 () The Insolvency and Bankruptcy Code (IBC) should gradually evolve to its full potential and one of its main objective is to maximise the value of assets of corporate borrowers, IBBI chairman M S Sahoo said today. The Insolvency and Bankruptcy Board of India (IBBI) chief also said that the capability…
Bedding and homewares brand Moss River has collapsed into voluntary administration with 65 creditors owed more than $2 million, just over two years after the business first fell into the hands of administrators in July 2015. BDO partners Andrew Sallway and James White were appointed on September 6 as administrators to Fineline Home Products Pty…
Initially collapsing into voluntary administration back in 2015 when previously owned by Original Residential Homewares Pty Limited, Fineline Home Products Pty Ltd stepped in at the time and saved Moss River from insolvency. However, with current competitive conditions and declining sales figures causing issues industry wide, Moss River is again set to join a long list…
by Duncan Hughes A property selling intermediary which offered commission payments of up to 15 per cent has been placed in liquidation with debts of about $283,000, according to regulatory records. Taylor Dow Property Group, which was based in Port Melbourne, about five kilometres south-west of Melbourne’s central business district, folded with assets of about…
September 19, 2017: Pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that on Tuesday, September 26, 2017, Mr. Savan Godiawala (IP Registration No. IBBI.IPA-001/IP-P00239/2017-18/10468) (Resolution Professional), the duly appointed resolution professional for the Company appointed in accordance with the provisions of the Insolvency and Bankruptcy…