A file photo of DBS Bank. Photo: Bloomberg New Delhi: Edible oil maker Ruchi Soya Industries Ltd on Friday said its creditors DBS Bank and Standard Chartered Bank have filed applications with the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. In two separate BSE filings, Ruchi Soya said that it…
Murdoch in Australia TV network bid after law changes Sydney (AFP) – News Corporation co-chair Lachlan Murdoch on Friday launched a bid for Australia’s third-largest television network after the government struck a deal to make controversial changes to media ownership laws. US broadcaster CBS last month secured an agreement to buy the Ten Network, which…
Latest News Empire Oil & Gas subsidiary Empire Oil Company has entered voluntary administration shortly after going into receivership. The Empire subsidiary entered receivership yesterday after lender Mineral Resources issued the company a default notice for a $15 million loan and a deed of appointment of receivers and managers. Deloitte was then appointed as receivers and managers of…
A 66-year-old West Australian man has been charged after he allegedly sold bank notes and coins belonging to investors and pocketed the proceeds. The man was the director of the Albany-based Rare Coin Company, which went into liquidation in 2013, and police say he lied to 20 investors about having not sold currency worth about…
As head of many consortia, top bank wants to ring-fence investment banking, advisory services Mumbai, September 13: As the leader of several lending consortia, State Bank of India, through its investment banking arm SBI Capital Markets, is looking at setting up a unit to house insolvency resolution professionals (IRPs), who will take charge of the…
Administrators of embattled online retailer SurfStitch Group will kick off a formal sale process in the next week after receiving “multiple” approaches from potential buyers. FTI Consulting director John Park said the administrators would go to market towards the end of this week or early next week seeking interest in a recapitalisation of the SurfStitch Group and offers for its…
SAVED: Former Arrium Administrator Mark Mentha had to battle against the odds to rescue Arrium from its debt. With the sale of Liberty OneSteel, formerly Arrium, now complete, former Administrator Mark Mentha looks back on the long journey to this point. Introduction Arriums Whyalla operation had been under significant pressure for a sustained period before…
The NCLT bench heard the arguments raised by both the parties and reserved the order. The Chennai bench of National Company Law Tribunal (NCLT) on Tuesday reserved order on the insolvency case filed against the now-defunct homestay start-up Stayzilla by city-based Jigsaw Solutions. The NCLT bench heard the arguments raised by both the parties and…
NEW YORK, Sept. 12, 2017 /PRNewswire/ — Kobre & Kim, the premier law firm for global disputes and investigations, welcomes Daniel Saval to its cross-border insolvency litigation practice in New York. Mr. Saval represents clients in multijurisdictional insolvency and corporate restructuring disputes, and has particular experience in contentious proceedings involving funds in liquidation triggered by fraud…
On June 13, the Reserve Bank of India (RBI) came up with an advisory asking banks to file insolvency and bankruptcy proceedings for 12 loan accounts, in which banks had an exposure of more than Rs. 5,000 crore each. This constituted about 25% of the systems bad loans whose total is estimated at Rs. 7…