Queensland-based Soma Information Technology, which traded as Soma IT, has entered liquidation owing over $1 million to creditors. The company was registered with the Australian Securities and Investments Commission (ASIC) in May 2014, and offered IT business support. In July, a resolution to wind up the company was passed followed by the appointment of David…
Now we have Theresa Mays vision on how to stamp out irresponsible behaviour in big business and force bosses to think harder about their workers. Last week the government put out its policy paper on promoting the voice of employees in the boardroom and improving the governance of British companies, including private ones. Would-be tycoons…
New Delhi, Aug 31 () The NCLT has so far decided more than 655 cases under the Insolvency and Bankruptcy Code while all efforts are made to stick to the timelines, the tribunal’s President Justice M M Kumar said today. The Code, which provides for a market-determined and time-bound resolution of insolvency proceedings, became operational…
The Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will prevail over similar state laws during initiation of the corporate insolvency resolution process by lenders to recover debts from corporate entities. (Photo: Reuters) The Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will…
NEW DELHI: Homebuyers of Jaypee Wish Town are banking on the corporate insolvency resolution process for getting their homes delivered, while keeping the plan to move the Supreme Court on hold. Buyers say lawyers have advised them to wait and watch the situation, before taking any decision. We have decided to wait for the insolvency…
Tangedco owes 720 crore to Hyderabad-based groups companies Chennai, September 1: In a novel approach by a private sector company to collect dues from a public sector utility, the Ind Bharath Group has filed a corporate insolvency petition against the Tamil Nadu Generation and Distribution Corporation (Tangedco) to recover a debt of 720 crore. According…
NEW DELHI: The NCLT has so far decided more than 655 cases under the Insolvency and Bankruptcy Code while all efforts are made to stick to the timelines, the tribunal’s President Justice M M Kumar said today. The Code, which provides for a market-determined and time-bound resolution of insolvency proceedings, became operational in December 2016.…
MUMBAI: Indias dedicated bankruptcy court has admitted a loan-default case against a corporate guarantor, sending a stern message to companies that pledging guarantees on behalf of a borrower is not a mere formality. An Ahmedabad bench of National Company Law Tribunal (NCLT) has begun insolvency proceedings against starch maker Anil Ltd after one of its…
Liquidators are working to realise the assets of collapsed building company Queensland One Homes in the hope of recouping millions for creditors of the business, as insolvency experts say the east coast of Australia and the construction sector are areas to watch for company collapses. Queensland-based home builder Queensland One Homes Pty Ltd entered liquidation on…
It was quite uncertain as to whether the preference of an Appeal under Sec.37 of the Arbitration and Conciliation Act, 1996 against the dismissal of the objection under Sec.34 would amount to an existence of dispute which debars initiation of Corporate Insolvency Process under Sec.9(1) of the I & B Code, and equally unclear about…