The National Company Law Appellate Tribunal on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittals 42,000-crore bid for the acquisition of bankrupt Essar Steel. Resolution plan tweaked The tribunal, however, modified the Resolution Plan submitted by ArcelorMittal to safeguard the rights of the operational creditors and other financial creditors of Essar Steel. It said the proceeds…
Bennetts Bookstores Ltd, which operates a chain of retail stores around the country, has been placed into voluntary administration after 130 years in business. The company operates Bennetts book shops on university campus throughout the country including in Auckland, Canterbury, Palmerston North, Waikato and Wellington, which specialise in tertiary textbooks. Bryan Williams of BWA Insolvency…
The government has moved to tighten the rules around director resignations in a bid to crack down on backdating and company abandonment. With the wheels of the legislature moving again this week, the returned Coalition government yesterday introduced half a dozen reforms into parliament aimed at tackling the black economy. Under reforms tabled in the…
The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 New Delhi: The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 which has resulted in the settlement of claims worth Rs 173,359 crore, according to the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman in…
Debenhams only Australian store is set to shut its doors and abandon the Australian market entirely in early 2020. The decision comes after Greenlit Brands subsidiary, PSEA Dept Store, confirmed its Debenhams Australia franchise terminated. Having a strong presence overseas, Debenhams failed to reach similar popularity in Australia, with the majority of electronics sold in…
Debenhams sole Australian store is set toclose after Greenlit Brands subsidiary, PSEA Dept Store confirmed itsDebenhams Australia franchise terminated. Bothfranchise and brand agreements to operate the Melbourne outlet will be terminated putting an end to the embattled UK retailers Australian venture. The announcementcomes roughly three months after shareholders voted for a Company Voluntary Arrangement (CVA).…
The Committee of Creditors (CoC) of BS Ltd has requested resolution plan applicant United Trade Co to improve its offer and modify its terms. Formerly known as BS TransComm Ltd, BS is an infrastructure and engineering, procurement and construction (EPC) firm operating in the segments of power transmission & distribution and telecom. In its ninth…
What happens when a Saudi company goes bust What happens when a company gets into difficulties and has no option but to cease trading? Often, the answer is that it goes into liquidation.This may be simply defined as the process by which a companys operations are brought to an end, and its property and assets…
Over the last decade, we have witnessed an enormous increase in the ordeal faced by homebuyers at the hands of developers. Till a couple of years ago, homebuyers had only one option, which was to approach the consumer courts to complain against the developers and request a refund of their investment and demand compensation. But…
The Australian Competition and Consumer Commissions (ACCC) case against embattled franchise JUMP! Swim Schools is mounting. In a pre-trial case management hearing in Federal Court, the watchdog called for greater sanctions and a JUMP! asset freezing extension. In June, the Federal Court issued freezing orders against the company and founder Ian Michael Campbell. The move…