The corpus fund arranged by the Committee of Creditors under the National Company Law Tribunals (NCLT) directions towards the cost of corporate insolvency resolution process (CIRP) cannot be attached by any authority, including the Enforcement Directorate, as it is not an asset of the corporate debtor, according to a ruling by the Tribunals Mumbai bench.…
Gibraltar-headquartered LAMP Insurance Company Limited has asked the Supreme Court of Gibraltar to appoint an Official Receiver (OR) and place the firm into liquidation. The application will be heard at the end of the month. According to the Gibraltar Financial Services Commission (GFSC), the insolvent insurance company has been unable to secure additional financing. It…
Notice of 9th Meeting of Committee of Creditors ofSOUTHERN ONLINE BIO TECHNOLOGIES LIMITEDNotice along with Agenda for the 9th Meeting of the Committee ofCreditors of Southern Online Bio Technologies Limited (under CorporateInsolvency Resolution Process) under the provisions of The Insolvency andBankruptcy Code, 2016 read with Insolvency and Bankruptcy Board ofIndia (Insolvency Resolution Process for Corporate…
Zambia has ramped up the pressure on Konkola Copper Mines, the copper company controlled by Anil Agarwals Vedanta Resources. A day after President Edgar Lungu said he would strip KCM of its mining licence and bring in a new investor, Zambias High Court appointed a law firm called Lungu Simwanza & Company to act as…
Big-spending election loser Clive Palmer was absent from court as his lawyers were lambasted by a judge overseeing Queensland Nickels liquidation trial. Days after his federal election campaign failed to win his party a seat, Palmer on Tuesday sought to introduce evidence into the trial over his companys collapse that workers had started receiving their…
Australian LGBTIQ publication Star Observer has announced the company has entered voluntary administration and is up for sale. The publication announced on Thursday the board of directors of the company, Gay & Lesbian Community Publishing Limited, had appointed Trent McMillen from MaC Insolvency as administrator on Friday, May 10. Advertisements Cash flow is the lifeblood…
Essar Steel reports Rs 4,229 cr EBITDA during Corporate Insolvency Resolution period – Firstpost
Innumerable litigations, defiant promoters, failing sectors and over-burdened National Company Law Tribunals (NCLTs) have negatively impacted corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) over the past two years, according to investment information and credit rating agency ICRA. Still, the process has chugged on, albeit at a slower pace than envisioned. Till…
New Delhi [India], May 19 (ANI): Innumerable litigations, defiant promoters, failing sectors and over-burdened National Company Law Tribunals (NCLTs) have negatively impacted corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) over the past two years, according to investment information and credit rating agency ICRA. Still, the process has chugged on, albeit at…
New Delhi, May 19 Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 4,229 crore during its Corporate Insolvency Resolution period (over 600 days). In an affidavit filed before the National Company Law Appellate Tribunal (NCLAT) last week, its resolution professional has informed that the company earned Rs…