The Centre has proposed to come out with a fresh set of regulations to prevent sick companies from going bust even if attempts to revive them fail during a resolution process under the Insolvency & Bankruptcy Code of India. The new guidelines will provide a detailed framework to salvage a debt-trapped firm during liquidation by…
Former Bosasa chief operations officer Angelo Agrizzi looks through his files at the Commission of Inquiry into State Capture. Picture: Karen Sandison Johannesburg – The future is uncertain for Bosasa workers as the embattled company weighs its liquidation options after allegations of bribery and tender corruption surfaced at the Commission of Inquiry into State Capture.…
Arrium went into voluntary administration the year before with debts of $2 billion, having reported an annual loss of $1.9 billion. Through his Gupta Family Group (GFG) Alliance of family-owned businesses, Mr Gupta has gone on a multi-billion pound global spending spree over the past four years, snapping up distressed industrial assets. However, questions have…
Pursuant to the verbal order pronounced by the Honble Bench of Honble National Company Law Tribunal (Ahmedabad) on March 8, 2019, the resolution plan dated April 12, 2018 submitted by Reliance Industries Limited, JM Financial Asset Reconstruction Company and JM Financial Asset Reconstruction Company Limited (as trustee to JMF ARC – March 2018 – Trust)…
As intimated earlier, the 5th Meeting of the COC was held on Tuesday, the 5th day of March, 2019 at 304, 3rd Floor, Trendeset Towers, Road No.2, Banjara Hills, Hyderabad – 500 034.Among other items inter-alia discussed at the meeting, the following were put for electronic voting and were duly passed:1. Approved Evaluation Matrix and…
In a bid to keep out errant and wilful defaulters from buying back stressed assets, Section 29A was inserted into the Code (Insolvency and Bankruptcy Code) in November 2017. While this has led to a slew of litigations questioning the eligibility of competing bids (Essar Steel), the powers-that-be maintain that the clause is essential to…
On a day when the National Company Law Tribunal (NCLT) endorsed ArcelorMittals bid to take over Essar Steel, the tribunal also gave the green light to a 5,050-crore joint bid by Reliance Industries Ltd. (RIL) and JM Financial Asset Reconstruction Company to acquire debt-ridden textile manufacturer Alok Industries. In July 2017, the Ahmedabad bench of…
This is to inform you that Hindusthan National Glass & Industries Limited (the Company) has received an intimation through the legal counsel of the State Bank of India (SBI), that the SBI, in its capacity as a financial creditor to the Company, has initiated proceedings in NCLT, Kolkata bench on 5 March 2019, against the…
A Set small text size A Set the default text size A Set large text size A lack of parity exists between the Western Suburbs Magpies and Balmain Tigers in the joint venture.
A two-member bench also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder. PTI Last Updated:March 8, 2019 |14:03 IST The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional…