Varun Marwah February 7 2019 The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review. Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes…
MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies. RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay…
A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale. Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of…
CIRP HAS BEEN INITIATED UNDER THE PROVISIONS OF THE IBC, 2016 BY AN ORDER of HONORABLE NCLT, MUMBAI.NCLT HAS APPOINTED MR. SUNIL KUMAR CHOUDHARY (IP REGISTRATION NO. IBBI/IPA-001/IP-P01243/2018-19/11895) AS INTERIM RESOLUTION PROFESSIONAL (IRP) OF THE COMPANY.PUBLIC ANNOUNCEMENT WITH RESPECT TO ABOVE, CLASS OF CREDITORS UNDER CLAUSE (b) of SUB SECTION OF SECTION 21 OF IBC…
This is to inform you that 11th Meeting of Committee of Creditors (CoC) was held on Monday, 04th February, 2019. In this meeting Resolution Professional informed to the members of the Committee of Creditors that pursuant to the publication of EOI dated 21.01.2019, Expression of Interest has been received from the Resolution Applicants. The members…
news, local-news, Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. An unknown number of employees have lost their jobs and the payout of entitlements will depend on votes by the chains creditors. The citys Wagga Marketplace store, which was temporarilyshuton Thursday…
City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process. In an exchange filing, the company said the Chenai bench of the tribunal, by its order dated February 1, 2019, has approved the resolution plan submitted by…
MUMBAI: A two judge bench of the Mumbai national company law tribunal (NCLT) has ordered the liquidation of the apparel maker Reid & Taylor (R&T) after none of the suitors to the company were able to garner the required funding guarantees to validate their interest in the company. In a ruling on Tuesday judges Bhaskar…
We refer to the ongoing CIRP of the company by which the Resolution Professional Mr. Radhakrishnan Dharmarajan, submitted the Resolution Plan approved by the COC (Meeting dated 04.01.2019) to the NCLT Chennai on 17.01.2019 for approval. We are pleased to announce that the Honorable NCLT Chennai Bench by its order dated 1st Feb 2019 (…
Tthe Nineteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 22 January 2019 at 02:00 PM at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India. The outcome of the meeting is summarised as herein below: 1.…