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. The citys Wagga Marketplace store, which was temporarilyshuton Thursday for a stocktake, was one of 28 stores marked for closure by the administrators on Monday. Administrator Simon Cathro from the Worrllls…
Dear Sir, This is in reference to the captioned subject. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 7th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on January 30, 2019 to…
The inter-se claims by parties over assets of the corporate debtor cannot be determined by the Adjudicating Authority under the Insolvency and Bankruptcy Code, held the National Company Law Appellate Tribunal. The NCLAT was dealing with appeals by two companies, who contended that the Resolution Professional had wrongly treated the articles handed over by them…
Eden Road Wines is being pulled from voluntary administration. Creditors (those owed money) agreed on Friday to accept an offer from shareholders that will allow the winery to remain open while the debt of $3,457,711 is paid. Up until the previous Friday, January 25, a sale of the winery was on the cards in order…
With the reference to the above captioned subject, we hereby inform you that 16th meeting of the Committee of Creditors (CoC) will be held on Wednesday, February 06, 2019 at 11:00 am, at the State Bank of India, Stressed Assets Management Branch-II, Raheja Chambers, 1st Floor, B Wing, Free Press Journal Marg, Nariman Point, Mumbai-…
The interests of banks, financial institutions and other lenders and recovery of loans advanced by them is at the heart of the insolvency framework introduced by the Insolvency and Bankruptcy Code, 2016 (code). Although the code has been brought into being to protect the interests of the lenders, no lender wants a transaction to enter…
Under the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process (CIRP) can be initiated by an operational creditor if there is no dispute in relation to the default on the part of the corporate debtor. Abhishek DuttaAureus Law Partners The application filed with the National Tribunal (NCLT) must be preceded, under section 8,…
The judgment came on an appeal by Ruchi Soyas suspended director Vijay Kumar Jain. (File/Reuters) The Supreme Court on Thursday held that the suspended board of directors of a company undergoing insolvency proceedings and its operational creditors must be given all the documents of a resolution plan (RP) as their say in the repayment of…
Weak consumer demand, pressure on household budgets and a range of economic uncertainties have all contributed to a ten per cent year-on-year rise in corporate insolvencies across the UK. New figures from the Insolvency Service have revealed that, excluding bulk insolvencies, 16,090 businesses entered insolvency in 2018, the highest recorded annual figure since 2014. And…
Pretoria High Court acting judge, Nante Diedericks handed down the judgement even though Daniel claimed that the business could be rescued. Diedericks gave interested parties until July 11 to show cause as to why the order should not be made final.During the period between the granting of a provisional and final order, notice of the…