Commerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year. Last night the Insolvency Practitioners Bill, which was first introduced in 2010, was sent back to select committee to consider a supplementary order paper introducing…
Rules for individual bankruptcy might take still longer to come. A key official involved in framing it, says: While insolvency provisions for companies would not create a direct social impact, individual bankruptcy provisions will directly have social fallouts. The Insolvency and Bankruptcy Code (IBC) is in force since…
Jai Balaji case: Calcutta HC recalls winding-up order Providing relief to State Bank of India in the case of defaulting Jai Balaji Industries (JBIL), the Calcutta High Court has recalled its winding-up order against the debt-laden steel producer. In its application filed before the high court, SBI had prayed for recalling the order directing the…
Photo: YouTube screengrab Yesterday, co-founder of obike Edward Chen announced to reporters that matters in Singapore are being dealt with by the local team and also the legal team and the liquidation agent. This comes after bike-sharing company oBike ceased operations in Singapore on Monday. Simultaneously, many users of the app have gone into…
Accountants, lawyers, a former liquidator and a migration consultant have been caught up in an investigation into a massive alleged tax-evasion scheme that raises further questions about Australia’s corporate regulatory system. Forty-five people were yesterday issued with a summons ordering them to appear in the Federal Court for what is expected to be one…
New Delhi: Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 percent in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets…
In a development that could prop up the value of embattled real estate firm Jaypee Infratech, the Allahabad bench of the National Company Law Tribunal has ordered that 759 acres of land given to its holding company Jaiprakash Associates be returned to it as the transfer was fraudulent, preferential and undervalued. This will be a…
May 18, 2018 Print this page Now that the Insolvency Service and business and work and pensions committee are united in their denunciation of the Carillion board ( Carillion board and auditors savaged in scathing report , May 16) and the roles and ethics of its auditors, it is time to grasp a golden opportunity.…
The legislature might come up with a new structure by adding more DRT benches and revisiting provisions relating to individual insolvency. Although liquidation and bankruptcy seem to be similar words, bankruptcy of a company is not the same thing as winding up. Indian laws do not define bankruptcy. The Companies Act, 1956, contained provisions for…
A former FC 11 employee claims the sports academy targeted students who “werent smart enough for university and not good enough to play professional sport”. “It was a sham. The entire business was leveraged on government grants, and when the government turned off the tap, the bottom fell out.” FC 11 purchased a licence to…