Vedantas bid to acquire the bankrupt Electrosteel Steels received the final nod from the Kolkata Bench of the National Company Law Tribunal (NCLT) on Tuesday. The Division Bench comprising Justice Jinan KR and Justice Madan Balachandra Gosavi, in its order on Tuesday, said that the approved resolution plan (RP) shall come into force with immediate…
WILMINGTON, Del./NEW YORK (Reuters) – Bon-Ton Stores Inc, a bankrupt chain of 200 regional department stores, will go out of business after the only bidders competing at the Monday start of its court-supervised auction were liquidators, two sources familiar with the matter told Reuters. Bon-Ton had been working with U.S. mall owners Namdar Realty Group…
Franchisees of Aussie Farmers Direct say they have zero faith in seeing any money owed to them by the business, as the administrators of the grocery delivery chain say winding up the company is the most viable option. The grocery delivery operator fell into voluntary administration in March and franchisees were left shell-shocked by an…
A Bon-Ton storefront. Courtesy Photo At press time, the bankruptcy court-approved auction for The Bon-Ton Stores Inc. on Monday was headed toward a liquidation. The company on Friday selected a bid by Hilco Merchant Resources and Gordon Brothers Retail Partners as the baseline for the court auction. The dollar amount of the bid was not…
Creditors of The Bon-Ton Stores are looking to buy and liquidate the regional department store chain, which employs 20,000 workers. A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction Monday and keep the business alive, but faced a setback in court last week.…
The Insolvency and Bankruptcy Code (IBC) introduced by the Narendra Modi government in December 2016 to fix the banking sectors bad loans problem has over the last 16 months been a mixed bag, with borrowers and disgruntled bidders increasingly exploiting vagueness in some key provisions of the code to stall bankruptcy proceedings.…
A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction today and keep the business alive, but faced a setback in court last week. U.S. Bankruptcy Judge Mary Walrath in Delaware decided the investment group alternative asset manager DW Partners, commercial real estate investment…
Mobility solutions developer and consulting firm, Airdata, has gone into administration after more than a decade in operation. The Sydney-based company, which makes a range of software solutions for mobility and Internet of Things (IoT) applications, claims Motorola, Microsoft, Apple and Datalogic among its vendor partners. The company entered into voluntary administration on 9 April,…
The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional of Electrosteel Steels Ltd., Dhaivat Anjaria, for neglecting the claims of an operational creditor of the company. IBBI has directed Anjaria to deposit one tenth of his total fee as resolution professional in the corporate insolvency resolution process of Electrosteel Steels within…
April 16 (Reuters) – Alok Industries Ltd: * SAYS APPLICATION HAS BEEN PREFERRED BY RESOLUTION PROFESSIONAL FOR LIQUIDATION OF COMPANY * ALOK INDUSTRIES SAYS APPLICATION FILED WITH NATIONAL COMPANY LAW TRIBUNAL AT AHMEDABAD ON APRIL 16 Source text for Eikon: bit.ly/2H4u1NG Further company coverage: (Mumbai newsroom) Read the full article at: https://www.reuters.com/article/brief-indias-alok-industries-says-applic/brief-indias-alok-industries-says-application-filed-with-nclt-for-liquidation-of-co-idUSL3N1RT4WU