Throwing another lifeline to banks, the Reserve Bank of India has reduced the provisioning requirement for large accounts referred to the National Company Law Tribunal (NCLT) up to March 31, 2018. This comes on fears that banks may be worse off due to bad loans provisioning when they declare their financial results for FY2018, Provisioning…
Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel. Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal,…
Ailing Fletcher Building is adamant its banking syndicate and US-based private noteholders owed a combined NZ$2.4 billion ($2.27 billion) aren’t being given any special insights into the future plans of the company, ahead of normal shareholders. Some of the US-based private noteholders are battle-scarred in the construction sector and demanded extra due diligence before signing…
New Delhi/Mumbai: In a battle for taking over insolvent Essar Steel, Sajjan Jindal-led JSW with Nu Metal submitted its bid for the beleaguered steel firm while L.N. Mittals ArcelorMittal, which teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) for the acquisition, said its India subsidiary submitted an offer in the re-bidding process on…
Twenty-two franchisees face an uncertain future as administrators work to determine the fate of poultry producer and retailer Red Lea Chickens, which collapsed into voluntary administration last Thursday. The Western Sydney business has been trading for over sixty years, according to its website, and has a processing plant employing 500 staff members, as well as…
Coimbatore: In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has said that time barred debt or stale debt those for which no action has been taken for three years from due datecannot be a reason for not allowing initiation of corporate insolvency resolution process under IBC (Insolvency and Bankruptcy Code). A debt…
Sajjan Jindals JSW didnt swap places with Rewant Ruia-connected offshore trust Aurora in the Numetal consortium bidding for Essar Steel, according to several people with knowledge of the matter. Instead, JSW has come on board Nu Metal & Steel Pvt. Ltd, a drop-down subsidiary of Numetal Mauritius, as an investor with a 25 per cent…
HUNDREDS of employees at a 60-year-old takeaway chicken brand were informed they no longer had jobs in an email over the Easter long weekend. Red Lea Chickens, founded in western Sydneys Blacktown in 1957 by Croatian immigrant John Velcich, was placed into voluntary administration on March 29. Due to the financial position of the companies,…
The going-out-business sales are in full swing at Toys R Us stores across the country. The iconic toy giant announced in March that it will shut or sell all of its 735 US stores after a 70-year run. Heres everything deal-seeking shoppers need to know: How long do I have to use my Toys R Us gift…
More than 500 workers in Sydney have had their jobs terminated after the collapse of Red Lea Chickens, which has been placed into voluntary administration after 60 years in business. Workers from the Blacktown processing plant and Sydney retail stores were told their jobs no longer existed in an email sent to them over…