Related Story: Gas company ‘knew it was causing damage but allowed it to continue’ The pursuit of Linc Energy for serious environmental harm sounds a loud warning to Queensland industry that any large company doing the wrong thing will be rigorously pursued, an environmental lawyer says. But the Opposition said the…
Wipro share price settled flat in Monday’s trade even as the IT major said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings. Without naming the client, the third largest software services firm in India, led by Azim Premji, said its profitability…
Calcutta: The Supreme Court will hear a special leave petition filed by Binani Industries to terminate the ongoing insolvency proceeding against subsidiary Binani Cement on Friday amidst protests from Dalmia Cement Bharat, which strongly objected to the proposed out-of-court settlement. Binani Industries filed the petition over the weekend, the Calcutta bench of National Company Law…
Unaudited Statements of Net Assets in Liquidation and Changes in Net Assets in Liquidation. At March 31, 2018, the Company reported unaudited total assets in liquidation, total liabilities in liquidation, and net assets in liquidation of $15.4 million, $1.3 million and $14.1 million, respectively. Assets in liquidation at March 31, 2018 included the $8.1 million…
Supreme will hear the case on April 13. Kolkata: Binani Industries, the parent company of insolvent Binani Cement, on Monday informed the National Company Law Tribunal’s Kolkata bench that it has moved the Supreme Court for termination of insolvency proceedings against its cement manufacturing subsidiary. The company said it had filed the application in the…
KOLKATA: Any move to liquidate Facor, one of Indias oldest producers of ferro alloys undergoing insolvency resolution, can be implemented only after the National Company Law Appellate Tribunal (NCLAT) rules on Facors appeal against an NCLT Kolkata order for initiation of bankruptcy resolution process. Facors committee of creditors (CoC) rejected all resolution plans and conveyed…
Binani Cements lenders have asked for necessary permissions to be obtained before they proceed with the settlement. Photo: Mint New Delhi: Binani Cement Ltd moved the Supreme Court on Monday seeking permission for an out-of-court settlement and end insolvency proceedings against it. The companys lenders have asked for necessary permissions to be obtained before they…
Gas company Linc Energy has been found guilty of causing serious environmental harm at its underground coal gasification (UCG) plant on Queensland’s western Darling Downs. Linc Energy was charged with five counts of wilfully and unlawfully causing environmental harm between 2007 and 2013 at Chinchilla. The corporation pleaded not guilty to the offences at…
RIVERSIDE MEATS has gone into voluntary liquidation and has insufficient money to pay the $622,526.46 bill owed to employees. But that figure is only a portion of almost $8 million owed to its creditors in total. In a letter to staff on Friday, liquidator Keith Sutherland said there was not enough money to pay employee…
Need clarity how home buyers will be protected The recommendations of the Insolvency Law Committee appointed by the Ministry of Corporate Affairs if accepted will give a fresh boost to the Insolvency and Bankruptcy Code 2016. In many of the companies where the Corporate Insolvency Resolution Process (CIRP) has been initiated, liquidation process has…