MUMBAI: The National Company Law Tribunal has ordered liquidation of two Rotomac group companies — Global and Exports — whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLTs Allahabad chapter. The initial period of 180 days expired on March 19 this year, but the…
Dominic Chappell, the former bankrupt who bought the failed retailer BHS for £1, is facing a ban on serving as a company director but previous owner Philip Green will avoid a similar fate following an investigation into the chains collapse in 2016. The Insolvency Service, a UK government agency, said on Tuesday that it intends…
In a move that could change the relationship between real estate developers and homebuyers, the Insolvency Law Committee has called for treating realty customers as financial creditors and the money raised from such people for housing projects as financial debt. This is significant as the status of financial creditors to homebuyers – if given –…
The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported. The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April…
NEW DELHI: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors while deeming the amount raised from them for real estate projects as financial debt. The committee proposed that promoters…
With the moratorium period to prepare a resolution plan for Electrosteel Steels set to expire in the next three weeks, the Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the resolution professional (RP) of the insolvent company to convene its committee of creditors (CoC) meet as early as possible to expedite…
With $2.7 billion in leases looming, Myer has reportedly ruled out voluntary administration. The retailer has $19.9 million in net debt and gearing of about 3 percent, which means it is moving closer to breached fixed charges cover covenants in banking agreements after a 24 percent fall in earnings in the January half. For its…
Columbus police searching for missing 16-year-old Columbus police searching for missing 16-year-old Updated: Monday, March 26 2018 3:50 PM EDT2018-03-26 19:50:11 GMT (Source: Columbus Police Department) (Source: Columbus Police Department) The Columbus Police Department is asking for the publics assistance in locating a missing teenager. More >> The Columbus Police Department is asking for…
Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration. Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that…
The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote…