While dismissing two applications filed against a resolution professional for wrongful conduct, Judicial Member Jinan K.R of the Kolkata Bench of NCLT has also reflected his views on the exaggerated insolvency resolution cost of a dying corporate debtor. On an application filed by Punjab National Bank, Divyajyoti Sponge Iron Ltd. was placed under the corporate insolvency…
MUMBAI: In a fresh twist to the ongoing takeover battle over Binani Cement, resolution professional (RP) Vijaykumar V Iyer has moved the National Company Law Tribunal (NCLT), Kolkata, alleging fraudulent transactions of about Rs 2,400 crore involving the corporate debtor (Binani Cement) that are undervalued, extortionate, preferential. In his March 13 application, the RP asked…
After trying and failing to find a buyer, the Weinstein Company is officially filing for bankruptcy which is a game changer for Harvey Weinsteins alleged victims. Founded by Weinstein and his brother Bob Weinstein in 2005, the company was already in some financial trouble before the allegations of sexual assault and harassment against Harvey Weinstein…
(Reuters) – Toys R Us heads to U.S. Bankruptcy Court on Tuesday to defend its liquidation plan against an onslaught of objections from creditors, particularly suppliers demanding payment for thousands of toys ranging from Poopeez to Bratz. FILE PHOTO – People pass by Toys R Us store at Times Square in New York, U.S., March…
By Tracy Rucinski Dozens of toy suppliers object to Toys ‘R’ Us liquidation plan (Reuters) – Toys ‘R’ Us heads to U.S. Bankruptcy Court on Tuesday to defend its liquidation plan against an onslaught of objections from creditors, particularly suppliers demanding payment for thousands of toys ranging from Poopeez to Bratz. More than 50 suppliers,…
Regional and remote high speed internet provider, South Western Wireless Communications Company (SWWCC) and an associated telecommunications hardware firm, Tups Company, have gone into voluntary administration. With offices in Sydney, Rockhampton and Emerald, South Western Wireless has made a name for itself building portable modular data centres that are used for wireless internet services in…
Given the fast pace of the media, and the businesses behind the news, TV and content you consume every day, nine.com.au brings you Red Ink your ears and eyes behind the big decisions, the gossip and spin. Each week we’ll unpack the manoeuvres behind the scenes of the dramatic moments of the media world. Gay…
A whole bunch of businesses linked to the company’s founder are in serious trouble. Last week, the founder of popular dessert chain Doughnut Time announced the business had run out money and as a result the vast majority of stores would close. In an apparent last-minute lifeline, the former CEO of the company offered to…
A Brisbane business owner who is owed $1 million is furious at the Queensland Building and Construction Commission (QBCC) for what he calls a lack of action and regulation. Stefan Styles operates one of Queensland’s largest shower screen and wardrobe companies, employing about 120 people. He said the industry was still recovering from a…
NEW DELHI: India is likely to tweak the Insolvency and Bankruptcy Code to create a mechanism to resolve cross-border insolvency cases using a reciprocal arrangement with other countries. The 14-member high level committee reviewing the Insolvency and Bankruptcy Code (IBC) is likely to suggest that India take a cue from countries including the US, the…