Moneycontrol News The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against debt-ridden Winsome Diamonds and Jewellers, according to a report by the Hindu Business Line. The corporate insolvency process commenced on February 13, and creditors have been asked to submit their claims by February 27, the report said. The Debt Recovery Tribunal (DRT) estimates…
As any budding start-up will tell you, the amount of information detailing the average lifespan for a new business is startling. A common statistic is that just 20 per cent of new businesses are able to progress and stay in business for five years and this is a pretty scary issue for those who…
IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of…
The Balmoral Knitwear factory – a favourite brand among Scotland’s golfing community – has closed following the appointment of liquidators to the Ayrshire-based business. Paul Dounis and Steven Ross of RSM Restructuring Advisory have been appointed provisional liquidators of Balmoral Knitwear , which makes plain and embroidered corporate uniform, school and workwear. The move means…
MEAT supplier Russell Hume has become the latest large company to make headlines for going into administration. The company, which supplied chains such as Wetherspoon and Jamie Oliver restaurants, is facing the loss of 270 jobs. Here’s what calling in the administrators means… PA:Press Association What does going into administration mean? When a company enters…
In a notification to the Bombay Stock Exchange, Binani Industries Limited (BIL) has said that it has filed an application under Section 60(5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking permission to fully participate in the Insolvency Resolution Process of the Corporate…
David Fensome appeared at Telford Magistrates Court to oppose the application for a council tax liability order by Shropshire Council. Mr Fensome claimed the council owed his former company, Telford-based Tailored Care Limited, £190,444.69 before it went into liquidation earlier this year. Tailored Care Limited was based at Coalport House in Stafford Park Ms Sue…
The petition is likely to come up for hearing at the National Company Law Tribunal on Feb 20. A petition has been filed before the NCLT, Chennai bench, by a Resolution Professional (petitioner) over his arbitrary removal by bankers for trying to conduct an audit of a corporate debtor (CD) to whom Rs 400 crores…
Employees of enormously popular Brisbane doughnut chain Doughnut Time are taking the company to Fair Work over unpaid wages. As many as 35 workers across the companys 15 Australian stores allege theyre owed more than $70,000 in pay, the Courier Mail reports. Its the latest in a series of blows for Doughnut Time owner Damian…
Calcutta: Strategies deployed by ArcelorMittal and Nu Metal & Steel to extricate themselves from the legalese of the dreaded Section 29A of the Insolvency & Bankruptcy Code, 2016, will determine the future of Essar Steel’s corporate resolution process that has rolled into a decisive phase. As consultancy Grant Thornton and solicitor firm Cyril Amarchand Mangaldas…