MUMBAI: Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional. Creditors have been asked to…
After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the…
Meccano menswear is the latest retailer to face trouble, being placed in voluntary administration this morning. The menswear retailer has appointed KordaMentha partners Grant Graham and Neale Jackson as administrators. Jackson said all Meccano stores would remain open over this period while it looked for a buyer. “Having just been appointed, we are seeking urgent…
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…