Mentioning about instances of the professionals charging high amounts for services, Sahoo urged them not to delegate, outsource, overcharge or engage related parties. Don’t try to take Rs 14 crore from a default of Rs 2 crore…, he said, adding that remuneration should be charged in a transparent manner. His position is quite unique compared…
Dr M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India. Photo: Indranil Bhoumik/Mint New Delhi: Sending out a strong message, Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo on Saturday said insolvency resolution professionals should not look for ready-made solutions and desist from overcharging for their services. Against the backdrop of concerns…
Insolvency Law Committee in place to address concerns raised by IBC: PP Chaudhary New Delhi, Feb 10 (KNN) The Ministry Has has constituted Insolvency Law Committee (ILC) vide order dated 16.11.2017 with a view to examine the suggestions received regarding provisions of Insolvency and Bankruptcy Code, 2016 (Code), P.P. Chaudhary, Minister of State for…
STAFF at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration. As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which…
Delhi bench of the National Company Law Tribunal has given its nod for corporate insolvency resolution process against Era Housing and Developers (India) Ltd. The insolvency process was initiated at the request of state run IFCI Ltd. which had stated that the firm has been a non-performing asset (NPA) on its books since 2013. The…
Luckyraj Indorkar Its been less than two years that the Insolvency and Bankruptcy Code, 2016 (IBC) came into force. National Company Law Tribunal (NCLT) which acts as adjudicating authority and Insolvency Resolution Professional (IRP) appointed under the code are bound by timelines to dispose of an application for corporate insolvency process. Initially, the parties and…
This Article traces implementation of IBC and progress achieved over the past one year and the challenges faced by each of the of the Pillars during their one year of journey. For the sake of convenience and better understanding, the article is divided into four parts. Part-I Captures Criticality of IBC as a piece of…
Financially slumping Toys R Us began sales at select locations this week as the company prepares to close about 150 stores 24 of them in California according to a press release by one of the firms operating the liquidation sales. Though the press release does not specify which locations are participating, liquidation will lead to…
Arts Illuminated, the publisher of classical music magazine Limelight, is searching for a buyer for its masthead as the company teeters towards liquidation. I couldnt weather the monthly highs and lows anymore, publisher Andrew Batt-Rawden told Mumbrella yesterday. I started the company in debt, and as a starving artist I had no assets to borrow against.…
Staff at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration. As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which…