A resolution professional has filed a case against an Insolvency and Bankruptcy Board of India (IBBI) order in the National Company Law Tribunal (NCLT), marking a first, said people aware of the matter. Mukesh Mohan, the resolution professional for bankrupt car service company Carnation Auto India, challenged the IBBI for asking him to seek expressions…
One of the major media agencies of the healthcare industry, Hammond & Thackeray, has gone into liquidation with creditors including major publishers and agencies expected to be $4.4 million out of pocket. The 35-year-old agency which also serviced agricultural clients from its Sydney, Melbourne and Auckland offices, was wound up by its directors on December 22.…
Gujarat NRE Coke Ltd founder Arun Kumar Jagatramka. Photo: Indranil Bhoumik/Mint Kolkata: The Kolkata bench of the National Company Law Tribunal (NCLT) on Thursday ordered the liquidation of Gujarat NRE Coke Ltd, while appointing insolvency resolution professional Sumit Binani as the official liquidator. Considering the appeal of around 1,200 permanent workers, the bench has asked…
Japanese fast fashion casual wear chain Uniqlo is to open its first WA outlet, Uniqlo Plaza Arcade, on the Murray Street mall by mid-year. News of the 1290sqm flagship store, with its LifeWear clothing for men, women, children and babies, coincides with this weeks profit turnaround. The clothing retailer declared it had notched up a…
TNN | Jan 12, 2018, 01:30 IST Hyderabad: Beleaguered Hyderabad-based infra player IVRCL Ltd on Thursday informed the bourses that its lender State Bank of India had initiated corporate insolvency proceedings against the company under the Insolvency and Bankruptcy Code 2016 (IBC). The company said SBI had initiated Corporate Insolvency Resolution Process (CIRP) against the…
National Company Law Tribunal’s Kolkata chapter has ordered liquidation of Gujarat NRE Coke, a company that failed to resolve the Rs. 4,900 crore default case. But, there is twist! For the first time under Insolvency and Bankruptcy Code, the dedicated bankruptcy court has mandated to liquidate the company as an “on-going concern”, which is aimed…
IVRCL was locked at 5% upper circuit at Rs 6.15 at 14:36 IST on BSE after the company announced that its lender, State Bank of India has initiated corporate insolvency resolution process against the company. The announcement was made during market hours today, 11 January 2018. Meanwhile, the S&P BSE Sensex was up 24.39…
KOLKATA | MUMBAI: Visa Steel, which was taken to the National Company Law Tribunal (NCLT) on January 5 by lead lender State Bank of India for defaulting on Rs 3,600 crore of loans, is pursuing a resettlement plan with its bankers. The proposal includes selling its loans to asset reconstruction companies. “While SBI has filed…
Absas liquidation of Markus Joostes company Mayfair Speculators is likely to see his friend Christo Wiese take a R200m fall, Moneyweb reported on Thursday. Court papers filed by Absa said the bank was made aware on December 8 that Jooste had left Mayfair insolvent with R1bn in liabilities against R350m assets by transferring other assets…
Alfred Angelo went bankrupt last summer, but a liquidation company has re-opened the Garland store. Kevin Reece , WFAA 6:27 PM. CST January 10, 2018 A bankrupt bridal gown company that left distraught brides in its wake in July is open again in one location in Dallas. But if prospective brides want a heavily-discounted dress, they’d…