KOLKATA: Nicco Corporation, a specialised cable maker and a defaulter of nearly Rs 300 crore of bank loans, is all set to face liquidation as lenders led by State Bank of India voted against the resolution plan prepared by the company, according to three people familiar with the development. Nicco was one of the first…
British boatbuilder and carbon fibre specialist Green Marine has ceased trading after going into voluntary liquidation last week (October 3), leading to the loss of 46 jobs. Speaking to the BBC, a spokesperson for the company explained that Green Marine had been hoping to secure an order to build the hull and superstructure of a…
Sears Canada workers are feeling confused and angry after learning on Tuesday that the retailer is planning to close its remaining 130 stores. If Sears gets court approval, it will start liquidating the stores as early as Oct. 19, putting the retailer out of business and about 12,000 employees out of work. “Many of us feel frustrated,…
The judgment of the National Company Law Appellate Tribunal (NCLAT), in Macquarie Bank Limited vs Uttam Galva Metallilcs Limited (Company Appeal (AT) (Insol) No. 96/2017), which is further followed in Centech Engineers Private Limited & Anr vs Omicron Sensing Private Limited (Company Appeal (AT) (Insolvency) No. 132/2017), gives a strong warning against the dealing of…
(Adds context throughout) By Nichola Saminather Oct 10 (Reuters) – Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs. The retail chain is the latest…
Sears Canada Inc. will seek court approval to liquidate its remaining stores on Friday with the loss of about 12,000 jobs after it failed to receive a viable bid for the company. The Toronto-based retailer expects to begin liquidation sales on Oct. 19 at the earliest, according to a statement Tuesday. Sears Canada said it…
Sears Canada was granted an Initial Order and protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017. It subsequently received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one…
The existing insolvency and bankruptcy code, at present, applies only to corporate defaulters. Photo: iStockphoto New Delhi: The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process…
Water technology firm VA Tech Wabag Ltd has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT) initiating corporate insolvency resolution process. NCLT, last week, issued an order under the provisions of the Insolvency and Bankruptcy Code, 2016, and appointed an…