Not so long, all the creditors, as well as the debtors were welcoming the move of the legislature in introducing the now most complicated Insolvency and Bankruptcy Code, 2016 (Code) but now everybody has realized that the code which is well defined procedurally is actually having many issues which need to be settled. The most…
ROCKWELL Diamonds has gone into provisional liquidation after the Kimberley High Court granted an order to discontinue the services of the stricken firms business rescue practitioner Metis Strategic Advisors. According to a note sent to Rockwell employees by Peter van den Steen, a director of Metis Strategic Advisors, there was still a chance the company…
Scandal-plagued Acquire Learning goes into administration exit The shakeout of Australia’s privatised vocational education market has claimed one of its biggest players. Acquire Learning, a company which once boasted former AFL boss Andrew Demetriou as chair of its advisory council, went into voluntary administration on Friday on the verge of insolvency. Back in 2014 the…
BHUBANESWAR: Members of the banned CPI (Maoist) have allegedly damaged Essar Steel‘s 273-km iron ore slurry pipeline from Dantewada in Chhattisgarh to Visakhapatnam in Andhra Pradesh near Odisha-Andhra border. The pipeline is critical for Essar‘s Visakhapatnam steel plant, bringing 22,000 tonnes of iron ore daily from state miner NMDC’s Bailadila mines in Dantewada to the…
AdvertisementThe U.S. Trustee assigned to the Kid Brands case filed with the U.S, Bankruptcy Court a motion to convert the Companys Chapter 11 reorganization to a liquidation under Chapter 7. Advertisement The motion explains, The Debtors have failed to comply with the United States Trustee Operating Guidelines and Reporting Requirements for…
Oil and gas software developer Stochastic Simulation has entered into liquidation, around five months after it went into receivership, with secured creditors likely to receive about 4 cents in the dollar in a best case scenario. The Osborne Park-based company developed products such as GasAssure and ResAssure, which were used in evaluation of reservoirs and…
It may be difficult for banks to dispose of personal properties given as a collateral for a loan when the company is referred to the National Company Law Tribunal (NCLT). The Chennai bench of NCLT ruled that if promoters or directors of a company have pledged their personal property and the committee of creditors (CoC)…
THE WIDESPREAD effects of the collapse of Ostwald Bros has become clearer as administrators establish roughly how much money the company owes to creditors. PricewaterhouseCoopers revealed the company owed at least $61million to creditors, including companies and businesses across the Maranoa region. Among the creditors owed money from Ostwalds are Maranoa Regional Council, Roma Rugby…
As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapalis Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project. Represented by advocate ML Lahoty, the petitioners sought enforcement of…
Banks are likely to reject bankruptcy-facing Essar Steel‘s demand for Rs 1,000 crore of working capital loans as the lenders are easing the other monetary restrictions they imposed on the company to safeguard their interests, said two people familiar with the developments. Banks have decided to do away with the so called Rs tagging’ of…