The company, which owes lenders Rs 11,309 crore, was referred to the bankruptcy court under Section 7 of the Insolvency and Bankruptcy Code (IBC) by SBI following a nudge from the Reserve Bank of India (RBI). The Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday asked the interim resolution professional (IRP), appointed…
Liquidators appointed by the Federal Government have sensationally applied to freeze hundreds of millions of dollars worth of Clive Palmers assets including luxury boys toys and 15 properties in a shock move to help recoup taxpayer money. Special purpose liquidators PPB Advisory yesterday filed a Mareva injunction in the Supreme Court of Queensland to stop…
Bloomberg/Mumbai A tribunal in Indias Gujarat state agreed to start insolvency proceedings against Essar Steel India Ltd, the debt-laden mill owned by the billionaire Ruia brothers, according to people familiar with the verdict.The Ahmedabad bench of the National Company Law Tribunal agreed to a petition from State Bank of India and appointed Satish Kumar Gupta…
Indias banking industry is in the throes of a crisis. Bad debts are piling up at banks. Earlier, the multiplicity of laws dealing with the insolvency of a company has been a problem in the way of banks failing to recover their loans. The new insolvency and bankruptcy code brought by the incumbent National Democratic…
The vessel was detained at Aberdeen harbour. The company, which owns a ship that has been marooned in Aberdeen Harbour for the last year, because it hasnt paid its crew more than $800,000 USD in wages, is in liquidation. The Indian crew of the Malaviya Seven offshore supply vessel have been stuck in the north-east…
New Delhi, Jul 31 ()Inox Wind today said National Company Law Appellate Tribunal(NCLAT) has released the company from the rigour of law and allowed it to function independently through its board of directors with immediate effect. NCLAT has also directed National Company Law Tribunal (NCLT) to close the Corporate Insolvency Resolution Process (CIRP)initiated against the…
UPDATE 7pm: AFTER months of uncertainty an embattled central Queensland miner and part-owner of Wiggins Island Coal Export Terminal was placed into liquidation today. Administrators PPB Advisory confirmed this afternoon creditors voted that all five companies in the Caledon Coal Group (Caledon Coal Pty Ltd, CC Pty Ltd, Guangdong Rising (Australia) Pty Ltd, Blackwater Coal…
UPDATE 7pm: AFTER months of uncertainty an embattled central Queensland miner and part-owner of Wiggins Island Coal Export Terminal was placed into liquidation today. Administrators PPB Advisory confirmed this afternoon creditors voted that all five companies in the Caledon Coal Group (Caledon Coal Pty Ltd, CC Pty Ltd, Guangdong Rising (Australia) Pty Ltd, Blackwater Coal…
A specialist auto services company in Falkirk has been placed in liquidation with the loss of all 20 jobs. MTH Group Ltd, which was founded in 1969, provided electrical, engineering and support services for cars and commercial vehicles. Tom MacLennan and Iain Fraser, of FRP Advisory LLP, have been appointed joint provisional liquidators. They said…
UPDATE 7pm: AFTER months of uncertainty an embattled central Queensland miner and part-owner of Wiggins Island Coal Export Terminal was placed into liquidation today. Administrators PPB Advisory confirmed this afternoon creditors voted that all five companies in the Caledon Coal Group (Caledon Coal Pty Ltd, CC Pty Ltd, Guangdong Rising (Australia) Pty Ltd, Blackwater Coal…