Bankers are worried that the corporate insolvency resolution process (CIRP) could turn chaotic and face delays as the Insolvency and Bankruptcy Board of India (IBBI) may amend the rules, giving operational creditors (OCs) a larger say in the resolution process. Their fear stems from the observations of a two-judge Supreme Court Bench last month that…
South African furniture conglomerate Steinhoff International Holdings has seen the voluntary administration of its European arm blocked by a company claiming to be a creditor, according to a release sent to investors. The company known as LSW GmbH an entity reportedly related to Andreas Seifert, who,according to BusinessDay, currently has a dispute in the Austrian…
Companies that break the rules could face tougher sanctions under plans being considered by Labour to scrap Britains multiplicity of overlapping regulators, which the party believes cave in to powerful commercial interests and fail to protect consumers. A report commissioned by John McDonnell, the shadow chancellor, argues that there needs to be a new authority…
PNB, which filed the insolvency petition, said NRC had failed to honour a one-time settlement deal earlier too. Photo: Pradeep Gaur/Mint Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday reserved its order on the insolvency petition filed by the Punjab National Bank (PNB) against NRC Ltd, formerly known as National…
When you take the time to prepare a meal, you probably expect your food to nourish you instead of making you sick. But foodborne illness due to harmful bacteria, viruses, parasites, toxins, and chemicals is astoundingly common. The Centers for Disease Control and Prevention (CDC) estimates that about 48 million people experience a foodborne illness…
Jaypee Infratech, which is undergoing insolvency proceedings, will have to display the identity of all the 24,000 home buyers of its Noida housing project on its website, irrespective of the posts they hold, so that the interest of the genuine buyers is protected. The National Company Law Tribunal (NCLT), Allahabad, in its order of December…
By Paul Kibuuka When a company borrows money from a bank, the financial institution typically takes security over assets of the firm to guarantee payment. And regardless of the macroeconomic landscape in Tanzania, if the company fails to honour the terms of the loan or experiences financial difficulties, the bank with the security of a…
WESTPORK has positioned itself as the biggest player in the WA pork market for years to come after taking over GD Pork operations in West Pinjarra and Kojonup. The company will hold a 45 per cent share of the market producing about 7000 pigs per week or 364,000 per year. The Danish-owned GD Pork was…
Torrent Pharmaceuticals Limited issued a voluntary recall for Losartan potassium tablets USP due to an unexpected impurity. They are now expanding that recall to a total of 10 lots. The recall says “Torrent is only recalling lots of losartan-containing products that contain N-nitrosodiethylamine (NDEA) above the acceptable daily intake levels released by the FDA.” NDEA…
MUMBAI: Bharti Airtel has accused bankrupt Aircel, which is trying to recover its dues from Indias No. 2 telco, of working towards benefitting its financial lenders at the cost of operational creditors. Aircel entities or their resolution professional are seeking to enlarge the scope of their legal appeal, possibly with a view to take illegal…