Good morning, this is Eleanor Ainge Roy bringing you the main stories and must-reads on Thursday 10 January. Top stories The director of the collapsed flight booking service Bestjet has told a meeting of the companys creditors he was forced to put the company into voluntary administration after he did not receive a promised $3.2m…
newsletters, editors-pick-list, Martin Building Services, liquidation, builder, Denis Martin, James Shaw, Shaw Gidley, insolvency ONE of the Hunters best-known homegrownbuilders, Martin Building Services, has foldedwith debts of almost $10 million. The company, which began in Maitland almost 20 years ago, was placed in the hands of insolvency expertsin December at the request of director and…
Can you proceed against the Corporate Guarantor before proceeding against the Corporate Debtor? NCLAT answers in this Judgment Aditi Singh January 10 2019 An NCLAT Bench comprising Chairperson Justice SJ Mukhopadhyaya, Member (Judicial) Justice A.I.S. Cheema and Member (Technical) Balvinder Singhhas held that Corporate Insolvency Resolution Process (CIRP) can be triggered against the corporate guarantor…
Harish Puppala | Rakesh Sharma Moneycontrol Contributor 2018 was a difficult year for banks – their reputations suffered massively after it came to light that most of them had large NPAs, sins they committed knowingly. One year prior, in 2017-18, the gross NPA ratio of all scheduled commercial banks reached 11.2percent of the gross advances,…
MUMBAI: The Supreme Court has allowed Aircel employees to file a contempt case against Bharti Airtel, its unit Bharti Hexacom and the telecom department for not returning Rs 453 crore to the company as ordered by the apex court. Permission to file contempt petition is granted, the court said on Wednesday. It said Bharti Airtel…
Go back a few years and pundits were heralding a coming-of-age for Perth, with the arrival of sophisticated coastal establishments that would spell the end for the humble beer barn by the beach. Cut-price jugs of bog-standard beer were replaced by $14 schooners of craft concoctions. Those swanky joints may have established a beachhead initially,…
Sears Holding Corp is beginning preparations for the possibility of liquidating the company, as reported by Bloomberg News. Eddie Lampert , Chairman of Sears, had made a $4.4 billion offer to purchase several hundred of its stores out of bankruptcy but the deal fell through, when they could not meet the bankers qualifications. If accepted,…
KOLKATA: National Company Law Tribunal (NCLT), New Delhi has approved the resolution plan submitted by JSW Steel as approved by the Committee of Creditors of Vardhman Industries Limited (VIL), which has been undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, according to a notification by JSW Steel to the BSE on…
The director of the collapsed flight booking service Bestjet has told a meeting of the companys creditors that he was forced to go into voluntary administration after he did not receive a promised $3.2m payment from the companys former owners. Last week Guardian Australia reported the Queensland-based budget airfare company Bestjet had gone into voluntary…
Within the past few weeks, agriculture has seen some major wins in Washington. The 2018 Farm Bill was passed in the House and Senate, and has now been signed by President Trump. Prior to that, a trade agreement had been arranged between the U.S., Canada, and Mexico just in time for harvest when farmers are…