MUMBAI: Unrest is brewing at bankrupt Aircel, where theres been no sign of progress on selling assets as the insolvency resolution process passes the midway stage, prompting fears the company may be headed for liquidation. At a meeting last week, lenders rejected proposals to sell the telcos optic fibre network and scrap and to pay…
Fewer companies wound up operations in Cayman last year as opposed to 2016. These are the findings of the Offshore Corporate Insolvency Restructuring Annual Review 2017 compiled by Applebys. For 2017 40 companies filed insolvency petitions in the Caymans jurisdiction, as opposed to 70 in 2016. Dispute resolution partner at…
Fewer companies wound up operations in Cayman last year as opposed to 2016. These are the findings of the Offshore Corporate Insolvency Restructuring Annual Review 2017 compiled by Applebys. For 2017 40 companies filed insolvency petitions in the Caymans jurisdiction, as opposed to 70 in 2016. Dispute resolution partner at…
The BEE partners in a subsidiary of Tubular Technical Construction (TTC) applied for provisional liquidation of the company after it failed to honour an agreement to pay R24 million in outstanding dividends. TTC had paid R11 million out of an agreed R35 million, but had fallen into arrears to the tune of R8.45 million, according to…
Silchar: The National Company Law Tribunal (NCLT) has ordered commencement of a corporate insolvency resolution process against Hindustan Paper Corporation Limited (HPCL), apparently putting thousands of workers of the two paper mills in Assam, including those of Cachar Paper Mill in Barak Valley, in dire straits. The tribunal, a quasi-judicial body under the Centre, adjudicates…
Vadodara: The National Company Law Tribunal (NCLT), Mumbai bench has given an order to commence corporate insolvency process against city-based Sterling Biotech Ltd (SBL) that had defaulted on loans taken from Andhra Bank. The order to commence insolvency was given on June 11 and made public on June 26. The CBI had in October last…
Fri, Jun 29, 2018 – 8:40 PM A UNIT of PEC has been placed under creditors’ voluntary liquidation starting June 28, the plant and terminal engineering specialist said in a Singapore Exchange filing. This followed a resolution passed at the extraordinary general meeting of that subsidiary, Enerz Engineering, and confirmation by the creditors, both of which took…
Commerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year. Last night the Insolvency Practitioners Bill, which was first introduced in 2010, was sent back to select committee to consider a supplementary order paper introducing…
Rules for individual bankruptcy might take still longer to come. A key official involved in framing it, says: While insolvency provisions for companies would not create a direct social impact, individual bankruptcy provisions will directly have social fallouts. The Insolvency and Bankruptcy Code (IBC) is in force since…
Jai Balaji case: Calcutta HC recalls winding-up order Providing relief to State Bank of India in the case of defaulting Jai Balaji Industries (JBIL), the Calcutta High Court has recalled its winding-up order against the debt-laden steel producer. In its application filed before the high court, SBI had prayed for recalling the order directing the…