The Resolution Professional (RP) of Adhunik Metaliks Ltd sought exclusion of 20 days from the mandatory 270-day timeframe required to complete the insolvency resolution process. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29. While no resolution plan was approved by the Committee of Creditors…
Coimbatore: Though there is no change in the position that moratorium on sale will apply not only to the assets of the Corporate Debtor but also to the assets of the guarantors, the National Company Law Appellate Tribunal (NCLAT) has made it clear that the moratorium does not restrict the filing of application for initiating…
The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore. As per the submissions made by IDBI Bank before the Tribunal, the account of…
Calcutta: Maithan Alloys Limited has earmarked an investment of Rs 275 crore to expand capacity in Bengal and is eyeing assets referred for corporate insolvency and liquidation. The company informed the BSE that its board has approved a greenfield plant with an estimated capacity of 1,20,000 tonnes per annum ferro alloy in the state. The…
It was an interview she would almost certainly come to regret. In early 2003, Catherine Brenner, then a director of corporate finance for ABN AMRO discussed her beauty regime with the women’s magazine, Vogue. In the article “Groomed for Success”, Brenner revealed that she spends as much as $600 a month on beauty accessories, and…
A PERTH-based events management company is closing down, with claims it owes artists close to $200,000. JumpClimb, which is an independent presenter of events at Perths Fringe World festival, is tipped to enter voluntary administration. A statement on the JumpClimb website said: A combination of factors including a downturn in ticket sales on recent projects, debtors…
The Resolution Professional (RP) for Adhunik Metaliks Ltd will present a detailed report before the Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday seeking suitable directions with regards to the insolvency proceedings of the company. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on…
For Adhunik Metaliks, there are only two resolution applicants UK-based Liberty House and Maharashtra Seamless of the DP Jindal Group. In an attempt to get some additional time to arrive at a successful resolution plan in order to save Adhunik Metaliks from going into liquidation, its resolution professional is likely to move the NCLT on…
RAY WHITE Queensland has rescinded their franchise agreement with Ray White Bargara after the local company went into liquidation. On Tuesday, a meeting of members of Bundaberg Stock and Property Pty Ltd resolved that the company be wound up and Christopher Richard Cook be appointed as liquidator. Chief executive officer of the Ray White Group…
For the company, the mandated 270-day deadline under the corporate insolvency resolution process (CIRP) will end on April 29. Adhunik Metaliks, the flagship of the Adhunik Group, could be staring at liquidation soon as no resolution plan for the insolvent company has been approved by its lenders till date. For the company, the mandated 270-day…