Coimbatore: In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has said that time barred debt or stale debt those for which no action has been taken for three years from due datecannot be a reason for not allowing initiation of corporate insolvency resolution process under IBC (Insolvency and Bankruptcy Code). A debt…
DetailsSajjan Jindals JSW didnt swap places with Rewant Ruia-connected offshore trust Aurora in the Numetal consortium bidding for Essar Steel, according to several people with knowledge of the matter. Instead, JSW has come on board Nu Metal & Steel Pvt. Ltd, a drop-down subsidiary of Numetal Mauritius, as an investor with a 25 per cent…
DetailsHUNDREDS of employees at a 60-year-old takeaway chicken brand were informed they no longer had jobs in an email over the Easter long weekend. Red Lea Chickens, founded in western Sydneys Blacktown in 1957 by Croatian immigrant John Velcich, was placed into voluntary administration on March 29. Due to the financial position of the companies,…
DetailsThe going-out-business sales are in full swing at Toys R Us stores across the country. The iconic toy giant announced in March that it will shut or sell all of its 735 US stores after a 70-year run. Heres everything deal-seeking shoppers need to know: How long do I have to use my Toys R Us gift…
DetailsMore than 500 workers in Sydney have had their jobs terminated after the collapse of Red Lea Chickens, which has been placed into voluntary administration after 60 years in business. Workers from the Blacktown processing plant and Sydney retail stores were told their jobs no longer existed in an email sent to them over…
DetailsA high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies. Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from bidding for a company. …
DetailsWest of Sunshine. The Sydney Film Festival today announced the first batch of 26 titles which will premiere at this years event and an additional screening venue. Advertisement A selection of family films and Screenability, the platform for screen practitioners with disability,… Read the full article at: https://www.if.com.au/first-sydney-film-festival-titles-and-new-venue-announced/
DetailsHundreds of employees at Red Lea Chickens are coming to grips with the possibility they will lose their jobs after the Australian chicken supplier was placed into voluntary administration. Red Lea Chickens was on March 29 placed into voluntary administration, with the company saying on its website its financial position means there’s “no alternative” but…
DetailsJSW Steel Ltd. has acquired a 26 percent stake in the India arm of Numetal Mauritius to facilitate its joint bid for Essar Steel Ltd., currently undergoing insolvency resolution. While the Mauritius-based holding company is the resolution applicant for Essar Steel, the resolution plan will be implemented through the India entity Nu Metal & Steel…
DetailsTeen-targetted US jewelery chain Claires has become the latest bricks-and-mortar retailer to file for bankruptcy, with FTI Consulting reportedly advising on restructuring of the group. The companys collapse comes just weeks after the collapses of toy store Toys R Us, which was said to have fallen prey to heightened online competition, paired with an unsustainable…
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