Delhi bench of the National Company Law Tribunal has given its nod for corporate insolvency resolution process against Era Housing and Developers (India) Ltd. The insolvency process was initiated at the request of state run IFCI Ltd. which had stated that the firm has been a non-performing asset (NPA) on its books since 2013. The…
DetailsFive former directors of a food firm have been disqualified following the managing director’s purchase of gold bullion “for his sole benefit”. The family members were banned from being company directors for a total of 16 years after an Insolvency Service investigation into Bradford-based Greentabs Ltd, known as Mumtaz Food Industries. The Insolvency Service said…
DetailsLuckyraj Indorkar Its been less than two years that the Insolvency and Bankruptcy Code, 2016 (IBC) came into force. National Company Law Tribunal (NCLT) which acts as adjudicating authority and Insolvency Resolution Professional (IRP) appointed under the code are bound by timelines to dispose of an application for corporate insolvency process. Initially, the parties and…
DetailsGUWAHATI: The Opposition Congress in Assam has demanded a CBI probe into the alleged coal syndicate operating in the state, while calling for constitution of an all-party House committee to probe into allegations of syndicates raj in other items. Addressing a press conference here, Leader of Opposition in Assam legislative Assembly Debabrata Saikia said, There…
DetailsThis Article traces implementation of IBC and progress achieved over the past one year and the challenges faced by each of the of the Pillars during their one year of journey. For the sake of convenience and better understanding, the article is divided into four parts. Part-I Captures Criticality of IBC as a piece of…
DetailsTwelve cash-strapped colleges received secret government bailouts totalling more than £11 million in December. It perhaps demonstrates a significant increase in the amount of money being dished out to struggling colleges and has prompted demands for greater transparency. The figures were published by the Department for Education as part of a scheduled release detailing monthly…
DetailsIndiabulls Real Estate (IBR) share price is up 8.8% ahead of its board meeting to consider restructuring of its residential and commercial & leasing businesses. The commercial & leasing business has a total 9.1mn sq.ft of leasable area. Out of which 5.2mn sq.ft is completed and 3.9mn sq.ft is under construction & planning/approval phase. The…
DetailsThe co-founder of luxury bridal house Pallas has bought back the business out of administration, preserving most of its 30 jobs. Pallas creditors on Wednesday approved a deed of company arrangement floated by Joy Morris, the designer behind the business, saying it represented the best option for employees. Under the deal, Ms Morris will pay…
DetailsThe ASX is reviewing claims made by real estate giant McGrath disputing speculation its Rich Lister founder John McGrath has a $100 million margin-lending facility attached to his shares in the publicly listed company Details of the loan emerged on Friday after the company told the stockmarket on Thursday night that the multimillionaire had never…
DetailsSINGAPORE – Noble Group’s major shareholder Goldilocks Investment Company is calling on Noble’s stakeholders to collectively oppose the commodity trader’s approach to its restructuring plans. Goldilocks issued that statement on Friday (Feb 9), following Noble’s Feb 5 rejection of its request to be released from non-disclosure arrangements surrounding discussions on Goldilocks’ demands for two board…
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