FRANKFURT, Dec 8 (Reuters) – Phoenix Solar, once one of Germanys largest solar groups during the sectors heyday, on Friday said it would file for insolvency next week after an unnamed U.S. customer demanded payments that exceed the groups funds. Following the drawdown of project-related letters of credit in the amount of approximately $8 million…
DetailsAHMEDABAD | MUMBAI: The National Company Law Tribunal’s Ahmedabad chapter has adjourned the bankruptcy petition against Reliance Naval and Engineering filed by financial creditor IFCI. The dedicated bankruptcy court will next hear the case on December 19. The company has pointed out to the court that there is no provision in the Insolvency and Bankruptcy…
Details* Court allows government to replace 10 existing directors * Bans existing directors from raising loans, selling assets * 19,000 buyers await delivery of apartments * Unitech owes about 7.24 bln rupees to 51,000 depositors (Adds details) By Manoj Kumar NEW DELHI, Dec 8 (Reuters) – An Indian court on Friday allowed the government to…
DetailsHYDERABAD: In an order involving insolvency process of Kamineni Steel, NCLT exercised discretionary powers in determining voting share of lenders for approving resolution plan, while indicting three dissenting banks for their ambiguous stand. The NCLT bench at Hyderabad has passed strictures on officials of PSBs while approving the resolution plan involving one time settlement submitted…
DetailsRG Shaw & Sons Pvt Ltd, a 79-year old seller of liquor, spirits and wine in Kolkata, is heading for liquidation as the promoters did not submit resolution plans while it defaulted working capital loans from State Bank of India and other unsecured financial creditors, two people familiar with the development said. The company defaulted…
DetailsLUXURY handbag maker Oroton has collapsed, becoming the nation’s latest retail victim. The listed luxury retailer, whose most recent public face has been Aussie actor Rose Byrne, announced this morning is was placing itself in voluntary administration. Since the announcement was made, people have been hitting the label’s outlet website to snap up heavily discounted…
DetailsThe Mumbai bench of NCLT on Friday admitted edible oil maker Ruchi Soya for insolvency resolution process under IBC. A detailed order is expected by Monday. The company was referred to the tribunal by Standard Chartered Bank as well as DBS Bank, individually and both petitions have been admitted by the court. It owed more…
DetailsBrown University announced Thursday that it will no longer provide loans, only grants, in an effort to help students graduate with less debt. Starting in the fall of 2018, all students who receive financial aid from the Ivy League university will recei… Read the full article at: https://www.huffingtonpost.com/entry/brown-university-loan-free-financial-aid_us_5a29c60fe4b073789f687aa6
DetailsAlan Yentob, the former BBC creative chief, is facing a minimum five-year exclusion from holding company directorships as the Government pursues action against the former bosses of Kids Company, the failed charity. Sky News has learnt that lawyers acting for Mr Yentob and his fellow ex-Kids Company trustees have been handed a deadline of December…
DetailsIn 2015 and 2016, Sen. Mike Crapo, R-Idaho, went from city to city and town to town carrying a stack of charts that he used to warn constituents that America is fast being washed down a rat hole of mounting deficits and debt that would destroy it if nothing were done to stop it. He…
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