New Delhi: The government on Friday notified the rules by which companies can go through liquidation under the Insolvency and Bankruptcy Code (IBC), 2016. The regulations for the liquidation process are part of the rules being notified by the Insolvency and Bankruptcy Board of India (IBBI) to implement the code and, in the process, improve…
DetailsIndias Debt market is bad and over Rs 25,000 crores that is blocked as Stressed Assets in the economy can be unlocked in five years with the ICSI training insolvency professionals through the ICSI Insolvency Professional Agency, Mamta Binani, President, Institute of Company Secretaries of India, said at a joint national conclave on Insolvency &…
DetailsTORONTO–(BUSINESS WIRE)–Telehop Communications Inc. (TSX-V:HOP) announced it has agreed with its debenture holders to effect a partial conversion into common shares and reduce the interest rate on the remaining balance and extend the final maturity date. The particulars of the restructuring are as follows: 1. That effective December 31st, 2016, the interest rate on the…
DetailsDenis OBriens Digicel Group has started an unprecedented cost-cutting plan and hired financial consultants McKinsey and Goetzpartners to help cut its massive debt burden as the mobile phone group grapples with declining earnings. Digicels 6.2 billion debt is at unsustainably high levels at 6.2 times earnings at the group, Michael Chakardjian, an analyst with US…
DetailsNew Delhi: Beginning Thursday, the National Company Law Tribunal (NCLT) formally takes over winding-up matters under the Companies Act 2013. The government earlier notified that all pending proceedings and cases of reconstruction and winding-up will stand transferred to the NCLT from 15 November. It also notified rules empowering the NCLT to be the appropriate adjudicating…
DetailsShare this: The manner in which the law is currently being implemented seems to focus more on expeditious operationalisation rather than effective implementation. The Bombay Stock Exchange (BSE) building is illuminated during a special muhurat trading session for Diwali, the festival of lights, in Mumbai, India, November 11, 2015. Credit: Shailesh Andrade/Reuters/Files The Insolvency and…
DetailsThe company behind All Tomorrow’s Parties (ATP) has gone into liquidation after being subject to a winding-up petition by HM Revenue & Customs. The petition to wind up ATP parent firm Willwal Ltd was granted by the High Court on November 21. Willwal’s most recent accounts on Companies House, dated May 31, 2015, showed debts…
DetailsCrown cashing out of Macau venture James Packer was about as far away from Macau as you can get this week as he wound up his 12-year partnership with Chinese gaming tsar Lawrence Ho. The globe-trotting Australian billionaire oversaw the latest shake-up of his Crown Resorts empire from the Ellerstina polo ranch outside of Buenos…
DetailsGreeces negotiations with international creditors took a turn for the worse Wednesday after the European Stability Mechanism (ESM) shelved a recently announced debt relief package in protest at the governments plan to give a one-off supplement to low-income pensioners and to keep in place a discount in valued-added tax, to eastern Aegean islands, it had…
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