Page 5 - Liquidation Process News Today

The Supreme Court’s ruling to bar defaulting promoters from hanging on by hook or by crook reaffirms the spirit of the Insolvency and Bankruptcy Code (IBC). The law is meant to ensure quick creditor seizure...

Beta Infratech is a wholly owned subsidiary of Soma Energy, promoted by Ankineedu Maganti and Dileep Kumar Yalamanchili. The company was admitted to the corporate insolvency resolution process (CIRP) following a petition filed by lender Punjab National Bank.

To print this article, all you need is to be registered or login on Mondaq.com. The insolvency resolution process in India has in the past elaborated the simultaneous operation of several statutory instruments. This includes the Sick Industrial Companies Act, 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002, the Recovery of Debt Due to Banks and Financial Institution Act, 1993 and the Companies Act, 2013. The invo...

You are putting it back into the american economy so something weve not seen in a while, feeling pretty confident. >> they could be spending that money towards us again. they could be making a comeback. former senior executives with the bankrupt retailer trying to revive toys "r quote us, details are scarce but theyve opened up this country -- company under the entity true kids, looking at a number of different things, freestanding stores or toy stores, expanding their e-commerce, they estimate ...

>> neil: saw a little bit about steve mnuchin, the treasury joyce. much has been made of the fact that if we have another financial meltdown, would the u.s. do what it did then. do you think that -- i think he ruled out, for example, any more bank rescues. but do you agree with that? that we shouldnt have that? >> well, i think you have to have a way, if you have a crisis, to unwind one of these massive financial institutions. whether that is through bankruptcy or the title 2 component. we can d...

Polled its members and found that none actually plan to add the fee. youve got, for example, toys r us and target. they told nbc news that they would not be passing that on to shoppers. >> profit margins are so skinny when were talking about retail. >> right. >> lets move to this. the suffering could soon be over for fans of devil dogs, ring dings and yodels. >> reportedly mckee foods that makes little debbie snack cakes is reportedly offering $25 million to $30 million for hostess brands drakes...

Executive bonuses? we were talking about a company thats liquidating. so is that typical? >> that is somewhat typical. and to look at this a bankruptcy judge also approved up to about $1.8 million in bonuses for 19 executives in the company. thats not including the ceo. this is somewhat typical. that money will only be paid out if certain goals are met in the liquidation process. this is as incendiary as this may sound initially, its actually kind of good news. the faster that liquidation proces...

Mismanagement ran the company into the ground. $1.8 million in bonus money wouldnt have saved the money from bankruptcy far from it but its still a lot of mud in the eye for all those workers who will soon be out of a job. sandra smith is with us now from the fox business network. explain about these bonuses, sandra. >> hey, shepard, they say these incentive bonuses are intend to pay as the company calls it we know them as bonuses are meant to retain the executives and managers through the liqui...

People at hostess brands will ultimately lose their job. and as you say, 19 senior-level managers are getting bonuses of $1.75 million to keep this company going through the liquidation process. it just seems quite tragic. and im afraid all too often in corporate news and i see jobs being lost just before the holiday season as well. but the brand would live on, it looks like. all those brands we just mentioned, brands ive never had before, it looks like theyre going to live on because 110 listed...

Going to mandate -- >> thats one of the things the bill is supposed to control is how insurance companies treat the people. >> it doesnt do it. >> who buy insurance. >> this is glory days for the insurance companies. i deem we move on to chris dodd. the chairman of the senate banking committee, connecticut democrat chris dodd has unveiled his financial overhaul legislation aiming to crack down on big banks and predatory lenders. dodd is proposing a consumer office at the federal reserve that w...