The processes of winding-up and business rescue sometimes enable mining companies to evade the normal but costly mine closure obligations. 1 A winding-up process involves an insolvent company being placed under the custodianship of a liquidator, who manages the fair allocation of the company's assets to its creditors, …
Many savvy investors and strategic buyers are increasingly cherry-picking assets of bankrupt companies that are facing liquidation. From residential residential buildings and land parcels, to plants and textile machinery to shipping companies, everything is a potential investment.The trigger lies in the amendment made by the …
Public Announcement of Liquidation Process : 10-09-2024 : 05-10-2024 : Ambey Vaishno Steels Private Limited : Manoj Kumar Mishra : Mr.Harish Kant Kaushik : Public Announcement of Corporate Insolvency Resolution Process : 10-09-2024 : 20-09-2024 : Essar Oil and Gas Exploration and Production Limited ... Company CIN Not Now ...
The majority union at the troubled mining company Central Rand Gold SA has applied for the firm, which is already under liquidation, to be put under business rescue instead. The Building Allied Mining and Construction Workers' Union, which represents 75 of the 120 company's employees, has applied to the Johannesburg High …
The meteorological data covered the period of mining company liquidation, which began in 2012 and continued until 2017. 2012 marks the year just before the gold mining company was placed under …
For example, a mining company's mining right is extinguished on the final liquidation of the company holding that right (except where the right is encumbered as security for a mortgagee bank) and it reverts to the state. As a result, a liquidator cannot extract any value from the mining licence held by the company prior to its liquidation.
Example. Company A commenced liquidation on 25 Aug 2022. The liquidator is required to prepare an account of the company's receipts and payments for the period from 25 Aug 2022 to 24 Aug 2023.
Key Points. Why it matters: taxpayers have pledged $900 million to sulphate of potash groups. Kalium became insolvent after NAIF declined to make $5 million available. Its founding director, Brent...
GENERAL CIRCULAR NO. 41/2011, Dated 6th July 2011. Subject: E-filing of Income Tax return in respect of companies under liquidation. The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing …
Reserves and resources are key to the success of any mining project – these underpin the ability of the operating company to service its debt and generate an equity return.
The COVID-19 (Coronavirus) pandemic has forced society to reimagine how it operates. Amid efforts tomitigate the health effects of the Coronavirus, a further concern is the detrimental impact thepandemic has and will continue to have on businesses and the economy. It is therefore pertinent fordirectors and stakeholders to be aware of the …
Two more U.S. coal mining companies have filed for bankruptcy as producers across the country struggle to sell coal into the troubled thermal coal market.
Coal companies have used bankruptcy and asset transfers to shed their obligations to their workers and to the environment. One of these companies is Alpha …
South African Mining Mogul Mzi Khumalo Puts Zimbabwean Gold Mines Under Business Rescue ... suspension on legal actions or liquidation measures against the company, giving it an time to cut down ...
The company shall be under liquidation from the moment of its dissolution for any reason whatsoever. The words "company under liquidation" as well as the name of the liquidator (s) shall appear on all instruments and documents issued by the company to third parties, including letters, invoices, notices, and various publications.
Athi River Mining Company is to wind up its operations on 30th September 2021, bring an end to more than two years when the cement maker has been under administration. ... Available figures indicate that ARM went under with total claims of $ 154.14 Million made up of $ 2.88 Million belonging to preferential creditors, KSh 17.06 …
A company goes into liquidation when a registered liquidator is appointed to conduct the winding-up of a company and the liquidation of its assets. A liquidator is generally appointed on the grounds that the company is insolvent and there is no better way for creditors to maximise their return than from liquidating the assets.
The decade-long liquidation process of Doe Run Peru looks set to end after creditors agreed an action plan to provide a definitive solution for the La Oroya smelter and Cobriza copper mine.
13 Sep, 2024 Mr. Kulwant Singh takes charge as Executive Director, IBBI.; 10 Sep, 2024 Approval of Resolution Plan - Drish Shoes Limited [239/CHD/HRY/2021] ; 10 Sep, 2024 Approval of Resoluiton Plan - KVR Industries Private Limited [IA (IBC)-165-2023 in CP(IB)-204-7-AMR-2019]
5.6 Change of accounting period following the liquidation of the company 5.6.1 New accounts are prepared for less than 12 months and ending in the same year as the accounts before liquidation A company which is under liquidation may change its accounting period. The first set of accounts which is closed in the failure year will be taken
Almost 130 workers and suppliers of controversial mining company Central Rand Gold (CRG) are set to go without their salaries or overdue payments for an even longer period after the mine was placed …
the Companies (Winding Up) Rules, 2020 that are applicable to companies undergoing liquidation under section 271 of the Companies' Act, 2013 as well as to the summary procedure for liquidation under section 361 of Companies' Act, 2013. 1 Notification No. IBBI/2016-17/GN/REG010 dated March 31, 2017 has substituted the provision for …
first meeting of creditors of company under administration (combined) - 436e(3)(b) application for winding up order - 465a(1)(c) ... notice to submit particulars of debt or claim in a simplified liquidation process - 5.6.39(2)and(3) appointee/solicitor name. …
realise any value in the company and its assets, and; maximise any return to creditors. The case. Forge Group Limited (in liquidation) (Forge) was a mining services company that ran into serious financial trouble in 2014 which resulted in the appointment of administrators / liquidators and receivers and managers.
Prior to the commencement of IBC, the laws and regulations governing liquidation of companies in India were largely fragmented under various laws including the Companies Act, Sick Industrial companies Act, 1985, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 …
Subject: E-filing of Income Tax return in respect of companies under liquidation. The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation.
What does a liquidation entail? When a company/close corporation undergoes a voluntary or compulsory liquidation (also known as the "winding – up" of a company/close corporation) it involves the process of selling all the assets, paying off creditors, issuing any remaining assets to the shareholders, and closing the …
4. Sharma Kalypso Private Limited. Sharma Kalypso Private Limited was incorporated on 9 th April 2009 under the authority of the Registrar of Companies Delhi. The date of closure of the insolvency resolution process is 2 nd June 2022. The liquidation started on 16 th November 2022 and the order of NCLT was uploaded on the website on 18 th …
The case pertaining to the company's liquidation was placed on the roll in the North Gauteng High Court in 2021 and last year. ... (Ltd), which owns the Marico Chrome Mine, is under liquidation.
Liquidators will wind up ARM to settle claims estimated at $ 103.82 Million. George Weru and Muniu Thoithi of Price Waterhouse Cooper made ends on September 30th, 2021.