The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the…
NCLAT sets aside Jaiprakash Associates’ plea against insolvency proceedings Economic Times Read the original article here
When we released our first global insolvency forecast in February, we were already expecting a sharp increase in 2024 (+9%), followed by a stabilization in 2025. However, recent developments have led to an even grimmer picture, with a projected increase of +11% for this year (+2pps from the previous forecast), followed by a peak of…
New rules on insolvency and restructuring of companies in Portugal will come into force in mid-April, under a law published in the state gazette on Tuesday that reduces the period of personal insolvency to three years from the current five. At present, people who file for insolvency are limited in their financial life for five…
Share of US corporate bankruptcies seeking liquidation on track for 15-year low S&P Global Read the original article here
Earlier this year, the Allahabad bench of the National Company Law Tribunal initiated insolvency proceedings against Jaiprakash Associates Ltd. in a plea moved by ICICI Bank Ltd. The tribunal held the construction company to be in default for Rs 1,269 crore. ICICI Bank had sanctioned loans to Jaiprakash Associates under six different facilities between 2011…
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year. The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100…
The NCLT admitted JAL to CIRP on June 3 on pleas filed by ICICI Bank and the State Bank of India (SBI). The tribunal cited the company’s significant debt burden as ground to admit the pleas. JAL faces a total debt of over ₹50,00 crore with multiple lenders having exposure. ICICI Bank alone claims over…
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against…
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