The share of companies entering insolvency has risen sharply over the past couple of years to be at the top of the range observed in the 2010s, but on a cumulative basis remain slightly below their pre-pandemic trend. The rise has been due to challenging economic conditions and a catch-up effect from exceptionally…
New Delhi, Apr 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender’s…
The National Company Law Appellate Tribunal (NCLAT) has dismissed IDBI Bank’s plea challenging a National Company Law Tribunal (NCLT) order that rejected the private lender’s request for insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). NCLAT is the the appellate body for the decisions of bankruptcy court NCLT. The matter relates to an agreement signed on…
Home Business IDBI Bank’s insolvency appeal against ZEEL dismissed by NCLAT The bench clarified, however, that IDBI Bank retains the liberty to file a fresh insolvency petition for defaults occurring outside the Section 10A protection window. The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by IDBI Bank challenging the National Company…
Insolvency Service investigation leads to High Court closure of fraudulent timeshare claims firm Timeshare claims Timeshare sales operations have earned an appalling reputation for customer manipulation, high pressure sales, criminal activity and disregard for consumer laws over the last two and a half decades. Spanish timeshare companies. Operated illegally Suing these companies in Spain proved…
Telefonica Peru Unit to Declare Insolvency After Failed Sale Bloomberg Read the original article here
In May 2023, NCLT Mumbai dismissed IDBI Bank’s insolvency petition against ZEEL, ruling that the alleged default fell within the protected period under Section 10A IBC). The tribunal held that IDBI Bank’s claim of ₹149.60 crore was unsustainable as ZEEL’s liability under the guarantee agreement was strictly limited to maintaining two quarters’ interest on the…
Medico Remedies Adjusts Evaluation Amidst Debt Management and Growth Concerns MarketsMojo Read the original article here
In a keenly contested corporate battle, as many as 26 companies, including Gautam Adani’s Adani Enterprises, Anil Agarwal’s Vedanta, and Baba Ramdev’s Patanjali Ayurveda, have shown expressions of interest (EoIs) to buy the embattled Jaiprakash Associates Ltd (JAL), whose debt piled up during its heyday under the Jaypee Group. The company, the flagship of…
Up to 16,000 households in Shropshire may be getting into debt and struggling to pay their bills, the county’s Citizens Advice Bureau (CAB) has estimated. It also said the recent government announcement regarding changes to benefits was a concern for many. The charity’s chief officer Jackie Jeffrey said: “A lot of people that we support…