Although the primary aim of the Insolvency and Bankruptcy Code, 2016 (IBC), is to revive financially distressed entities and ensure their continued operation, its practical application often diverges from this goal. Creditors frequently leverage IBC proceedings to secure favourable settlements and maximise debt recovery, bypassing the conventional judicial process. Faced with the prospect of insolvency,…
CCI Approval Mandatory for Resolution Plan Approval by Coc Lexology Read the original article here
The Tribunal held that if the Corporate Debtor had genuinely contested the revocation, they would have referred to payments made towards the entire settlement amount or demanded their NDC The bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that financial creditors who have signed a settlement agreement with the…
Parent company of Finlayson, Makia and Vallila files for bankruptcy Helsinki Times Read the original article here
Adam Ebrahim set up two companies which were intended to be a takeaway and separate business delivering packages, but neither began trading Despite this, Ebrahim made two false applications for Covid Bounce Back Loans in 2020, claiming the companies had annual incomes of hundreds of thousands of pounds Ebrahim has been banned as a company…
The Tribunal rejected the appeal but allowed the appellant to submit a compromise and arrangement plan in accordance with Regulation 2B of the Liquidation Process Regulation The National Company Law Appellate Tribunal (NCLAT), New Delhi bench upheld the liquidation by finding that, in the absence of a compliant resolution plan, the Committee of Creditors (CoC),…
The Australian former master franchisee for multinational discount retailer Miniso will face a winding up hearing in the Supreme Court of New South Wales on Thursday, less than 12 months after the business was placed in voluntary administration for the second time. According to a notice published by the Australian Securities and Investments Commission (ASIC),…
Strong Room AI’s administrators press ahead with sale amid court battle over $10 million Startup Daily Read the original article here
Hydrogen firm Infinite Green Energy enters administration Energy Source & Distribution Read the original article here
By Noam N. Levey, KFF Health News Even Backers Say It’s Not Enough. Underscoring the massive scale of America’s medical debt problem, a New York-based nonprofit has struck a deal to pay off old medical bills for an estimated 20 million people. Undue Medical Debt, which buys patient debt, is retiring $30 billion worth of unpaid…