Clients of a controversial online “brand building” company which shut last week were told to pay up by March 31 – the day its founder announced its liquidation. FBA Brand Builder founder Darren Campbell announced via social media last week the company would be no more, blaming a fall in revenue caused by negative coverage…
The tribunal held that no liability can be fastened on the corporate debtor for default committed during Section 10A period. The adjudicating authority has, therefore, not committed any error in holding the Section 9 application as non-maintainable The Adjudicating Authority cannot suo moto change the date of default specified in the insolvency application unless an…
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