Mosaic Brands: Australian fashion giant allegedly couldn’t pay its debts for years, but continued trading

Administrators for Australia’s largest specialty fashion group, Mosaic Brands, have issued a preliminary finding that the company may have been operating while insolvent, four years before the company’s collapse. Mosaic Brands entered administration last year and owes a total of between $361 million to $392 million to creditors in Australia and overseas. Insolvency is when…

NCLT directs insolvency resolution proceedings against Gensol Engineering and arm Gensol EV Lease

The National Company Law Tribunal (NCLT) admitted  Gensol Engineering Ltd. and its arm Gensol EV Lease Ltd for insolvency resolution following separate petitions filed by Indian Renewable Energy Development Agency Ltd. (IREDA). However, NCLT appointed an alternative interim resolution professional (IRP) for both the companies, while rejecting the name proposed by IREDA. On May 14, State-run IREDA had filed an…

Financial Crisis Deepens, ET Auto

The tribunal also asked the IRP to file periodical progress reports on the CIRP. The National Company Law Tribunal (NCLT) has ordered the commencement of insolvency proceedings against Gensol Engineering Ltd and its group company Gensol EV Lease, following petitions filed by the Indian Renewable Energy Development Agency (IREDA), PTI reports. In its order issued…