NCLT Admits Plea for Insolvency [Read Order]

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted a Section 10 application filed by NAC Advertising India Private Limited and initiated the Corporate Insolvency Resolution Process (CIRP) against it, after finding that the company’s financial default was clearly established and above the threshold under Section 4(1) of the Insolvency and Bankruptcy Code,…

Hong Kong Court Orders China South City’s Liquidation

China South City Holdings Ltd, the largest Chinese property developer by assets to face court-ordered liquidation since China Evergrande Group, has been ordered to wind up by Hong Kong’s High Court, dealing another blow to already fragile investor confidence in the country’s real estate sector. Bloomberg reported that the ruling from Judge Linda Chan came…