Running a company can be challenging, especially when cash flow pressures build. If you find yourself in financial difficulty, there are alternative pathways for small businesses other than traditional liquidation and administration. Must be a corporation to qualify In 2021, new laws were introduced to make corporate insolvency simpler and more affordable for small, incorporated…
The Bombay High Court has said that a person cannot use the Presidency-Towns Insolvency Act, 1909 to escape or delay paying court-ordered maintenance. The Court made it clear that insolvency proceedings cannot block or weaken a Family Court’s maintenance order in any way. Facts: Justice Jitendra Jain delivered the ruling while hearing a husband’s plea…
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Bombay High Court: In an insolvency petition raising a question that can a debtor, facing arrears of maintenance ordered under Section 125 of the Criminal Procedure Code, 1973 (‘CrPC’), seek protection under the Presidency Towns Insolvency Act, 1909 (‘Insolvency Act’) by being declared insolvent, a Single Judge Bench of Jitendra Jain, J., while dismissing the…