section 220The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of Insolvency Professional (IP) for a period of one year for multiple contraventions of the Insolvency and Bankruptcy Code, 2016 (Code), including the improper constitution of a Committee of Creditors (CoC) and other significant procedural lapses. The disciplinary action stemmed from the…
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Liquidators brought in to handle the collapse of the trust that looks after some of Torbay’s most treasured landmarks say they are doing all they can to protect its assets. Two specialist insolvency practitioners have been brought in by PKF Francis Clark following news last month that the Torbay Coast and Countryside Trust (TCCT) had…
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has dismissed the appeal filed by the appellant under Section 61 of the Insolvency and BankruptcyCode, 2016 (IBC), holding that mere shareholder status does not confer locus standi as a “person aggrieved” under Section 61. This appeal arises from the order passed by the NCLT, whereby…
Insolvency Professionals, Valuers Need Very Effective Self-Regulating Mechanism: Official outlookbusiness.com Read the original article here
The National Company Law Tribunal (NCLT) at Mumbai has recently stressed that stakeholders must act within statutory timelines during a corporate insolvency resolution process, dismissing six applications filed by former employees of Indo Global Soft Solutions and Technologies Private Limited after finding that their claims had been submitted 18 months after the last date prescribed…
The Supreme Court has held that a contract which has been lawfully terminated before the initiation of insolvency proceedings cannot be treated as an “asset” or “property” of the corporate debtor, and therefore does not enjoy the protection of the moratorium under Section 14 of the Insolvency and Bankruptcy Code. The Bench observed that “once…
When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say. International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as…
When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say. International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as…
Katra Realtors enters insolvency process amid Ansal API financial challenges Prop News Time Read the original article here