NCLAT Stays Insolvency Proceedings Against Aviation Company After It Offers To Deposit Double The Debt

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently stayed the corporate insolvency proceedings against an aviation services company after it’s suspended director offered to deposit Rs 1.09 crore, double the claimed dues of Rs. 54.03 lakh (with 15% interest), which had been pending since 2019, to demonstrate its bona fide intentions.The bench,…

Belgian plastic recycler Fromto files for insolvency as weak demand weighs on business

The municipally-owned Belgian waste management and energy group Bionerga has confirmed the closure of its plastic recycling site Fromto in Houthalen. The group cited sustained losses and mounting pressure from low-cost primary plastics and imports. The operation had been “heavily loss-making for several years”, Bionerga said. “We regret having to shut down operations, but unfortunately…

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