Existence of Financial Debt and Default Above Statutory Threshold Sufficient to Initiate CIRP u/s 7: NCLT Allows ₹28.51 Cr Insolvency Petition [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Mumbai Bench has allowed an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of India initiating the Corporate Insolvency Resolution Process (CIRP) after finding clear evidence of financial debt and default exceeding the statutory threshold. The Bank of India had extended financial…

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Liquidation

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Liquidation

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Bankruptcy

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CIRP Cannot be Suspended Over Pending Arbitral Award: NCLAT upholds Insolvency filed by Canara Bank against CD [Read Order]

Bankruptcy

The National Company LawAppellate Tribunal (NCLAT) New Delhi Bench has upheld the admission of insolvency application under Section 7 of Insolvency and Bankruptcy Code 2016 filed by Canara Bank holding that the mere pendency of an arbitral award in favour of the Corporate Debtor (CD) cannot be a ground to suspend the CorporateInsolvency Resolution Process…

Reps Panel Approves N248.6bn Relief, Debt Restructuring For 3 DisCos

Debt Help

The House of Representatives Public Accounts Committee has approved a N248.6 billion financial relief and 10-year debt restructuring framework for the Kano, Jos and Ikeja Electricity Distribution Companies (DisCos) as part of efforts to stabilise Nigeria’s power sector. The resolution followed the adoption of a technical subcommittee report reviewing the 2021 Auditor-General for the Federation’s…

Reps Panel Approves N248.6bn Relief, Debt Restructuring For 3 DisCos

Debt Help

The House of Representatives Public Accounts Committee has approved a N248.6 billion financial relief and 10-year debt restructuring framework for the Kano, Jos and Ikeja Electricity Distribution Companies (DisCos) as part of efforts to stabilise Nigeria’s power sector. The resolution followed the adoption of a technical subcommittee report reviewing the 2021 Auditor-General for the Federation’s…

Supreme Court Dismisses Appeal Filed by Suspended Director in Insolvency Case, Terms It “Wholly Incompetent” [Read Judgment]

Bankruptcy

In a recent ruling the Supreme Court of India has dismissed an appeal filed by suspended director of Ambro Asia Private Limited, ruling that the appeal was “wholly incompetent” and incapable of being cured by amendment. The matter started from insolvency proceedings initiated by Unox S.P.A., an operational creditor, under Section 9 of the Insolvency…