Technical Objections Cannot Defeat CIRP Once Debt and Default are Established: NCLT Admits ₹39.19 Cr Insolvency Plea Against Millenium Starch [Read Order]

The National Company Law Tribunal has admitted insolvency proceedings against Millenium Starch India Private Limited on a petition filed by Axis Bank Limited holding that technical objections cannot defeat a Corporate Insolvency Resolution Process (CIRP) once the existence of financial debt and default is established. The facts stated that Axis Bank had approved loan facilities…

NCLAT clears Adani’s ₹14,500 crore Jaiprakash deal, rejects Vedanta appeal

The National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by Vedanta Limited challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Limited under the insolvency resolution process.  A two-member bench comprising NCLAT Chairperson Ashok Bhushan and Technical Member Barun Mitra ruled that there was “no merit” in Vedanta’s…

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Sky News Australia. . Australian Financial Security Authority CEO Tim Beresford discusses the rise of insolvencies across Australia, with projections rising to 13,500 and then 15,000 in the coming years. – facebook.com

Sky News Australia. . Australian Financial Security Authority CEO Tim Beresford discusses the rise of insolvencies across Australia, with projections rising to 13,500 and then 15,000 in the coming years.  facebook.com Read the original article here

Westlake Vinnolit Takes over Insolvent Vynova Wilhelmshaven

The Vynova site in Wilhelmshaven © Vynova In the insolvency proceedings of Vynova Wilhelmshaven, the provisional insolvency administrator Christian Kaufmann from Pluta Rechtsanwaltsgesellschaft has announced good news regarding the ongoing investor process. The restructuring expert has signed a letter of intent with the listed US chemicals group Westlake regarding the acquisition of the production site…