Non-Delivery of Plots & Failure to Refund Allottees Amount to Financial Debt Default: NCLT Initiates CIRP Against Primezone Developers [Read Order]

Liquidation

The National Company Law Tribunal (NCLT) Chandigarh Bench has initiated the Corporate Insolvency Resolution Process (CIRP) against Primezone Developers Private Limited after holding that the company’s failure to hand over possession of plots or refund the money received from allottees constituted a financial debt default under the Insolvency andBankruptcy Code, 2016 (IBC). Further, the insolvency…

Homebuyers Qualify as Financial Creditors: NCLT Initiates CIRP Against Real Estate Developer for ₹6.76 Crore Default [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Chandigarh Bench has admitted an insolvency petition against Primezone Developers Private Limited, holding that homebuyers qualify as financial creditors under the Insolvency and Bankruptcy Code, 2016 (IBC) and that the developer had committed default in respect of claims aggregating to ₹6.76 crore. The petition was filed jointly by 33…

NCLT Mumbai Admits Paytm Parent’s Insolvency Plea Against Gaming Company Fabzen Over ₹3.41 Crore Dues

Bankruptcy

The National Company Law Tribunal (NCLT) in Mumbai has admitted an insolvency plea filed by One97 Communications Ltd, which operates Paytm, against gaming company Fabzen Technologies Pvt Ltd over unpaid dues of more than ₹3.41 crore for digital advertising services. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that One97…

Settlement In Corporate Debtor’s Liquidation Does Not Extinguish Personal Guarantee Obligations: NCLT Chennai

Liquidation

The National Company Law Tribunal (NCLT) at Chennai has reiterated that a settlement reached during the liquidation of a corporate debtor does not absolve a personal guarantor of liability under a separate contract of guarantee. A bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted an insolvency petition filed by Aditya Birla…

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Liquidation

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Bankruptcy

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Liquidation

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Liquidation

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Burger Burger continues trading after receivership as rescue plan begins

Liquidation

Yesterday, the Herald revealed the burger chain’s holding company, BurgerBurger Holdings, had been placed into receivership. Waterstone’s Adam Botterill was appointed receiver of that business on Wednesday by Beach Road Holdings. BurgerBurger Holdings (in receivership) is the shareholder of the two businesses that are in administration. The holding company has 11 shareholders, the largest of…