The Ministry of Corporate Affairs (MCA) will examine litigation funding for PUFE – Preferential, Undervalued, Fraudulent, and Extortionate transactions under the insolvency regime to improve recoveries, the ministry told a parliamentary standing committee in a written reply. “Litigation funding for PUFE transactions will be examined in light of global best practices and…
Key takeaways: At least 16 freight companies were left with unpaid invoices. The debts exceeded US$508,000, €334,000 and £25,000. The bills were incurred during a three-month period between August and October 2024. The company belonged to the JCTrans international freight network, which appeared to give it credibility among other members. Investigators said the business could…
Raleigh is likely the first brand many people think of when they think of biking. For some, it may be the only bike brand they know. So it may be a shock for them to hear that such an iconic name, with a legacy of Tour De France and Olympic-level success, has gone out of…
SpiceJet reached a settlement with aircraft lessor Aviator ML on Monday over a payment dispute involving around ₹60 crore, but the National Company Law Tribunal (NCLT) deferred its judgment in a batch of eight insolvency petitions against the airline after other lessors opposed the settlement. SpiceJet informed the NCLT that an agreement had been reached…
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Leeds freight business shut down after Insolvency Service investigation reveals unpaid international debts Insider Media Ltd Read the original article here
Underlying Contract’s Subsistence Cannot Revive Time-Barred Debt Under IBC: Supreme Court Case Title : Srinivasa Reddy Velagala v. Sravanthi Infratech Pvt Ltd Case Number : Civil Appeal No. 876 of 2021 CITATION : 2026 LLBiz SC 272 The Supreme Court on Wednesday held that the mere subsistence of an underlying contract cannot give a creditor…
REVEALED: Liquidator appointments for businesses in the Redland council area for August 17 The Courier Mail Read the original article here
New Delhi: The National Company Law Appellate Tribunal (NCLAT) has upheld an order passed by the NCLT, directing insolvency proceedings against a personal guarantor of Mumbai-based Nyka Steel. A two-member bench of the appellate tribunal upheld a February 3, 2026 order of the National Company Law Tribunal (NCLT), Mumbai, which had admitted UCO Bank‘s plea…
The Federal Court has ruled against the shadow director of a collapsed formwork company, while finding the business attempted to leave behind millions of dollars in tax debts through a phoenixing scheme. Those findings open the door for liquidators to claw back more than $9 million that allegedly passed through the business in “uncommercial” transactions.…