NCLAT dismissed IDBI Bank’s insolvency plea against Zee Entertainment, ruling that the default occurred during the COVID-19 period was protected under Section 10A of the IBC The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) ruled that an insolvency application filed by IDBI Bank Limited against Zee Entertainment Enterprises Ltd. (ZEE) was…
Peres Projects, Influential Berlin Gallery, Declared Insolvent by German Court Artnet News Read the original article here
Business owners are becoming more conservative with borrowing after recent data highlighted challenges are persistent. Business failures are rising and forcing many to rethink processes, according to the Experian Commercial Risk Barometer. As of the last quarter of 2024, there was a 0.7 per cent increase in businesses operating in the Australian market. Businesses at…
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TOI correspondent from London: A consortium of Indian banks celebrated on Wednesday after the UK high court refused Indian tycoon Vijay Mallya permission to appeal his UK bankruptcy order and the amended bankruptcy petition.The State Bank of India-led consortium is trying to claw back a £1 billion debt from Kingfisher Airlines founder Vijay Mallya who…
The National Company Law Appellate Tribunal (NCLAT) observed that Section 60(1) expressly provides for the NCLT to function as the Adjudicating Authority for Personal Guarantors to Corporate Debtors, thereby aligning such cases procedurally with corporate insolvency proceedings under Part II, even though the substantive provisions are rooted in Part III. The Appellate Tribunal clarified that…
A consortium of Indian banks, led by State Bank of India, on Wednesday won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines. High Court judge Anthony Mann ruled in favour of the banks…
Unruly Technologies, a company specializing in blockchain technology and digital currencies, has filed a request with the Tel Aviv District Court to initiate insolvency proceedings due to severe financial difficulties. The company, which developed the blockchain platform behind the digital currency Spacemesh, sought to offer an alternative to Bitcoin’s consensus mechanism. Its vision centered on…
German LRV manufacturer battles insolvency International Railway Journal Read the original article here
Fugitive liquor baron Vijay Mallya suffered another legal setback in the UK as the High Court upheld a bankruptcy order against him, rejecting multiple appeals and ruling decisively in favour of a consortium of Indian banks led by State Bank of India. “The bottom line in relation to this is that the bankruptcy order stands,”…