The move comes after the owners, brothers Michael and David Shabsels, were reported to have emptied the company of its cash. After disclosing that its owners had emptied its cash reserves, US summer camps company Simad Holdings (TASE: SIMD) reported on Friday that it had filed for chapter 11 protection in New…
The high court passed orders attaching properties of the different group companies, including RHC Holdings, which was a debtor to Ligare Aviation. The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the…
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was “only round tripping of money” and not “any genuine financial transaction”. In a strongly worded…
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was “only round tripping of money” and not “any genuine financial transaction”. In a strongly worded…
NCLAT has set aside insolvency proceedings against Ligare Aviation, ruling that Religare Enterprises” loan was ”round-tripping of money,” not genuine financial debt. New Delhi, Jun 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare…
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Glass manufacturer Hindustan National Glass & Industries Ltd (HNGIL) has warned B9 Beverages, the company behind Bira91, that it could face insolvency proceedings if outstanding payments of about Rs 11 crore are not cleared. In a letter dated June 4 and addressed to investors in B9 Beverages reviewed by MoneyControl, HNGIL said it remained open…
On 1 June 2026, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The provisions came into force on 2 June 2026.…
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