Insolvency and Fair Competition – GOV.UK

The application sought authorisation for fifteen vehicles to support the company’s tool and plant hire operations. However, investigations revealed significant overlaps between PHS Group SW Ltd and the recently insolvent Purple Hire Solutions Ltd, including shared business addresses, contact details, operating centres, and familial ties among directors. Notably, Purple Hire Solutions Ltd had substantial unpaid…

Existence of Financial Debt and Corresponding Default is a Sine Qua Non for Initiating Proceedings u/s 7 of IBC

The tribunal considered the reasons made by each party and maintained the Adjudicating Authority’s ruling that the Appellant’s Section 7 petition was malicious and fraudulent. The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, upheld the adjudicating authority’s ruling and dismissed a Section 7 petition under the Insolvency Bankruptcy Code (IBC), 2016, finding…