The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that no effective adjudication survives in income tax appeals filed by EMI Transmission Limited after the company underwent liquidation under the Insolvency and Bankruptcy Code (IBC). It noted that the company had been sold as a going concern and the liquidation proceedings had…
TG Jones, previously known as WH Smith before its rebranding last year, currently operates more than 450 stores with 4,700 staff (mostly in the UK). But it is now set to close 150 of those stores as part of a “restructuring” plan which was approved by the High Court on Wednesday (July 1). TG Jones to…
Shares in Mercantile Ports and Logistics Ltd (LON: MPL) fell 15% to 1.30p after a key court hearing in India linked to the company’s fight over its Karanja port asset was adjourned. The AIM-listed company said a hearing before the National Company Law Tribunal in Mumbai was adjourned on Wednesday, with no substantive order passed.…
The National Company Law Tribunal (NCLT), Chandigarh Bench has held that mere removal or satisfaction of a charge over the assets of a corporate debtor does not amount to discharge of the underlying financial debt and cannot by itself invalidate insolvency proceedings initiated under Section 7 of the Insolvencyand Bankruptcy Code, 2016 (IBC). The applicant…
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The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a foreign company cannot acquire or be assigned a security interest over immovable property in India without the Reserve Bank of India’s permission. Holding that no such approval had been obtained in the present case, the tribunal ruled that Mauritius-based Tropical Ventures Company…
The Arthurlie Inn, on Main Street in Barrhead, has entered creditors’ voluntary liquidation following the collapse of its operating company, The Arthurlie Inns Ltd. The inn is believed to date back to the 1800s. The company went into liquidation on June 23 after shareholders voted to wind up the business and creditors confirmed the appointment…
TG Jones, previously known as WH Smith before its rebranding last year, currently operates more than 450 stores with 4,700 staff (mostly in the UK). It has branches in Weymouth, Dorchester and Bridport. But it is now set to close 150 of those stores as part of a “restructuring” plan which was approved by the High…
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Promise To Arrange Funds In Case of Default Does Not Make Promoter A Guarantor: Supreme Court Case Title: UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited Citation: 2026 LLBiz SC 3 Case Number: Civil Appeal No. 9701 of 2024 The Supreme Court of India has held that a promoter’s promise to arrange funds to…