Supreme Court judge Justice Sanjeev Sachdeva on Tuesday said that the Insolvency and Bankruptcy Code should not be viewed as “a corporate death warrant,” emphasising that its primary objective is the revival of financially distressed companies through resolution rather than liquidation. Speaking at the launch of IBC Mantra: The Law & Practice of the Insolvency…
The Supreme Court has reiterated that once a resolution plan is approved under Section 31 of the Insolvency and Bankruptcy Code (IBC), it becomes binding on the corporate debtor, creditors and all other stakeholders. Court held that all claims not specifically provided for in the approved plan stand extinguished, and no fresh or pending legal…
The Economic Court of Vitebsk Region declared the Polotsk Dairy Plant bankrupt and decided to initiate its liquidation procedure. Павялічыць Illustrative photo Shortly before this, the production assets of the enterprise were transferred to the management of “Savushkin Produkt” company. It received production buildings, equipment, and the workforce, which are planned to be used for…
A Moscow court has declared Russia’s only domestic television manufacturer bankrupt, the newspaper Kommersant reported Monday, citing court records. Consumer electronics retailer DNS filed a bankruptcy petition against the manufacturer, Kvant, last June over an unpaid debt of more than 654 million rubles ($8 million). DNS owns the in-house TV and electronics brand Irbis, which Kvant stopped…
The brand under which TVs were assembled in Voronezh has been officially declared bankrupt. The Moscow Arbitration Court satisfied the claim of OOO “DNS Retail” (a subsidiary of the DNS group) to declare OOO “Kvant” bankrupt – the legal entity specializing in assembling the only domestic TVs under the Irbis brand. Mikhail Etonov’s Kvant group…
Creditors owed more than $200 million by a renewable energy retailer backed by former Rudd government climate adviser Ross Garnaut will be lucky to get 10¢ on the dollar, with most likely to receive nothing at all. Zen Energy’s administrator, McGrathNicol, told creditors the business had failed because its business model – buying renewable energy…
By Harry Mottram: The owners of high street shops, manufacturing outfits, logistic companies and Britain’s many thousands of SMEs must scratch their heads when they look at what has happened to Sheffield Wednesday FC this year. Insolvent, in administration and up for sale with £80m of debt, surely the club would have to be liquidated? Not…
Earth Overshoot Day is calculated by the Global Footprint Network using UN and other official datasets to estimate two big numbers: the Earth’s annual “biocapacity” (how much biological resource nature can renew in a year) and humanity’s ecological footprint (our demand for land, food, energy and materials during the same period). Dividing one by the…
PHOENIX – Valley favorite Salad and Go is closing all of its locations Aug. 5 as it filed for bankruptcy, the company said on Tuesday. What we know: “Salad and Go today announced that it has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court…
PHOENIX (AZFamily) — A popular Arizona salad chain is closing its doors permanently after filing for Chapter 11 bankruptcy. Salad And Go will serve its last customers on Wednesday, the company said in a statement on Tuesday. “This is a painful day for everyone who built, worked for and loved Salad and Go,” said Mike…