Company law tribunals must therefore remain mindful that inordinate delays cause commercial uncertainty, degradation in the value of the corporate debtor and makes the insolvency process inefficient and expensive. By Utkarsh Anand, Hindustan Times, New Delhi UPDATED ON SEP 14, 2021 04:27 AM IST The Supreme Court on Monday said judicial delay was the main…
NEW DELHI : The Supreme Court on Monday said judicial delay” was the main reason for the failure of the insolvency regime in India prior to the 2016 Insolvency and Bankruptcy Code (IBC), as it urged company law tribunals to strictly adhere” to the timelines under the new law and clear pending resolution plans. A…
Sep 13 2021, 7:18 PMSep 13 2021, 7:59 PMSeptember 13 2021, 7:18 PMSeptember 13 2021, 7:59 PM The Mumbai bench of National Company Law Tribunal has admitted a personal insolvency petition against Venugopal Dhoot, erstwhile promoter and personal guarantor of Videocon Industries Ltd., filed by its financial creditor State Bank of India.While the oral order…
Figures show the rate of New Brunswick adults coping with serious financial problems is the highest in Canada for the fourth year in arow, adding a wrinkle to the introduction of credit scores as a factor in setting auto insurance rates in the province. Over the last several months, the New Brunswick Insurance Board has…
Company liquidation as a going concern, instead of winding it up and selling the assets bit by bit, is gaining traction, as it helps fetch higher value for creditors while saving the livelihood of employees. The Ahmedabad chapter of the National Company Law Tribunal (NCLT) last week passed an order clearing the liquidation of an…
Specifically, the suspension of the provisions around wrongful trading will be over and creditors can once again seek to put companies who owe them money into liquidation. The end of protections has already been delayed numerous times. The UK Government is undoubtedly concerned that ending the protections all at once will lead to a real…
A Liverpool property company that was behind a number of stalled sites now owes buyers over 41m. Absolute Living Developments (ALD) was behind a string of off plan residential schemes across the north west which were not delivered. The schemes were heavily marketed toward overseas buyers many of whom lived in the Far East. But…
Foreword from the Chair of the Insolvency Service Board I am delighted to introduce the Insolvency Services annual plan for 2021-2022, having been appointed Chair of the Insolvency Service Board in April 2021. This is an exciting and important time for the Insolvency Service as we launch our new five-year strategy. It is my privilege…
(Bloomberg) — Japan Airlines Co. plans to raise about 300 billion yen ($2.7 billion) via subordinated bonds and loans to shore up its capital in case the coronavirus pandemic hurts travel demand longer than it expects. The Tokyo-based carrier said it secured around 200 billion yen in loans from four Japanese banks and plans to…
A slow transition to a low-carbon future and failure to take urgent action on climate risks stranding more than a trillion dollars in oil and gas projects, according to a new study out from financial think tank Carbon Tracker Initiative. The groups fifth annual analysis of the risk of investing in oil and gas reveals…