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…
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…
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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…
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French studio Supamonks, which created the visual style for the commercially successful Absolum, has been declared bankrupt, raising questions about the fate of the planned animated series based on the game. Despite Absolum’s success, French studio Supamonks, responsible for the game’s visual style, is in the process of liquidation. The game sold over 500,000 copies.…
Udaan faces insolvency proceedings in Singapore over $170 million bond default: Report Moneycontrol.com Read the original article here