The attempt to rescue and relaunch Jet Airways (JAI, Mumbai Int’l) is likely to be prolonged, or even jeopardised, as the airline faces fresh litigation. Meanwhile, Dutch administrators have sold one of the carrier’s Boeing widebodies for USD9 million, a monitoring committee official revealed. While the consortium behind the attempted relaunch comprising Murari Lal Jalan,…
Introduction The Insolvency and Bankruptcy Code 2016 (IBC) was enacted with a view to consolidate and amend the laws governing insolvency and reorganization of private companies, partnership firms and individuals in a time bound manner. The IBC sought to replace the void left by the Sick Industrial Companies Act 1985 (repealed in 2003) which was…
Thu, 09 Sep 2021 | BUSINESS NEWS The Insolvency Service has announced that temporary measures introduced last year to help viable businesses avoid being forced into unnecessary insolvency during the COVID-19 pandemic will be phased out from October 1. The end of the previous legislation will occur alongside the introduction of new measures to help…
This week, scandal-besmirched retail group Steinhoff passed the first major hurdle on the way to what would be a world first: rescuing a company crippled by what seemed to be an inescapably fatal fraud. Of the other multinationals in the same position, none survived. Overseas, Enron ended up bankrupt within months of its shenanigans emerging,…
Banks have taken the initiative to implement personal insolvency against defaulting promoters buoyed by the Supreme Courts endorsement of the law in May. The latest data released by the Insolvency and Bankruptcy Board of India (IBBI) show that 56 new cases were filed in the first quarter ended June, almost half of the total 128…
NEW DELHI: The pandemic and a shortage of members in the National Company Law Tribunal (NCLT) has slowed insolvency resolution by over 45% with cases taking nearly 593 days during the June quarter, latest data showed.As of March-end, it took 408 days from the insolvency commencement date to the approval of the resolution. A thrust…
Jane Thornton (54) and Norman Thornton (65), from Telford, were both directors of the construction company Norjan (Properties) Limited, which went into liquidation in July 2020 with liabilities over 411,000. The Liquidator discovered that Norjan had informed its major client to direct payments into a new bank account from January 2020. This account belonged to…
Jet Airways on Saturday said one of its wide-body Boeing 777 aircraft, which was under the custody of the Dutch Administrator due to the insolvency proceedings against the company in the Netherlands, has been sold, and the proceedings will mainly be utilised to close the process. Jet Airways is facing insolvency proceedings in the Netherlands…
BELGRADE (Serbia), September 6 (SeeNews) – Serbian company Konvar has acquired the assets of bankrupt pharmaceutical firm Jugoremedija from Czech Republic-based APS Capital Group’s subsidiary Project One for an undisclosed sum, data from the country’s commercial register showed on Monday. The ownership change at Jugoremedija was entered into the register on August 30, according to…
Mallinckrodt looks like it could join Purdue Pharma in reaching a settlement in its bankruptcy proceedings related to opioid litigation, after years of legal wrangling. The Ireland-headquartered pharma company filed for bankruptcy last year, after proposing a $1.6 billion payout to settle lawsuits claiming that its marketing of opioid painkillers helped to fuel an epidemic…