The statement said the order will be reviewed and challenged before appropriate legal forums | Photo Credit: greenleaf123 The National Company Law Tribunal (NCLT) has admitted two significant insolvency petitions filed by public sector lenders — State Bank of India and Canara Bank, marking a fresh escalation in legal and financial challenges involving entities linked…
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Ardmore Group Ltd has applied for a company moratorium after two group firms filed notices to appoint administrators. Court records show an application for a moratorium was filed for Ardmore Group Ltd earlier today (11 June). Separate filings made the previous day show applications for notices to appoint administrators for Ardmore Major Projects Ltd and…
It’s been a rough few weeks for Helen Chan Sun. Last month, one B.C. Supreme Court judge jailed the Vancouver developer for civil contempt. This week, even as Sun remained behind bars, another judge from the same court declared the former multimillionaire bankrupt, paving the way for a trustee to oversee her finances. “The debtor…
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday admitted State Bank of India’s plea to initiate a personal insolvency resolution process against Anil Ambani.The state-owned lender had moved the tribunal in 2020 to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. The…
As courts make headway with backlogs, technology and intellectual copyright cases open a fresh arena in dispute resolution The past 18 months have reshaped the commercial dispute resolution landscape in India. The Madras High Court’s Commercial Division has settled into a rhythm, the Chennai bench of the National Company Law Tribunal (NCLT) has begun to…
In a recent ruling, the National Company Law Tribunal (NCLT), Mumbai Bench, dismissed an insolvency petition filed by Think Hard India Private Limited against the personal guarantor of Seya Industries Ltd., holding that failure to invoke the personal guarantee meant no default had occurred under the Insolvency and Bankruptcy Code (IBC). In January 2020, corporate debtor Seya Industries Ltd. obtained a…
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Among the 11 electric battery companies investigated by Quebec’s auditor general, three were high-profile jewels in the province’s quest for green leadership that ended up going bankrupt or being declared insolvent. Northvolt, Lion Electric and Taiga Motors received more than $650 million in provincial funding before failing. Auditor general Christine Roy found the government’s attempts…