A society or resident welfare association (RWA) has no legal right to intervene at the stage where a financial creditor seeks to trigger insolvency proceedings against a real estate developer for defaulting on its loan obligations, the Supreme Court ruled on Thursday. New Delhi, Jan 10 (ANI): A view of the Supreme Court building, the…
Noida: Lurching from one crisis to another, Wish Town, and with it the fate of 17,000 homebuyers, are caught in turbulence yet again.Acting on a complaint from Enforcement Directorate (ED), Delhi Police’s economic offences wing has filed an FIR against Suraksha Realty and Lakshdeep Investments and Finance – Suraksha’s partner in the insolvency resolution of…
Key Facts: Non-bank lenders are increasing court enforcement actions to record levels while major banks reduce their activity, particularly through 2023-2025 Overall insolvency rates continue to rise, with numbers in December 2025 exceeding 2024 levels and showing consistent upward trend since COVID The ATO remains the primary source of court actions, with continued high levels…
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Economist Shamubeel Eaqub said the rate of closures often picked up at the start of a recovery. “Particularly for some sectors, because the early part of a recovery is slow. There is a disappointment gap.” He said that was seen in the Quarterly Survey of Business Opinion (QSBO). “Businesses were saying ‘oh, next quarter things…
New Delhi: The Supreme Court on Thursday held that homebuyers’ societies or resident welfare associations (RWAs) ordinarily constituted for maintenance and management of common facilities in a housing project cannot intervene in the insolvency proceedings of the developer company. The judgment was delivered by a bench comprising justices JB Pardiwala and R Mahadevan. The bench…
These days, eating out has been more on the expensive side of things. As a result, customers are picking and choosing when to go to restaurants due to affordability. But that of course has an impact on the restaurant industry. In fact, there are several restaurant chains that are likely to go bankrupt or close…
Produce Buying Company (PBC) Limited The Produce Buying Company (PBC) Limited faces complete bankruptcy according to auditors who analyzed the state owned enterprise’s 2024 financial statements, marking a catastrophic deterioration from an already critical situation just one year earlier. Adom Boafo and Associates, the company’s independent auditors, issued a qualified opinion on financial statements for…
New Delhi, Jan 15 (PTI) The Supreme Court on Jan 15 ruled that homebuyers’ societies or Resident Welfare Associations (RWAs) ordinarily constituted for maintenance and management of common facilities in a housing project cannot intervene in the insolvency proceedings of the developer company. The Supreme Court on January 15 ruled that homebuyers’ societies or RWAs,…
“The Society is not a party to the financial transaction forming the substratum of the Section 7 application. Hence, no statutory right of appeal inheres in the appellant,” it said, adding that the NCLAT’s decision absence of locus standi rests on sound legal footing. “Permitting such intervention would undermine the expeditious and structured insolvency framework…