Category Archives: Bankruptcy

NCLAT junks Reliance Realty’s plea for insolvency against Altruist Customer Management, ETLegalWorld

NCLAT junks Reliance Realty’s plea for insolvency against Altruist Customer Management Corporate dispute appellate tribunal NCLAT has set aside an appeal filed by Reliance Realty seeking insolvency proceedings against Altruist Customer Management. A three-member bench of the appellate tribunal upheld the order of the Delhi-based National Company Law Tribunal (NCLT) which had rejected the insolvency…

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Former subsidiary declared bankrupt by court ruling

On March 9, Glodon News reported that Tianzhong Precision Machine (300461.SZ) announced the receipt of the Civil Ruling from the Intermediate People’s Court of Shenzhen City, Guangdong Province. The main content of the Civil Ruling is as follows: “This court believes that Youfu Company is unable to repay its due debts, its assets are insufficient…

TUK Clarifies Shutdown Reports After Parliament Declared It Insolvent – MSN

TUK Clarifies Shutdown Reports After Parliament Declared It Insolvent  MSN Read the original article here

DFS Reviews Top Insolvency and Bankruptcy Code Cases, Urges Faster Resolution at NCLT

The Department of Financial Services (DFS) on Monday reviewed the progress of major cases under the Insolvency and Bankruptcy Code (IBC) to accelerate resolution and improve recovery outcomes. The review meeting was chaired by DFS Secretary Shri M. Nagaraju, and attended by senior officials from the Department of Financial Services, top management of…

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NCLAT Upholds Dismissal of Reliance Realty’s Insolvency Plea Against Altruist

The National Company Law Appellate Tribunal (NCLAT) has upheld a previous decision rejecting an insolvency plea made by Reliance Realty against Altruist Customer Management. The dismissal was originally issued by the National Company Law Tribunal (NCLT), which cited a pre-existing dispute over Rs 24.34 crore in rental dues. Reliance Realty sought insolvency proceedings under…