On November 21, the National Company Law Appellate Tribunal (NCLAT) rejected an appeal from Multiplier Brand Solutions, which had challenged the National Company Law Tribunal’s (NCLT) decision to dismiss its insolvency petition against Amazon Wholesale (India). The Bench, led by Chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, found nothing wrong…
The government is gearing up to launch an integrated platform that aims to transform the insolvency ecosystem in India by expediting resolution processes. The platform will involve all key stakeholders, thereby addressing long-standing concerns about delays in handling stressed assets since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016. Anita Shah…
Forward AM confirms filing for insolvency VoxelMatters Read the original article here
The company provided manpower and related services for Amazon Device Projects based on purchase orders issued between October 2022 and May 2023. Subsequently, invoices amounting to ₹3.69 crore were raised from March 2023 to May 2023, and payment approval was requested. It contended that though Amazon Wholesale confirmed that two invoices were approved but delayed due…
What’s next for Northvolt after Chapter 11 bankruptcy? Sifted Read the original article here
(Bloomberg) — India has started an investigation into financing and accounting practices at Byju’s, according to people with knowledge of the matter, after a previous inspection found corporate governance lapses at the struggling online tutoring firm. The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju’s books…
Forward AM has been serving the entire value chain of additive manufacturing since it was founded as part of BASF. Consulting, simulation of prototypes, final processing and component testing are just as much a part of the services as the development of materials, for which Forward AM is best known. The comprehensive material portfolio includes…
Raheja Developers, a prominent real estate company based in Gurugram, India, has been facing insolvency proceedings in recent times. The National Company Law Tribunal (NCLT) initiated these proceedings in response to complaints filed by over 40 flat buyers who alleged delays in the delivery of their units at the Raheja Shilas project in Sector 109,…
In May, 2020, Amy Shishler, whose last known address was St Johns Gardens in Bury, caused her retail company Precious and Posh Ltd to make a bounce back loan (BBL) application of £20,000. In a report, government agency The Insolvency Service said she did this “when she knew, or ought to have known, that the company turnover did not support…
Creditors have recovered around Rs 3.55 lakh crore through resolution of 1,068 cases under the insolvency law till September this year, the government said on Monday. In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 CIRP cases are ongoing and out…