Delhi High Court Quashes Best Judgment Assessment as Company Was Under Insolvency Process The Delhi High Court quashed an ex parte income tax assessment order as the order was passed without giving a fair opportunity for a hearing. The assessing officer had passed an order under Section 143(3) read with Section 144B of the Income…
Toys ‘R’ Us accused of dishonest behaviour and questionable transactions following insolvency Toronto Star Read the original article here
New Delhi, Feb 21 (KNN) The Insolvency and Bankruptcy Board of India (IBBI) has proposed a series of amendments to insolvency regulations aimed at enhancing transparency in resolution plan approvals, addressing gaps in insolvency cost disclosures, and streamlining the treatment of delayed claims. In a discussion paper, the regulator emphasised that while the commercial wisdom of…
Four UK companies have entered administration this week, including a prestigious fashion retailer, as business insolvencies rise 41% UK clothing giant and 3 more major companies fall to administration this week – full list(Image: Tatsiana Volkava via Getty Images) The number of businesses across the UK entering administration has dramatically risen recently, with another four…
The National Company Law Appellate Tribunal (NCLAT) hearing for Hi-Tech Gears Ltd., scheduled for February 18, 2026, could not proceed as planned due to time constraints. The interim stay on the company’s Corporate Insolvency Resolution Process (CIRP) has been ordered to continue, providing a temporary reprieve. Reader Takeaway: Stay continues, offering temporary reprieve; ongoing CIRP…
Income Tax: High Court Quashes Rs. 232 Crore Ex Parte Assessment; Grants Fresh Opportunity to Respond Nayati Healthcare and Research NCR Private Limited challenged an ex parte assessment order dated 24.03.2025 passed under Sections 143(3) read with 144B of the Income Tax Act, 1961, whereby income was determined at Rs. 232,17,82,426 on a best judgment…
Embassy Developments Gets Relief as NCLAT Postpones Corporate Insolvency Hearing to February 2026 scanx.trade Read the original article here
Izaak Walton Inn Owners Hit with $9.4M Foreclosure Lawsuit Months Before Decision to Shutter Flathead Beacon Read the original article here
At least eleven (11) public universities are staring at a KSh100 billion funding shortfall that has left them technically insolvent, despite increased allocations under the student-centred financing model. Education officials told the National Assembly Committee on Education on Thursday that the gap has crippled operations, with some universities struggling to pay salaries, pensions, and meet…
Andrew Alty and his family had been hoping to taking in the breathtaking sights of Morocco but were left with a brutal sting in the tail when they were hit with a huge roaming bill 17:06, 20 Feb 2026Updated 17:06, 20 Feb 2026 One teenage daughter’s decision to watch TikTok nearly lead to her family’s…