NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor – MSN
NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor MSN Read the original article here
Luxury yacht-builder Fairline collapses just weeks after sale | Money News
One of Britain’s biggest luxury boat manufacturers has collapsed into administration less than two months after it was sold to new investors. Sky News has learnt that Fairline Yachts, which is based in Oundle, Northamptonshire, had fallen into insolvency proceedings after DF Capital, the company’s main lender, triggered the appointment of Alvarez & Marsal (A&M)…
NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor
The National Company Law Tribunal (NCLT) on Wednesday ordered the removal of Bjyu’s interim resolution professional (IRP). The insolvency court also directed the Insolvency and Bankruptcy Board of India (IBBI) to take disciplinary action against the IRP and disband the committee of creditors (CoC) constituted by the IRP. The NCLT’s Bengaluru bench passed the order…
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NCLT orders initiation of disciplinary enquiry against Byju’s RP
Meanwhile, the BCCI argued that their application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the proceedings, must be heard first. It contended that if the application for withdrawal were to be allowed, the other pleas filed by the creditors would not stand. In other words, the BCCI has contended…
Setback For AGI Greenpac As Supreme Court Junks HNG Revival Bid, Stock Falls
AGI Greenpac Ltd.’s resolution plan for the acquisition of insolvent Hindustan National Glass Ltd. is unsustainable and has to be set aside, the Supreme Court has held. A three-judge bench of the top court comprising Justices Hrishikesh Roy, Sudhanshu Dhulia, and S.V.N Bhatti stated that any action that may have been taken after the resolution…
Walsall surveyors warn ‘worse to come’ after ‘surge’ in company liquidations over Christmas
Walsall-based chartered surveying company Kumar and Company is handling around 17 insolvency auctions in the wake of company failures over recent weeks and months, across a broad range of business sectors, they say. The firm acts for insolvency practitioners, local authorities and private businesses across the UK. Most recently the company says the liquidation of…
NCLAT Sets Aside Order Directing Fresh Valuation Of Assets
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench comprising Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has observed that the assets of a subsidiary company cannot be treated as part of the assets of its holding company in a Corporate Insolvency Resolution Process (CIRP). The Tribunal held that…
Adani & JSW among big names lining up for insolvent Arshiya, ET Infra
A diverse group of companies including Adani Ports and Special Economic Zone, JSW Infrastructure, Horizon Industrial Parks and Transindia Real Estate Ltd have shown interest in acquiring listed supply chain and logistics infrastructure firm Arshiya Ltd, which is undergoing a corporate insolvency resolution process. Investors such as Authum Investment & Infrastructure Ltd, Dickey Alternative Investment…
Makers of iconically ‘addictive’ Fraktals declare bankruptcy
Markham-based Krieger & Company Inc. has been appointed as trustee of the estate for the Aurora chocolatier renowned for its distinctive buttercrunch treat One Chocolate Corporation, the owners of iconic Aurora chocolatier Fraktals, has declared bankruptcy. A notice posted on the door of its retail location on Industrial Parkway South said that One Chocolate Corporation made…