Category Archives: Bankruptcy

IBC Weekly Round-Up [9th December To 15th December 2024] – Live Law – Indian Legal News

IBC Weekly Round-Up [9th December To 15th December 2024]  Live Law – Indian Legal News Read the original article here

Flight Design files for insolvency : : FLYER

German aircraft maker Flight Design has run out of cash and filed for insolvency. The managing director of Flight Design filed for insolvency in court with outstanding debts in the ‘mid-six-figure’ range. The court appointed lawyer Marcello Di Stefano, a partner in specialist insolvency company Diligens, as provisional insolvency administrator. Mr Di Stefano said, “The…

Resolution Professional recommends admitting Air Deccan’s Captain Gopinath to personal insolvency

SBI had moved the plea to initiate insolvency proceedings against Gopinath in 2022, when NCLT issued notice and appointed Bhuvaneshwari as Gopinath’s RP. The case has progressed at a snail’s pace since then, owing to pendency of challenges to provisions relating to personal guarantors under the IBC before the Supreme Court. The apex court ultimately…

Group insolvency norms likely part of IBC Bill – Banking & Finance News

The Bill to amend the Insolvency and Bankruptcy Code (IBC), set to be presented in Parliament during the Budget session, may include provisions for the introduction of “group insolvency” norms, according to official sources. To increase value maximisation of assets, reduce the workload of National Company Law Tribunals (NCLTs), and improve cost efficiency, there is…

Another KTM AG group company declares insolvency and will shut down

The Vöcklabrucker Metallgießerei GmbH has become the latest company impacted by the ongoing crisis within KTM AG. The foundry initiated insolvency proceedings on Friday, putting 134 jobs at risk. According to KSV1870, which represents the creditors, the company’s management had believed until recently that KTM AG would provide the necessary liquidity, especially after the firm…

Situation At KTM Worsens After Company Backtracks On Salary Commitments

KTM‘s financial situation appears to have deteriorated, as reports suggest the company has backtracked on its commitment to pay its employees before 2025. The Upper Austrian Chamber of Labour revealed that KTM staff will not receive their December salary, despite the company’s earlier promise to provide a 90 percent advance on the month’s pay. The…

Reliance Industries arm buys Mumbai-based karkinos Healthcare

Reliance Strategic Business Venture Limited, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has successfully bid for Karkinos Healthcare Pvt Ltd, a Mumbai-based technology-led oncology platform. The Mumbai Bench of the NCLT on 9th December 2024 approved Reliance Strategic Business Venture Limited’s Rs 352-crore resolution plan.  Earlier, the Committee of Creditors (CoC) had approved the…

Fears policymakers are not taking note of record insolvencies

Decade-high business insolvency figures may not speak for themselves, says NSW Small Business Commissioner Chris Lamont, who fears that ample data on SME hardships may go unconsidered by policymakers. Speaking at the Council of Small Business Organisations Australia (COSBOA) annual summit on Wednesday, Lamont said better regulation is equally as important to small businesses’ performance…