CoC Rejected CIRP Extension & Corporate Debtor Fails to Approve Resolution Plan: NCLT Orders Liquidation u/s 33 IBC [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Mumbai Bench has ordered liquidation proceedings against Shri Tradco Deesan Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) after the Committee of Creditors (CoC) rejected further extension of the Corporate Insolvency Resolution Process (CIRP) and no resolution plan could be approved within the prescribed…

Blackburn director banned for nine years after BBL breach

Bankruptcy

Rashid Hussain, 57, of Tintern Crescent, was investigated by the Insolvency Service after breaching the terms of the Government-backed Bounce Back Loan (BBL) scheme for his business ZIB Haulage Ltd. The carrier company overstated its application for a BBL, resulting in the company receiving £50,000, despite not being entitled to it. During the pandemic, the…

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Bankruptcy

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Bankruptcy

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