REVEALED: Latest business liquidations in Moreland – Herald Sun
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Co-owner of bankrupt Snoras bank hiding in Russia – media
His wife, Sigita Baranauskienė, told Delfi in an interview that they are living “a modest life” in Moscow, where they have rented an apartment for many years, do not own a car, and travel everywhere by Moscow Metro. The woman likened her and her husband’s life in Russia to exile. She insisted that her spouse…
Wet wipes company sold for NIS 178 million
Dynamic recently entered insolvency proceedings, but this morning the court approved its sale to the Ronen Elad Holdings Group for NIS 178 million. Chairman Elad: “We believe in the company’s potential, in the technology, and above all in the dedicated employees” The court approved this morning (Thursday) the sale of the Dynamic Wet Wipes company…
ITAT Mumbai Holds Tax Appeals Infructuous After Company’s Liquidation And Sale As Going Concern
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that no effective adjudication survives in income tax appeals filed by EMI Transmission Limited after the company underwent liquidation under the Insolvency and Bankruptcy Code (IBC). It noted that the company had been sold as a going concern and the liquidation proceedings had…
Wokingham TG Jones to close as restructuring plan approved
TG Jones, previously known as WH Smith before its rebranding last year, currently operates more than 450 stores with 4,700 staff (mostly in the UK). But it is now set to close 150 of those stores as part of a “restructuring” plan which was approved by the High Court on Wednesday (July 1). TG Jones to…
Karanja court adjournment sends Mercantile shares lower
Shares in Mercantile Ports and Logistics Ltd (LON: MPL) fell 15% to 1.30p after a key court hearing in India linked to the company’s fight over its Karanja port asset was adjourned. The AIM-listed company said a hearing before the National Company Law Tribunal in Mumbai was adjourned on Wednesday, with no substantive order passed.…
Removal of Charge Alone Cannot Defeat Insolvency Proceedings Where Debt Remains Unpaid: NCLT [Read Order]
The National Company Law Tribunal (NCLT), Chandigarh Bench has held that mere removal or satisfaction of a charge over the assets of a corporate debtor does not amount to discharge of the underlying financial debt and cannot by itself invalidate insolvency proceedings initiated under Section 7 of the Insolvencyand Bankruptcy Code, 2016 (IBC). The applicant…
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Foreign Companies Need RBI Approval To Acquire Security Interest In Indian Immovable Property: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a foreign company cannot acquire or be assigned a security interest over immovable property in India without the Reserve Bank of India’s permission. Holding that no such approval had been obtained in the present case, the tribunal ruled that Mauritius-based Tropical Ventures Company…