A five-member special NCLT bench constituted to hear the personal insolvency case of Subhash Chandra on Tuesday issued notices to all the parties and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly. Last week, NCLT approved a repayment plan under which creditors are set to recover about ₹6.25 crore…
The National Company Law Tribunal has issued a significant directive to Essel Group chairman Subhash Chandra, barring him from disposing of his properties amidst an ongoing personal insolvency case, following a contentious split verdict on a repayment plan. Photograph: ANI Photo Key Points A special five-member NCLT bench has issued notices to all parties in…
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Subhash Chandra insolvency: NCLT issues notices, bars him from disposing of properties The Times of India Read the original article here
“Insolvencies are now 75% higher than pre-pandemic conditions as a slow economy and surging costs send more companies to the wall, indicating a structural shift in business conditions and confidence,” said Mr Innes Willox, Chief Executive of the national employer association Australian Industry Group. “There were 3,450 insolvencies in the June quarter and 14,150 in the previous financial year, compared to around 2000…
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Liquidator questions fees paid to directors before cannery collapsed Toowoomba Chronicle Read the original article here
A five-member special bench of the National Company Law Tribunal (NCLT) on Tuesday issued notices to all parties in the personal insolvency case of Essel Group chairman Subhash Chandra and directed him not to alienate his properties, directly or indirectly. The bench, headed by NCLT President Justice Anupinder Singh Grewal, said there was no majority…
INDIA – Hindusthan National Glass and Industries Ltd (HNGIL) has initiated insolvency proceedings against B9 Beverages Ltd, the maker of Bira 91 beer, by issuing a demand notice over an alleged payment default of Rs 11.77 crore (US$1.24M). The glass manufacturer issued the notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), before a possible application to the National Company…
Business collapses are 75 per cent higher than pre-pandemic levels, analysis from the Australian Industry Group shows. The figures show more construction businesses are falling into insolvency than in any other industry, but also companies in the care sector are going bust at rates not seen before in Australia. For the second time in four…