Kitchen retailer Magnet is to close 15 stores as part of a major restructuring plan designed to reduce unsustainable property costs and protect the stronger parts of the business. The company has announced that the closures will be implemented through a proposed Company Voluntary Arrangement, commonly known as a CVA. Magnet said the CVA is…
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday held that the moratorium under the Insolvency and Bankruptcy Code (IBC) does not prevent the Enforcement Directorate (ED) from attaching assets alleged to be proceeds of crime under the Prevention of Money Laundering Act (PMLA). It observed that Parliament did not enact the IBC…
Without Pay Since May, 150 Workers at Halberstadt Canning Company Face Collapse Amid Allegations of AD HOC NEWS Read the original article here
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The NCLAT was hearing appeals filed by the liquidator of a company (corporate debtor) against a July 19, 2022 order of the NCLT Ahmedabad. The NCLT had dismissed the liquidator’s applications seeking relief against actions taken by the Enforcement Directorate (ED). The case arose from ED proceedings against the corporate debtor over allegations of bank…
Save You have reached your maximum number of saved items. Remove items from your saved list to add more. AAA When an employee of non-bank lender Oak Capital was chased through the lobby of the Rialto in Melbourne’s CBD by a TV reporter 18 months ago and cornered in a women’s toilet cubicle, it was…
New Delhi, June 30: Appellate tribunal NCLAT has set aside an NCLT order directing the initiation of insolvency proceedings against Vikram Solar, noting that the operational debt involved was below the minimum threshold of Rs 1 crore prescribed under the Insolvency and Bankruptcy Code (IBC). A two-member bench of the National Company Law Appellate Tribunal…
The National Company Law Appellate Tribunal (NCLAT), New Delhi Bench has held that provident fund and gratuity dues payable to workmen and employees do not form part of the liquidation estate under the Insolvency and Bankruptcy Code (IBC), even if no separate provident fund or gratuity fund has been maintained by the corporate debtor. The…
Seven companies related to Flato Developments Inc. — the Markham builder behind Owen Sound’s approved 716-unit Greystone Village subdivision — have been placed in receivership over roughly $29 million in defaulted loans. The Owen Sound lands are not named in the court order. An Ontario court granted the receivership order June 23 on application by…
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