The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said “no error has been committed” by the National Company Law Tribunal (NCLT), while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024,…
LEBANON — Mounting financial troubles have forced the owners of Gusanoz Mexican restaurant, located on the Miracle Mile, to shutter two related restaurants and file for bankruptcy, in a move that impacts both employees and a South Royalton nonprofit that depended on one of the restaurants for a significant share of its business. The restaurant’s…
Advantages of voluntary corporate rescue The Herald Read the original article here
Freighter operator Cargologic Germany (CLG) has been declared insolvent after it was banned from European airspace in March, reports Oliver Link of Air Cargo News sister title DVZ. The District Court of Leipzig has appointed the lawyer Lucas F. Flöther as the provisional insolvency administrator. The insolvency of the airline, which went into operation in…
By NEIL SEARS Published: 06:06 AEDT, 8 January 2025 | Updated: 06:13 AEDT, 8 January 2025 Is this an unpaid tax bill I see before me? In the case of award-winning actress Cush Jumbo, 39, it certainly is. And a bankruptcy threat looms. The acclaimed performer, who last year appeared as Lady Macbeth alongside David…
Semiconductor producer BelGaN has filed for bankruptcy. The company, based in Oudenaarde, East Flanders, employs 440 people. BelGaN switched its production from traditional silicon chips to gallium nitride chips, which can be used in electric chargers, electric cars and data centres. “To finance the significant investments associated with this transition process, after the initial investment…
Three Russian companies founded by Alexander Lyskovsky, including LLC “Gorodskie Teplytsy,” LLC “Gorodskie Teplytsy Moskva,” and LLC “Vertikalnye Fermy,” have announced plans to file for bankruptcy. According to investor Mikhail Taver, Lyskovsky failed to fulfill his duties as CEO and refused to…
Previously, Tupperware’s US headquarters had made no comment about the company’s Belgian sites. At the end of last year, the licences to manufacture and sell Tupperware products were withdrawn from the company’s Aalst (East Flanders) factory. This meant that the factory could no longer operate. However, management at Tupperware Belgium was given no further information…
Rum-based chocolate liqueur Tobago Gold has filed for bankruptcy. The brand filed for bankruptcy in November 2024 Founded by Lars Söderström, Tobago Gold is a chocolate rum liqueur made with Caribbean spices. It is bottled at 17% ABV. The brand, registered in the Netherlands, was declared bankrupt on 12 November 2024, official documents show. According…
Introduction In a recent judgment delivered by the Supreme Court of India,1 it has been reaffirmed that the Insolvency and Bankruptcy Code, 20162 (IBC/Code) is a complete Code in itself, having sufficient checks and balances, and thus, the exercise of supervisory jurisdiction and judicial review by the High Courts should only be exercised in exceptional and…