Pending Avoidance Proceedings Cannot Override CoC’s Commercial Wisdom to Liquidate Corporate Debtor: NCLT [Read Order]

The Mumbai Bench of the National Company Law Tribunal (NCLT) has held that the pendency of avoidance transaction proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot obstruct the liquidation of a corporate debtor once the Committee of Creditors (CoC) has in its commercial wisdom resolved to liquidate the company under Section 33(2) of…

Liberty Bell Bay administrators say the company may have been insolvent for more than a year

The administrators of the Liberty Bell Bay manganese smelter believe the company had been insolvent since May last year, months before the Tasmanian government loaned it $20 million. The smelter in northern Tasmania was placed into administration in March and officially closed last week, leaving about 200 workers without jobs.  In its voluntary administrators’ report,…

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To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a…

Jeff Bezos Said ‘I Predict One Day Amazon Will Fail. Amazon Will Go Bankrupt’ — But the Key to Prolonging That Demise Is to ‘Obsess Over Customers’

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Success has a funny way of convincing people it’s permanent. Amazon (NASDAQ:AMZN) founder Jeff Bezos spent years warning that no company—not even his own—is immune from decline. Back in 2018, while Amazon was expanding at a breathtaking pace,…