Category Archives: Bankruptcy

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States | Kramer Levin Naftalis & Frankel LLP

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States[1] The Bottom Line Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or insolvency proceeding…

Creditors approve Winsome Yarn’s insolvency plan; Moves NCLT for further approval, ET LegalWorld

The Winsome Yarn Limited‘s Committee of Creditors (COC) has approved with the requisite majority, through e-voting, in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed by M/s Mohini Health & Hygiene Limited. The Resolution Professional has applied for approval of the COC approved Resolution Plan with the…

Bankrupt Birmingham council takes drastic steps to balance the books – Financial Times

Bankrupt Birmingham council takes drastic steps to balance the books  Financial Times Read the original article here

Former oil tycoon OK Lim and his children declared bankrupt

SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday (Dec 27). The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$3.5 billion (S$4.7 billion)…

Dock Financial declared bankrupt | Delano News

The Financial Sector Supervisory Commission (CSSF) notified the public that Dock Financial S.A., an electronic money institution has been declared bankrupt on 23 December 2024. The Court designated Me Cédric Schirrer as the bankruptcy receiver in the same ruling. The CSSF confirmed on December 24, 2024, that Dock Financial S.A.’s insolvency resulted in the removal…

Hin Leong’s founder O.K. Lim, children declared bankrupt

SINGAPORE – Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Dec 27 showed. Better known in the oil trading industry as O.K. Lim, the 82 year old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their…

NCLT admits insolvency plea against Hero Electric over unpaid tyre supply dues

National Company Law Tribunal (NCLT) has recently initiated Corporate Insolvency Resolution Process (CIRP) against Hero Electric Vehicles Pvt Ltd following a petition filed by Metro Tyres. The operational creditor alleged that Hero Electric failed to clear dues amounting to ₹1.85 crore for tyres and tubes supplied between August and December 2022. In its December 20…

NCLT directs initiation of insolvency proceedings against Hero Electric

Sohinder Gill, CEO of Hero Electric India poses with the Dash and ER series electric two-wheelers, in Kolkata. | Photo Credit: PTI The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of ₹1.85 crore. As…

Hero Electric Faces Bankruptcy Proceedings Over Unpaid Dues

The National Company Law Tribunal (NCLT) has begun insolvency proceedings against Hero Electric, following a plea by operational creditor Metro Tyres over an alleged default of Rs 1.85 crore. The tribunal also appointed Bhoopesh Gupta as Interim Resolution Professional to manage the company after the board’s suspension. Hero Electric’s defense, citing a pre-existing…