The National Company Law Appellate Tribunal (NCLAT) on Friday (December 6, 2024) rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process…
In this week’s TGIF, we examine the High Court’s recent decision in Greylag Goose Leasing 1410 Designated Activity Company & Anor v P T Garuda Indonesia Ltd [2024] HCA 21. In the decision, a majority of the High Court upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a…
The Pierer Mobility group has announced that struggling bike manufacturer KTM will enter self-administration and apply for the initiation of judicial restructuring proceedings. The Austrian marque is undergoing a significant financial crisis and was seeking at least 100 million euro to continue operating beyond 2024. The company, currently competing in MotoGP, has laid off hundreds…
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the…
NCLAT sets aside Jaiprakash Associates’ plea against insolvency proceedings Economic Times Read the original article here
New rules on insolvency and restructuring of companies in Portugal will come into force in mid-April, under a law published in the state gazette on Tuesday that reduces the period of personal insolvency to three years from the current five. At present, people who file for insolvency are limited in their financial life for five…
Earlier this year, the Allahabad bench of the National Company Law Tribunal initiated insolvency proceedings against Jaiprakash Associates Ltd. in a plea moved by ICICI Bank Ltd. The tribunal held the construction company to be in default for Rs 1,269 crore. ICICI Bank had sanctioned loans to Jaiprakash Associates under six different facilities between 2011…
The NCLT admitted JAL to CIRP on June 3 on pleas filed by ICICI Bank and the State Bank of India (SBI). The tribunal cited the company’s significant debt burden as ground to admit the pleas. JAL faces a total debt of over ₹50,00 crore with multiple lenders having exposure. ICICI Bank alone claims over…
The decision in Commissioner of State Revenue v McCabe (No 2) [2024] FCA 662 (McCabe) serves as an important reminder that commercial morality is to be considered as a factor under the “public interest”, rather than a separate consideration relevant to termination of a DOCA under s 445D of the Corporations Act 2001 (Cth). In…
6 December 2024 06:24 The Board of the National Bank of Ukraine has decided to classify Commercial Investment Bank JSC as insolvent. This was reported by “Komersant Ukrainian” with reference to the NBU press service. The decision was made in connection with the failure of Cominvestbank to bring its activities in line with the requirements…