Category Archives: Liquidation

Whistleblower claims exposing corporate corruption in Byju’s insolvency process; implicates Ernst and Young and GLAS Trust in illegal activities

A whistleblower from Ernst and Young India claims to expose a major corporate corruption case involving Byju’s insolvency.  As per the whistleblower, Dinkar Venkatasubramanian of EY India allegedly managed the insolvency process for Byju’s on behalf of GLAS Trust, undermining the IBC, 2016.  The whistleblower possesses 30GB of evidence, including emails from the interim resolution…

Bankruptcy court allows exclusion of time in Gitanjali Gems liquidation due to PMLA proceedings

The bankruptcy court in Mumbai has allowed an application filed by the liquidator of Gitanjali Gems to exclude about 260 days from the liquidation process of fugitive diamantaire Mehul Choksi-promoted firm’s liquidation process. The company’s liquidator Santanu T Ray has sought exclusion for almost nine months due to ongoing investigations and proceedings under the PMLA…

Insolvency against Coffee Day resumes as NCLAT fails to pass order within deadline

New Delhi: Insolvency process against Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain, has resumed as appellate tribunal NCLAT could not pass the order within the specified deadline of February 21, set by the Supreme Court. Last week, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) completed the…

Beston to be liquidated after last ditch rescue bids fails – The Weekly Times

Beston to be liquidated after last ditch rescue bids fails  The Weekly Times Read the original article here

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Relief under IBC 60(5) on Liquidator Rejection of Claims Is not Available when Remedy under IBC 42 Is not Used

The Tribunal viewed that when section 42 of the code provided a clear remedy against the rejection or acceptance of the claims by the liquidator which has not been availed of, the Appellant cannot now seek the same relief by invoking the provisions of 60(5) of the code The National Company Law Appellate Tribunal (NCLAT)…

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