Non-Delivery of Plots & Failure to Refund Allottees Amount to Financial Debt Default: NCLT Initiates CIRP Against Primezone Developers [Read Order]

Liquidation

The National Company Law Tribunal (NCLT) Chandigarh Bench has initiated the Corporate Insolvency Resolution Process (CIRP) against Primezone Developers Private Limited after holding that the company’s failure to hand over possession of plots or refund the money received from allottees constituted a financial debt default under the Insolvency andBankruptcy Code, 2016 (IBC). Further, the insolvency…

Settlement In Corporate Debtor’s Liquidation Does Not Extinguish Personal Guarantee Obligations: NCLT Chennai

Liquidation

The National Company Law Tribunal (NCLT) at Chennai has reiterated that a settlement reached during the liquidation of a corporate debtor does not absolve a personal guarantor of liability under a separate contract of guarantee. A bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted an insolvency petition filed by Aditya Birla…

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Liquidation

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Liquidation

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Burger Burger continues trading after receivership as rescue plan begins

Liquidation

Yesterday, the Herald revealed the burger chain’s holding company, BurgerBurger Holdings, had been placed into receivership. Waterstone’s Adam Botterill was appointed receiver of that business on Wednesday by Beach Road Holdings. BurgerBurger Holdings (in receivership) is the shareholder of the two businesses that are in administration. The holding company has 11 shareholders, the largest of…

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Liquidation

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