One of Hudson’s Bay’s lenders says it’s willing to back changes to a restructuring agreement that would give the retailer more time to find a way to save six stores it has so far spared from liquidation. A lawyer for Restore Capital LLC says his client is open to revising a deadline that would force…
Clothing retailer Jeanswest has collapsed, with more than 90 stores set to close within months and hundreds of employees set to lose their jobs. The company confirmed the news on Wednesday, with administrators citing increasingly tough trading conditions in the Australian retail sector. Jeanswest entered administration in January 2020, but was rescued by Hong Kong…
79680 Meetings and Events Australia (MEA), the country’s longest-standing industry body for the events sector, will be entering voluntary administration after 50 years of service to the events industry. MEA will cease operations and appoint an administrator with MEA noting that rising operating costs and declining financial backing had made it unsustainable. These challenges were…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that the interest cannot be added to the outstanding liability when there is no contract between the parties to this effect and no past practice justifying…
Australian industry association Meetings and Events Australia (MEA) has announced it will be entering Voluntary Administration after 50 years of service. The country’s longest-standing industry body for the events sector announced it will cease operations, and an administrator has been appointed. The announcement comes in the MEA’s 50th anniversary year. The MEA National Conference, due…
79680 Meetings and Events Australia (MEA), the country’s longest-standing industry body for the events sector, will be entering voluntary administration after 50 years of service to the events industry. MEA will cease operations and appoint an administrator with MEA noting that rising operating costs and declining financial backing had made it unsustainable. These challenges were…
IBLJ showcases 50 of the most interesting and significant deals from 2024, and reveals the lawyers and law firms that guided them India witnessed a dynamic year of deal-making in 2024, driven by a booming IPO market and swift transactions. The Economic Survey 2024-25, produced by the Ministry of Finance, has highlighted steady manufacturing growth,…
The National Company Law Tribunal (NCLT), Mumbai bench comprising K.R. Saji Kumar (Judicial Member) and Anil Raj Chellan (Technical Member) has dismissed the withdrawal application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC/Code) in the insolvency proceedings of Syska LED Lights Pvt. Ltd (Corporate Debtor). The Tribunal held that once a Corporate…
Bank of India has classified its Rs. 616.30 crore exposure to debt-ridden Rolta India Ltd as fraud, according to a regulatory filing submitted under SEBI (LODR) Regulations, 2015. The disclosure comes while the company undergoes the Corporate Insolvency Resolution Process (CIRP) under India’s bankruptcy law. Rolta India’s Insolvency Status The National Company Law Tribunal (NCLT),…
SpiceJet has successfully settled its dispute with Willis Lease Finance Corporation, a leading global aircraft engine lessor, resulting in a substantial saving for the airline. As part of the agreement, Willis Lease has withdrawn its insolvency case against SpiceJet, closing yet another chapter in the airline’s ongoing efforts to strengthen its financial foundation. This settlement…