Category Archives: Liquidation

Implication Of Classifying Corporate Debtor As “Fraud” During Corporate Insolvency Resolution Process – Insolvency/Bankruptcy

The recent decision of the Hon’ble National Company Law Tribunal, Mumbai Bench, in the case concerning Rolta India Limited (Corporate Debtor herein), wherein it upheld the right of the Bank of India (Financial Creditor) to classify the Corporate Debtor’s account as “fraud” during the pendency of the Corporate Insolvency Resolution Process (CIRP), has given rise…

Ex-promoters of Bhushan Steel seek open court hearing on liquidation review; CJI to form bench, ETInfra

The bench held that the CoC failed to exercise its commercial wisdom while approving JSW’s resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations. The former promoters of Bhushan Steel and Power Ltd on Monday urged the Supreme Court to accord an open court hearing to their…

‘CERSAI Registration Enough to Claim Secured Creditor Status Under IBC; RoC Non-Registration Not Fatal’: NCLAT [Read Order]

The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) held that CERSAI registration was enough to claim secured creditor status under IBC and noted that RoC non-registration was not fatal. In this case, Bizloan Private Limited appealed against the order passed by the National Company Law Tribunal, Mumbai bench, which classified the appellant…

Bhushan Steel and Power’s ex-promoters seek open court hearing on liquidation review plea; CJI to constitute a bench

The former promoters of Bhushan Steel and Power Ltd (BSPL) on Monday requested the Supreme Court to list their review petition against the company’s liquidation order for an open court hearing. The petition challenges the top court’s May 2 verdict that set aside JSW Steel’s resolution plan and ordered liquidation of BSPL under the Insolvency…

NCLT’s focus on insolvencies impacts corporate oppression responsibilities

Minority shareholders have to take a back seat as the National Company Law Tribunal’s focus has been on insolvencies, which has impacted its other duties, namely the oppression and mismanagement jurisdiction, write Aditya Vikram Bhat and Aadith Sridhar ON9 January 2009, the Blackberrys of corporate lawyers, accountants, law enforcement officers and corporate executives started buzzing…

Supreme Court Rejects BCCI & Riju Ravindran’s Appeals on CIRP Withdrawal Rules – Outlook Business

Vedanta’s spokesperson swiftly rebuffed the claims, stating, “All business activities of VSPL have been transparently disclosed and are in line with statutory norms. Loans between VSPL and Vedanta Ltd were executed in full compliance with applicable laws, corporate governance standards and both Vedanta Ltd and VSPL have consistently reported accurate loan terms, interest rates and…

Proof & Company Spirits closes Singapore distribution business

SINGAPORE – After 13 years, Proof & Company Spirits – the Singapore-based distribution arm of independent spirits company Proof & Company – has entered provisional liquidation. It cited closures in the food and beverage scene as a reason for its decision to close. “The decision follows a period of mounting challenges for the F&B and…