On, August 2, 2017, the National Company Law Tribunal (NCLT) approved India’s first resolution plan, that of Synergies-Dooray Automotive Ltd, under the newly enacted Insolvency and Bankruptcy Code (IBC). The insolvency plea of the Hyderabad-registered automotive spare parts manufacturer, which made aluminium alloy wheels for global automakers, was admitted in the NCLT on January 23,…
The National Company Law Tribunal (NCLT), Kochi Bench of Shri Vinay Goel (Judicial Member) and Smt. Madhu Sinha (Technical Member) has held that once claims are filed before the Liquidator, the Liquidator is obligated under Section 40 of the IBC to either accept or reject them. The Liquidator cannot direct the claimant to approach the…
By PwC PwC’s Global insolvency year in review 2024 presents a detailed analysis of insolvency trends across major global economies. While the report includes Africa-focused content developed by PwC Africa colleagues – covering South Africa, Ghana and Kenya – the following summary highlights the key insights related to South Africa. The South African economy has…
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IFX Payments said today (Monday) it’s considering pulling out of its takeover bid for foreign exchange (FX) broker Argentex Group, just days after the struggling British currency firm appointed administrators due to funding problems. IFX Payments May Walk Away From Argentex Deal After Administration The payments company issued a statement saying Argentex entering administration is…
Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales decreased by 8.4% to a total of 2,043 in June compared to May 2025’s total of 2,230, and decreased by 15.9% compared to June 2024’s figure of 2,430. The business insolvencies consisted of 332 compulsory liquidations,…
Home Business Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to… IDBI Trusteeship had moved NCLT against Anil Ambani’s Reliance Infrastructure, but now NCLAT stays insolvency proceedings against the company. Anil Ambani (File) Reliance Infrastructure Ltd announced on Friday that the appellate tribunal NCLAT has halted…
The National Company Law Tribunal, New Delhi Bench-IV, comprising Manni Sankariah Shanmuga Sundaram (Member-Judicial) and Atul Chaturvedi (Member-Technical), has admitted an application u/s 7 of the IBC seeking initiation of the CIRP against the corporate debtor. The tribunal held that the amount advanced against property can be treated as a “financial debt” u/s 5(8) of…
The mayor’s chief of staff placed his company into liquidation last month, owing Inland Revenue $560,000. File photo. Photo: RNZ / Diego Opatowski One of Auckland Council’s top executives is on leave while the council investigates the insolvency of his property development company. Jaswant Singh – known as Jazz Singh – is the mayor’s chief…
“While I’m doing so and until we fully understand the situation, it wouldn’t be appropriate to comment further. “In the meantime, and by mutual agreement, Jazz is taking a few days’ leave,” Wilson said. Chief executive of Auckland Council Phil Wilson. Wilson said neither he nor the mayor was aware of the existence of the…