The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved a resolution plan, bringing the corporate insolvency resolution process to a close after it received unanimous approval from the committee of creditors. The order relates to Latakisan Construction Private Limited, in respect of which an application was filed by the Resolution Professional seeking…
The National Company Law Appellate Tribunal (NCLAT) Principal Bench at New Delhi, has upheld the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, holding that a financial default which crystallised prior to 25 March, 2020, is not protected by the statutory bar under Section 10A, even where the underlying loan…
Major creditor of Krrish Transworks Colombo files for Krrish Transworks’ winding-up Investor invitations likely once liquidator identifies company’s liabilities The Krrish Square project is expected to be stuck in limbo until the liquidation processes relating to Krrish Transworks Colombo Ltd. are completed, according to sources from the Urban Development Authority (UDA). The Sunday Morning Business…
Another South Island pet food company in voluntary liquidation The Press Read the original article here
PSV Holdings Limited will officially exit the Johannesburg Stock Exchange (JSE) after enduring nearly six years of financial distress, business rescue attempts, and eventual liquidation proceedings. Founded in 1998, PSV Holdings operated as an industrial engineering group, supplying essential industrial products such as steel and tools, alongside specialized services like gas systems. Its diverse client…
REVEALED: Latest business liquidations in Brisbane The Courier Mail Read the original article here
(Bloomberg) — State regulators are abandoning a plan to rehabilitate PHL Variable Insurance Co. and may pursue liquidation instead, after finding that the struggling life insurer — acquired by private equity firm Golden Gate Capital a decade ago — is in worse shape than previously thought. Authorities said they may also sue Golden Gate and…
THE PLAN OF SALE AND LIQUIDATION The following is a summary of features of the Plan of Sale and Liquidation. This summary may not contain all of the information about the Plan of Sale and Liquidation that is important to you. We encourage you to carefully read this entire proxy statement, including the Plan of…
Hyderabad: Industries of the Sanghi Group at Sanghinagar, Hayatnagar, were on the verge of power supply disconnection on Friday. The Telangana High Court was not inclined to intervene in the demand notices issued to the group to pay over Rs 4.21 crore in long-pending grid support charges (GSC) and interest, termed as surcharge, for the…
Insolvency in Nigeria, whether corporate or personal, functions both as a mechanism for addressing financial distress and as a strategic legal tool for creditors seeking to recover outstanding debts. Its procedures exert considerable pressure on defaulting debtors and often result in the realisation and distribution of assets for the benefit of creditors. The legal framework…