With the government last month announcing that the Parliamentary Joint Committee on Corporations and Financial Services would begin an inquiry into corporate insolvency in Australia, iNO sought the views of stakeholders and interested experts on the Inquiry’s Terms of Reference. “At a higher level of policy, I think the inquiry is an opportunity to revisit…
Philip Ballard, of Ballard Business Recovery, was appointed voluntary liquidator for Essentially Tiles last month. He in turn has instructed Kumar and Company to auction off the company’s assets. The Walsall-based chartered surveyors, valuers and auctioneers are running an online auction sale, which continues until next Thursday (July 17). Along with the tiles, two forklift…
Canara Bank has informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani’s loan account as ‘fraudulent’. This decision comes after Ambani’s Reliance Communications, along with its unit, was initially labelled as such due to allegations of misappropriating a Rs 1,050 crore loan, news agency PTI reported. The funds, sanctioned…
Canara Bank has informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani’s loan account as ‘fraudulent’. This decision comes after Ambani’s Reliance Communications, along with its unit, was initially labelled as such due to allegations of misappropriating a Rs 1,050 crore loan, news agency PTI reported. The funds, sanctioned…
Secured Creditor Is Obligated To Contribute Towards Workmen’s Dues When Security Interest Is Realised… Live Law Read the original article here
IBBI Tightens Insolvency Rules To Curb Asset Misuse BW Businessworld Read the original article here
The Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process (CIRP) against Gstaad Hotels Pvt Ltd following a petition by its financial creditor, Omkara Asset Reconstruction Pvt Ltd, owing to a default of Rs 665.74 crore. The debt, originally extended by Piramal Capital and Housing…
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On 2 May 2025, the Supreme Court delivered a far-reaching Judgement in the matter of Kalyani Transco v Bhushan Power and Steel Ltd. The Court was hearing appeals by a bunch of operational creditors who had challenged the Corporate Insolvency and Resolution Process (CIRP) of Bhushan Power and Steel Limited (BPSL). In 2019, the National…
Six thousand Australians who invested hundreds of millions of dollars of their super funds with First Guardian, which collapsed earlier this year, have been told by the fund’s liquidator the case will take at least a year to resolve and there may be insufficient funds to pay them back. Liquidators from FTI Consulting, Ross Blakeley…