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In a significant judgement addressing the limitation framework under the Insolvency and Bankruptcy Code, 2016, the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, upheld the…

In a significant judgement addressing the limitation framework under the Insolvency and Bankruptcy Code, 2016, the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Extol Industries Ltd. under Section 7 of the IBC. The Ld. Tribunal clarified that when a financial liability is repeatedly…

Norwich City Council to put Lion Homes into liquidation

A report to Norwich City Council’s cabinet blames changes to the housing market and economy for making its housing arm, Lion Homes, unviable.  The company, which is wholly owned by the council, was founded as Norwich Regeneration Limited in 2015 in the hopes of delivering more affordable housing and an additional income stream for the council.  However, the…

StanChart sued in Singapore court for US$2.7 billion for alleged role in 1MDB fraud

[SINGAPORE] Liquidators seeking to recoup misappropriated funds from Malaysia’s sovereign wealth fund 1Malaysia Development Berhad (1MDB) have initiated legal proceedings against Standard Chartered Bank in the High Court of Singapore, they said in a statement dated Monday (Jun 30). The lawsuit, brought by court-appointed liquidators Angela Barkhouse and Toni Shukla, seeks to hold StanChart accountable…