Bouwer van Niekerk murder: The man behind NTC Global – News24
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Supreme Court: Insolvency proceedings in real estate should primarily be project-specific
In a significant judgment, the Supreme Court has held that insolvency proceedings involving real estate companies should generally be confined to specific projects rather than the entire corporate entity, unless there are compelling reasons to broaden the scope. The ruling aims to protect the interests of genuine homebuyers while maintaining clarity in insolvency processes under…
Liquidators called in at Newport High Street Indian restaurant business
Newport Indian Restaurant Limited, which trades as Basmati Indian Cuisine from 5-7 High Street in Newport, went into voluntary liquidation at the beginning of the month. Jamie Playford of Norwich-based insolvency practice Leading Corporate Recovery was appointed as liquidator of the company, following a creditors meeting held on Wednesday, September 3. A statement of affairs…
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NCLAT upholds order recalling insolvency case against Logix Infra
Appellate tribunal NCLAT has upheld the decision of the National Company Law Tribunal (NCLT) to recall a previous ruling for an insolvency case against real estate firm Logix Infrastructure after finding the debt claim as “fraudulent” and “malicious”. A two-member NCLAT bench said the plea for CIRP (Corporate Insolvency Resolution Process) against Logix Infrastructure, which…
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NCLT Admits Application of IDBI Bank u/s 7 of IBC as Corporate Debtor Acknowlegdes OTS on Due Debt within period of limitation [Read Order]
In a recent case, the Cuttack bench of the National Company Law Tribunal(NCLT) admitted the application of IDBI Bank filed under section 7 of the Insolvency and Bankruptcy Code,2016 (IBC) as the Corporate Debtor acknowledged the one-time Settlement (OTS) on due debt within period of limitation. IDBI Bank Limited, the applicant, filed the application through…
Starleaton, a fallen star: A timeline
Starleaton went into liquidation yesterday, with creditors informed in a statement titled ‘General Update on the Deed of Company Arrangement’ issued by Simon Cathro and Andrew Blundell from Cathro & Partners. Here’s a timeline of movements since the company entered into voluntary administration in January last year: 19 January 2024: Starleaton surprises the industry entering…
NARCL auctions Rs 3,763-crore debt of Wind World India
The National Asset Reconstruction Company (NARCL), a government-backed bad loan bank, is selling the debt of Wind World India. The debt, which was acquired for Rs 3,763 crore approximately 18 months ago, has a reserve bid set at Rs 1,250 crore. Omkara ARC has emerged as the anchor bidder, matching the reserve bid of around…
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