Mere Execution Of Restructuring Agreement Does Not Extinguish Corporate Debtor’s Liability When Restructuring Scheme Is Not Approved By NCLT: NCLAT

Liquidation

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that the mere signing of a Master Restructuring Agreement, wherein a third party undertakes to discharge the liabilities of the Corporate Debtor, does not result in the extinguishment of the Corporate…

NCLAT Upholds Liquidation Proceedings as SRA Fails to Secure Regulatory Approvals Within Stipulated Timeline [Read Order]

Liquidation

The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has upheld the liquidation proceedings, noting that Taguda Pte Ltd, the Successful Resolution Applicant (SRA) failed to obtain the requisite regulatory approvals within the stipulated timeline. Coming to the facts of the present case, the Corporate Insolvency Resolution Process (CIRP) was initiated against Ushdev…

Aussie building company collapses owing $3 million and homes left unfinished: ‘Going to be bad’

Liquidation

Clarke Homes has been entered into administration and owes more than $3 million to creditors. (Source: Facebook) Significant concerns for the construction industry have been raised after another Australian building company collapsed. Clarke Homes, which is based on the NSW Central Coast, was plunged into administration this week after a meeting with creditors. It owes…

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Liquidation

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