Category Archives: Liquidation

Unconditional Consent by Sole Financial Creditor is sufficient for withdrawal of CIRP Regulations: NCLT [Read Order]

The National Company Law Tribunal, New Delhi, has held that unconditional consent by the sole financial creditor is sufficient for withdrawal of Corporate Insolvency Resolution Process (“CIRP”) regulations. The instant interlocutory application was filed by Mrs. Neha Bhasin; the Resolution Professional of M/s. Victory Electric Vehicles International Limited (“Corporate Debtor”) under section 12A of the…

The battles keep building after Mercedes Group’s demise – The West Australian

The battles keep building after Mercedes Group’s demise  The West Australian Read the original article here

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Relief to SBI, Lease Dues Incurred During CIRP Prior to Vesting Date are Payable to Financial Creditor: NCLT

In a ruling in favour of SBI, the Hyderabad bench of the National Company Law Tribunal (NCLT) has held that the lease dues incurred during the corporate insolvency resolution period prior to the vesting date are payable to the financial creditor. The application has been filed by the State Bank of India ( Sole Secured…

ZEE terms IDBI’s ₹225 cr insolvency petition as malicious, meritless

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Zee Entertainment Enterprises Ltd has informed the bourses that IDBI Bank Limited has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)…

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IDBI Bank moves NCLT against ZEEL again; company calls move ‘malicious’

New Delhi: IDBI Bank has filed a new insolvency petition against Zee Entertainment Enterprises Limited (ZEEL) at the National Company Law Tribunal (NCLT), Mumbai Bench, claiming a default of Rs 225.23 crore. The application, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, is the third attempt by the bank to initiate…

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Boutique dairy company Cranky Goat in liquidation, creditors face possible shortfall

“​We’ve poured our souls into this business, fighting through three major weather events and the unprecedented challenges of Covid-19 with brave faces and unwavering determination. “We fought as hard as we possibly could, driven by our passion for cheese and our commitment to you, our incredible customers.” Geoffrey Falloon of Biz Rescue was appointed liquidator…

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