AMSC Advances Towards Final Liquidation with Shareholder Payment Expected – TipRanks
AMSC Advances Towards Final Liquidation with Shareholder Payment Expected TipRanks Read the original article here
Application U/S 7 Of IBC Can Be Admitted In Absence Of NeSL Certificate If Loan Disbursal & Default Are Proved By Other Documents: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench of Justice V.G Bisht, (Retd). and Prabhat Kumar (Technical Member ) has held that even in the absence of a NeSL certificate, an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be admitted if the disbursal of the loan amount and occurrence of…
NCLAT Quashes Resolution Plan for Violating IBC Provisions & Ignoring Government Dues
The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) quashed a resolution plan for Twenty-First Century Castings Pvt. Ltd., noting violations of the Insolvency and Bankruptcy Code (IBC), 2016, and failure to settle statutory dues owed to the Gujarat State Tax Department. The main issue in this case was whether government tax dues…
Payment Made During Pendency Of CIRP Application Cannot Be Considered For Calculating Threshold U/S 4 Of IBC: NCLAT New Delhi
The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice Rakesh Kumar Jain (Member-Judicial) and Naresh Salecha (Member-Technical), has allowed an appeal filed by the operational creditor. The issue before the tribunal was whether the threshold has to be seen at the time of filing of the application or at the time of…
Retail industry in Canada in trouble: experts
The fall of Hudson’s Bay and Saks Fifth Avenue Canada may give the impression that one of the hottest trends this year is the distressed look, but retail and insolvency experts say the company’s demise is part of a now-annual pitter-patter they expect to continue. Since the COVID-19 pandemic, they’ve seen hundreds of retail businesses…
Bankruptcy, insolvency & corporate restructuring | Deloitte | Legal Services | Solutions
The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well…
If Rights Under Debenture Deed Are Transferred Without Prior Approval From Holders, Liabilities Of Corporate Debtor Remain Undischarged: NCLAT
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that when a debenture deed mandates prior approval of the Debenture Trustee for any transfer of rights or liabilities, any such transfer made through an Acquisition…
Navigating Construction Industry Insolvency: Red Flags and Precautionary Measures – Lexology
Navigating Construction Industry Insolvency: Red Flags and Precautionary Measures Lexology Read the original article here
Korean Biotech Firms Struggle as Drug Trials Fail, Triggering Liquidations and Layoffs
According to the pharmaceutical and biotechnology industry on the 17th, drug research and development company OsteoNeuroGen is set to hold an extraordinary shareholders’ meeting on the 25th to propose the company’s dissolution. (Image from OsteoNeuroGen webpage) SEOUL, June 18 (Korea Bizwire) — A string of clinical trial failures is putting severe financial strain on South…
Newcastle Live continues after Spiritcorp goes into administration | Newcastle Herald
Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. Josh Leeson…