The Supreme Court has dismissed an appeal filed by a developer, which is undergoing corporate insolvency resolution, challenging a Bombay High Court order that permitted a housing society to appoint a new developer for a slum redevelopment project. The bench of Justices J.B. Pardiwala and R. Mahadevan held that redevelopment rights under a development agreement…
A luxury caravan business has collapsed into voluntary administration, putting at risk the money and dreams of hundreds of customers and staff just weeks before Christmas. Zone Manufacturing Pty, trading as Zone RV in Coolum Beach on the Sunshine Coast, is one of Queensland’s largest RV manufacturers. Rahul Goyal, Catherine Margaret Conneely and Stephen Earel…
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In a significant ruling, the National Company Law Appellate Tribunal (NCLAT), Chennai, has invoked its supervisory power of Tribunal under section 231 and granted a final 60-day extension to implement the arrangement scheme under sections 230-232 of the Insolvency and Bankruptcy Code (IBC) 2016. The Tribunal quashed the cancellation of the Scheme of Arrangement earlier…
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The Calcutta High Court has quashed a ₹4.28 crore Goods and Services Tax (GST) demand raised for the financial year 2019–20 against a corporate debtor (CD) sold in liquidation as a going concern, reaffirming the IBC’s “clean slate” principle. The company, M/s Rabirun Vinimay Pvt. Ltd., after failing to achieve resolution under the Corporate Insolvency…
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Indian Masterminds Stories New Delhi: NTPC Limited has announced that the National Company Law Tribunal (NCLT), Delhi Bench, has approved the Resolution Plan jointly submitted by NTPC and Maharashtra State Power Generation Company Limited (MAHAGENCO) for the revival of Sinnar Thermal Power Limited (STPL). The approval marks a significant step forward in the Corporate Insolvency…