The company owes millions of dollars to disties and unpaid superannuation to Mwave employees. Esel sold Mwave to DigiDirect Group, prior to the company going under, and one distributor requested new administrators during the first creditors meeting, according to new documents. CRN Australia has obtained a copy of minutes of the meeting held by ASIC…
Key Takeaways MicroStrategy holds 3% of all bitcoin, financed by $7.2 billion in debt. Analysts warn a price drop could force asset sales, risking a market cascade larger than Mt. Gox or 3AC. Critics say such centralization threatens bitcoin’s decentralized ethos and raises systemic risk. MicroStrategy, the largest corporate holder of bitcoin, is drawing warnings…
The insolvency appellate tribunal NCLAT has set aside NCLT‘s direction to change the resolution professional of debt-ridden Hindusthan National Glass Industries (HNG) and asked it to take a decision on the bids as per the Supreme Court‘s directions. A three-member NCLAT bench gave a go-ahead to the Kolkata Bench of the National Company Law Tribunal…
The Insolvency and Bankruptcy Board of India (IBBI) has made it mandatory for the resolution professionals (RPs) to formally inform the committee of creditors (CoC) about any fraudulent or avoidance transactions carried out by a company prior to its bankruptcy. The amendments are aimed at improving the transparency, and the treatment of “avoidance transactions” in…
IBBI Notifies Amendments To Simplify Corporate Insolvency Procedures MSN Read the original article here
Personal Guarantor’s Liability Can’t Exceed Contractual Limit: NCLT Kochi Dismisses Petitions U/S 95 IBC… Live Law Read the original article here
‘Corporate Insolvency: Road to Viksit Bharat’: Sumant Batra’s Visionary Book Charts India’s Economic Reforms Through Lens Of IBC BW Legal World Read the original article here
The National Company Law Tribunal, Mumbai, comprising Justice V.G. Bisht (Retd.) and Prabhat Kumar (Member – Technical), examined if a petition u/s 7 of the IBC could be admitted when the amount claimed in the petition is subsequently offered by the corporate debtor through a demand draft. The bench dismissed the petition and observed that…
Twelve years. That was the period for which Bernard Morrin, former director of Intensive Community Programmes Limited, was disqualified by the High Court earlier this year — one of the lengthiest bans imposed on an Irish company director in recent times. The case began, on the surface, like many others: a service provider…
NCLAT holds Investment Under Reseller Agreement Lacks ‘Financial Debt’ Ingredients and Dismisses S. 7 Plea as Abuse of CIRP Process Taxscan Read the original article here