In an unprecedented order, a judicial member of the National Company Law Appellate Tribunal (NCLAT) recused from a case after recording in an order that “ one of the most revered members of the higher judiciary of this country” had tried to influence the outcome of the case. “We are anguished to observe, that one…
In November 2024, the same member had recused from a different matter involving Jeppiar Cements after recording in an order that he had been approached by his brother with a request to reserve the case for orders. The order dated November 18, 2024, stated: “Since I have been approached by my real brother who has dropped in…
IIIPI report suggests taxation reforms to streamline insolvency resolution under IBC. Key recommendations include tax neutrality for resolution plans. New Delhi, Aug 26 (PTI) A comprehensive set of reforms across taxation, insolvency and procedural frameworks can help streamline the insolvency resolution process, according to a report prepared by IIIPI. The report by the study group…
Struggling matatu insurer, Invesco Assurance Company Limited, has been placed under provisional liquidation following a High Court order issued on July 31, 2025. In a notice dated Tuesday, August 26, the court appointed Diana Nduku Mumo as the Provisional Liquidator of the company, marking the latest development in the ongoing insolvency case. “Pursuant to the…
Corporate and personal insolvencies across England and Wales rose slightly in July – reflecting a cautious month for businesses and households as they navigate uncertain economic conditions. New figures from the Insolvency Service reveal how the number of corporate cases increased by 1.4% to 2,081, compared to June’s total of 2,053, and by just 0.1%…
China Evergrande, a company that was once one of the fastest-growing real estate developers in the country, is set to be removed from the Hong Kong Stock Exchange. The company made its public debut in Hong Kong 16 years ago and quickly became a symbol of China’s booming property market. At its peak, Evergrande seemed…
Fernwood Financial Limited, a major UK payday loan firm, has collapsed into liquidation, wiping out debts for thousands of customers overnight. The Financial Conduct Authority (FCA) confirmed the firm’s insolvency on 27 June 2025, sparking relief for borrowers but raising concerns about the stability of the short-term lending sector. As the cost of living crisis…
In a recent order, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) has recorded that one of its members was approached by a senior figure from the higher judiciary seeking a favourable order in an insolvency case. The matter came up on August 13, 2025, before a two-member bench of the NCLAT…
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The judicial member of National Company Law Appellate Tribunal, Chennai Bench, Justice Sharad Kumar Sharma, recused from hearing an insolvency matter, after observing that he was approached by “one of the most revered members of the higher judiciary” seeking an order favouring a particular party. The August 13 order passed by a bench of judicial…