DHFL Insolvency: NCLAT Exceeded Jurisdiction, Misapplied Foreign Law, Says Supreme Court – Moneylife
DHFL Insolvency: NCLAT Exceeded Jurisdiction, Misapplied Foreign Law, Says Supreme Court Moneylife Read the original article here
NCLAT exceeded jurisdiction in DHFL insolvency case: Supreme Court
The case arose from the insolvency resolution process initiated in December 2019 against DFHL, when the Reserve Bank of India (RBI) superseded its board due to financial irregularities. The Committee of Creditors (CoC), comprising major banks and financial institutions, approved Piramal Capital’s resolution plan with a 93.65 per cent majority in January 2021. However, 63…
Select Fashion collapses following the closure of 35 stores
A massive high-street brand has officially gone bust, according to reports. Select Fashion LTD’s liquidation follows 35 Select stores shutting down across the UK last month. Read more: Select Fashion update as 48 stores to be SAVED by mystery company The brand issued a notice to confirm that insolvency firm, Moorfields, had been appointed to…
Advance data reveals March was lethal month for many firms
While March’s official statistics and details of insolvencies won’t be confirmed by the government’s Insolvency Service (IS) until April 25, an agency that supplies data on companies in distress for those seeking to “capitalise on crisis” has warned that the month saw businesses collapsing at an alarming rate. London-based agency Administration List, which sells speculators…
No push from Hudson’s Bay lenders toward receivership yet
Open this photo in gallery: Hudson’s Bay in Richmond Centre shopping centre, on March 27. Hudson’s Bay stores are proceeding with clearance sales, which are expected to last 10 to 12 weeks and to conclude by mid-June.Isabella Falsetti/The Globe and Mail Senior lenders to Hudson’s Bay Co. have not yet acted on a previous claim…
Applications Filed For “Fraudulent & Wrongful Trading” Carried On By Corporate Debtor Can’t Be Termed As “Avoidance Applications” Under IBC
The Supreme Court held that the Applications filed in respect of “Fraudulent and Wrongful trading” carried on by the Corporate Debtor (CD) cannot be termed as “Avoidance Applications” under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court held thus in a batch of Civil Appeals in which one of the Appeals was filed by…
Land Sold by Third Parties to Corporate Debtor Cannot be Held Liable u/s 66 of IBC
An application under Section 66 of IBC may be maintainable against the persons who were responsible for the management of the corporate debtor The National Company Law Tribunal (NCLT), New Delhi bench has held that third parties who sold land to the Corporate Debtor cannot be said to fall within the ambit of expression “any…
Brindabella Christian College to close Norwest campus after voluntary administration decision
The troubled Brindabella Christian College will close one of its campuses from Friday next week, after it was put under voluntary administration last month by Deloitte. A spokesperson for Deloitte said administrators decided to “consolidate” BCC’s two campuses, with Norwest students joining the Lyneham campus for at least Term 2 of 2025. “A total of…
Liquidator Must Not Restrict Sale of Corporate Debtor’s Assets Through Private Sale to Single Buyer,Should Attract Multiple Buyers
The Tribunal reaffirmed that the IBC is meant to be a method for resolving the Corporate Debtor, not a procedure for collecting debt The National Company Law Tribunal (NCLT) Mumbai bench has held that the Liquidator must not restrict the private sale to a single buyer but should strategize to attract the maximum number of…
Troubled Perth builder Inspired Homes enters administration
Home building client David Daff says he is elated after the Perth company that left him waiting well past his scheduled completion date announced it had gone into administration. Inspired Homes’ move into voluntary administration will allow customers with long-overdue building projects to access funds and employ new builders. Mr Daff, who signed on with…