Dikshat Mehra, Anjali Dhoot Recently, the Singapore High Court (“SHC“) in the judgement of Re Compuage Infocom Ltd and another has recognised Corporate Insolvency Resolution Process (“CIRP“) under Insolvency and Bankruptcy Code, 2016 (“Code“), applying the UNCITRAL Model Law on Cross-Border Insolvency, 1997. Before getting into the details of the judgment and discussing its impact on…
Look before you leap: Avoiding the chaos caused by multiple liquidation applications Cliffe Dekker Hofmeyr Read the original article here
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By MS Sahoo Former chairperson, Insolvency and Bankruptcy Board of India In a landmark ruling on May 2, the Supreme Court of India ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) while disposing of an appeal filed in 2020. The court found grave irregularities, some intentional and collusive, in the approval and implementation…
Revealed | Liquidators were appointed to the company last week Darren Campbell (34) announced in March that the FBA Brand Builder would be entering liquidation A controversial ‘brand builder’ had racked up debts of more than £450,000 before the company entered liquidation, it can be revealed. The FBA Brand Builder, run by Darren Campbell (34), previously…
Builder’s future hangs in the balance as liquidation delayed The West Australian Read the original article here
This is the story of the first Indian insolvency proceeding to be granted recognition by the Singapore Court under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”). This recognition, besides facilitating the challenging cross-border asset recovery, has also opened the doors for deeper insolvency cooperation between India and Singapore. What prompted the Resolution Professional…
Liquidators are investigating if a Christchurch restaurant operation owing Inland Revenue an estimated $800,000 has further debts. Bikanervala Christchurch Limited, trading as Bikanervala, appears to have gone under as a result of difficult trading conditions. A first liquidator’s report was put out on Monday, May 5 by Paul Vlasic and Derek Ah Sam from Rodgers…
Public sector lenders led by Punjab National Bank (PNB) will soon file a review petition in the Supreme Court seeking a stay on the implementation of its recent judgement rejecting JSW Steel’s insolvency resolution plan for Bhushan Power and Steel (BPSL), and ordering the latter’s liquidation. “Banks will file the review petition as public money…
Harsh Vardhan, Senior Adviser at Bain & Company, has criticised the Supreme Court’s decision to liquidate Bhushan Power and Steel, calling it an excessive and commercially impractical remedy. “You have a ₹25,000 crore revenue asset, which is profitable, that you are going to put into liquidation. I mean, it makes very little commercial sense to…