The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that the NCLT, which is the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC/ the Code) does not have the power to issue directions to the Directorate of Enforcement…
The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights…
The Liquidator was instructed by the Tribunal to notify IBBI for proceedings under Section 74(1) of the Code, and Respondents were ordered to reimburse sums totaling Rs. 10,01,80,000 The National Company Law Tribunal, Mumbai bench has held that after the Corporate Insolvency Resolution Process (CIRP) has begun, any payments made from the Corporate Debtor’s account…
Brindabella Christian College operating as usual despite entering voluntary administration MSN Read the original article here
Mark Butler calls Australia’s private hospitals and insurers to urgent meeting amid Healthscope financial crisis The Guardian Australia Read the original article here
The panel ruled that when the Corporate Debtor’s account was frozen in accordance with the Adjudicating Authority’s instructions under the PMLA, it lacked the authority to order the ED to defreeze it The Tribunal ruled that only the authorities specified under the PMLA have the authority to handle cases pertaining to account freezing and attachment…
IBC Monthly Digest [February 2025] Live Law – Indian Legal News Read the original article here
By Yun Park ( March 7, 2025, 6:57 PM EST) — A hearing for bankrupt trucking company KAL Freight to determine whether to convert the case to a Chapter 7 liquidation was pushed back to next week as the debtor tried to finalize a Chapter 11 asset sale…. Law360 is on it, so you are,…
The issue is that this process can take a long time and often doesn’t help creditors get their money back. When a business is in financial trouble and can’t pay its debts, it might go into liquidation. This means the company is closed down and its assets (things it owns) are sold to pay off…
SpiceJet is facing fresh round of troubles as three Ireland-based aircraft lessors and a former pilot have filed insolvency pleas in NCLT against the budget carrier, claiming defaults. Three lessors – NGF Alpha, NGF Genesis and NGF Charlie- have filed petitions under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues…