Despite ‘Clean Slate’ Rule, Taxmen Pursue New Claims Against Insolvent Companies Tax officers are sending new tax notices to companies that have already been taken over after going through the insolvency process. This goes against the “clean slate” rule in the Insolvency and Bankruptcy Code (IBC), which says that once a company is rescued, all…
The National Company Law Tribunal, Kolkata bench, consisting of Smt. Bidisha Banerjee (Member – Judicial) and Cmde Siddharth Mishra (Member – Technical), has allowed an application filed under Section 7 of the IBC seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The bench held that the financial debt exists where…
Hansells Masterton has been part of the local community for 75 years. Photo: RNZ / Cole Eastham-Farrelly Masterton Mayor Gary Caffell is “gutted” to hear about 100 jobs could be on the line, as an iconic New Zealand food products business goes into liquidation. Hansells Masterton has been tipped into receivership by a company owned…
The National Company Law Tribunal (NCLT), Bengaluru Bench, consisting of Shri. Sunil Kumar Aggarwal, Member (Judicial), and Shri. Radhakrishna Sreepada, Member (Technical), admitted a petition filed under Section 7 of the IBC, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution…
The Karnataka High Court on Friday directed the Resolution Profession presiding over the insolvency proceedings initiated against Think And Learn Private Limited (BYJUS) to preserve all the emails or conversations between all the stakeholders in the case at hand, which would be required for the Corporate Insolvency Resolution Process. A single judge, Justice M Nagaprasanna…
Here are some frequently asked questions in relation to SBR. The process effectively provides an insolvent entity with a pathway to compromise its existing debts (i.e. creditors vote in favour of a proposed cents in the dollar return, with the remaining balance of debt written off) and to continue to trade under the control of…
In a recent judgment, the National Company Law Appellate Tribunal (NCLAT) overturned an order by the National Company Law Tribunal (NCLT), Chandigarh Bench, directing Punjab National Bank (PNB) to refund ₹4.50 crore to the liquidation estate of Vegan Colloids Ltd. The ruling reinforces the primacy of the Insolvency and Bankruptcy Code (IBC), 2016, in ensuring…
The company that owns the Village Green Shopping Centre is owed roughly $283,000 from The Bay. Smaller amounts are owed to the City of Vernon and a local plumbing company Hudson’s Bay, Canada’s oldest company, is in the process of liquidating almost all of its department stores, and creditors for its Vernon location have been…
The company that owns the Village Green Shopping Centre is owed roughly $283,000 from The Bay. Smaller amounts are owed to the City of Vernon and a local plumbing company Hudson’s Bay, Canada’s oldest company, is in the process of liquidating almost all of its department stores, and creditors for its Vernon location have been…
After bankruptcy, retail chain liquidates stores, seeks buyer TheStreet Read the original article here