Nigeria’s Legal and Business Leaders Push for a Shift from Liquidation to Corporate Rescue in Insolvency Practice

Liquidation

Nigeria’s top judges, lawyers, and insolvency experts are calling for a paradigm shift in the nation’s insolvency ecosystem — from punitive liquidation practices to proactive business rescue and restructuring — as economic turbulence continues to strain companies across sectors. At the 2025 Annual International Insolvency Conference of the Business Recovery and Insolvency Practitioners Association of…

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Liquidation

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Not so fast: Disputed debts and arbitration clauses as a shield against insolvency proceedings

Liquidation

The decision in Kwale International Sugar Company Limited v Epco Builders Limited and Two Others [2025] KECA 227 (KLR) reinforces the principle that insolvency proceedings must be reserved for clear cases of inability to pay and cannot be used as leverage in unsettled construction disputes. It also clarifies the boundaries between private dispute resolution mechanisms and…

NCLT Approves ₹3.4 Cr Resolution Plan of Ship Leasing Company with 100% CoC Assent subject to Statutory Scrutiny [Read Order]

Liquidation

The National Company Law Tribunal, Mumbai Bench-I (NCLT) recently approved a resolution plan worth ₹3.4 crore submitted by M/s Priyam Projects (I) Pvt. Ltd. for the corporate debtor M/s Steadfast Shipping Pvt. Ltd. (Steadfast Shipping) – a ship leasing company. The Tribunal approved the resolution plan after noting that the plan had secured 100 percent…

Salman Khan settles ₹7.24 crore dispute with Jerai Fitness, withdraws NCLAT appeal

Liquidation

Actor Salman Khan has withdrawn his insolvency appeal against gym equipment manufacturer Jerai Fitness Limited before the National Company Law Appellate Tribunal (NCLAT), following a settlement between the parties. [Salman Khan v. Jerai Fitness] On October 6, Khan’s counsel informed the Appellate Tribunal that consent terms had been executed. The coram of Chairperson Justice Ashok…

Bankruptcy court approves KGS Sugar & Infra Corporation’s acquisition by Grainotch Industries

Liquidation

The National Company Law Tribunal (NCLT) has approved KGS Sugar & Infra Corporation’s acquisition by edible oil and spirit maker Grainotch Industries Ltd. Nashik-based KGS Sugar Infra Corporation has admitted liabilities of Rs 556 crore. The company was admitted under the corporate insolvency resolution process (CIRP) in October 2019 on an application filed by Canara…

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Liquidation

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Liquidation

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