Category Archives: Liquidation

[Reverse CIRP] NCLAT Closes CIRP Against Grand Reality Under Its Inherent Powers Upon Handover Of Flats To Homebuyers & Satisfaction Of Claims

The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Yogesh Khanna (Judicial Member) and Mr. Indevar Pandey (Technical Member) exercising its inherent powers under Rule 11 of the NCLAT Rules, 2016, has closed the Corporate Insolvency Resolution Process (“CIRP”) against Grand Reality Pvt. Ltd. through the ‘Reverse CIRP’ mechanism. The project was…

Carl’s Jr To Shut Aussie Stores After Going Into Voluntary Administration

KPMG announced that David Hardy, George Georges, and Emily Seeckts had been appointed administrators of fast-food stores in Victoria, New South Wales, and Queensland. Twenty-four stores across the country are affected, and hundreds of jobs were set to be lost. KPMG voluntary administrators have now assumed day-to-day control of CJ’s Group. In a statement, KPMG…

From crisis to comeback: NZ business owners turn to voluntary administration for recovery

As New Zealand businesses continue to face mounting financial pressure, one firm is urging owners not to wait until the only choice left is liquidation. BWA Insolvency is a leading New Zealand specialist in voluntary administration (VA), a process that allows financially distressed companies to restructure and recover rather than collapse. But despite its potential…

Insolvency & Bankruptcy Code Half-Yearly Digest 2025

Case Title: Blossom Zest Flat Buyers Welfare Association v. Greater Noida Industrial Development Authority and Ors. A plea has been filed before the Supreme Court seeking review of its judgment dated February 12, 2024 which classified Greater Noida Industrial Development Authority as a ‘secured creditor’ for the purposes of Corporate Insolvency Resolution Processes under the…

Local businesses left in limbo as troubled coal mine goes into voluntary administration – NBN News

Muswellbrook’s Mayor has spoken out, following news one of the Shire’s coal mines is on the brink of collapse. Jeff Drayton says some local businesses have been left hundreds of thousands of dollars out of pocket – as Dartbrook Mine is placed into administration. Read the original article here

Transtar Linehaul the latest operator to enter administration

Image: Jovannig/stock.adobe.com It’s a case of another day and another Australian transport company exiting the industry, with Transtar Linehaul entering administration. On July 7, the New South Wales based operator appointed Hamilton Murphy as administrators, with a first meeting held with creditors yesterday. On Hamilton Murphy’s website, it has also called for expressions…

Petition U/S 7 Of IBC Not Maintainable For Non-Return Of Expired, Uninvoked Bank Guarantee Under… – Live Law

Petition U/S 7 Of IBC Not Maintainable For Non-Return Of Expired, Uninvoked Bank Guarantee Under…  Live Law Read the original article here

Pledged Shares Held By Corporate Debtor In Subsidiary Are Its Assets, Can’t Be Invoked During CIRP Due To Moratorium: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench of Lakshmi Gurung (Judicial Member) and Hariharan Neelakanta Iyer (Technical Member) has held that pledged shares held by the Corporate Debtor in its subsidiary company are assets of the Corporate Debtor and, therefore, cannot be invoked by the pledgee during the Corporate Insolvency Resolution Process due to…

Amounts Reflected In Corporate Debtor’s Records Can’t Be Rejected Even If No Formal Claims Are Filed Before Resolution Professional: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Justice Shri V.G. Bisht and Shri Prabhat Kumar (Member Technical) has held that amounts reflected in the books of the Corporate Debtor cannot be rejected even if no formal claims are filed by the Creditors. This Application has been filed on 03.04.2024 by Union of India…

Adjudicating Authority Must Pass Liquidation Order U/S 33(4) Of IBC Upon Breach Of Resolution Plan By Successful Applicant: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Lakshmi Gurung (Member Judicial) and Hariharan Neelakanta Iyer (Member Technical) has held that once the Successful Resolution Applicant fails to comply with the terms of the Resolution Plan despite several reminders being given, the Adjudicating Authority is mandated to pass an order of liquidation under section…