This led to the appeal before NCLAT. The NCLAT arrived at the following conclusions: Invalid Authorization: The tribunal found that Manohar Maddili, who filed the application on behalf of IDBI, did not hold a valid power of attorney at the time of filing. The authority granted to him had been superseded by a subsequent resolution…
When this approval is sought is important, as a balance must be maintained between the CCI’s review of competition dynamics and the time-sensitive insolvency process. Also Read: There’s no arguing with the broad thrust of CCI’s order on WhatsApp’s use of data Recently, the Supreme Court in the case of Independent Sugar Corporation Ltd vs…
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the National Company Law Tribunal (NCLT) that allowed corporate insolvency resolution process (CIRP) against Coffee Day Enterprises Ltd (CDEL), the operator of the Cafe Coffee Day chain. A two-judge panel of the Chennai bench of the NCLAT, comprising Judicial Member Justice Sharad…
NCLAT Sets Aside Insolvency Process Against Cafe Coffee Day’s Parent Company Moneylife Read the original article here
Gratuity payments are classified as excluded dues and therefore, remain outside the scope of asset distribution among creditors under the waterfall mechanism in Section 53 of the IBC The Calcutta High Court ruled that gratuity obligations are not included in the corporate debtor’s liquidation estate as defined under the Insolvency and Bankruptcy Code, 2016 (IBC),…
On 17 February 2025, the Department of Employment and Workplace Relations (DEWR) issued a discussion paper addressing corporate misuse of the Fair Entitlements Guarantee (FEG). The paper sets out several options for reform aimed at addressing and putting an end to future misuse of FEG by unscrupulous corporate actors. Key takeaways The Department of Employment…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be entertained when the debt is not unequivocally admitted by the…
NCLAT Quashes Insolvency Proceedings Against Coffee Day Enterprises NDTV Profit Read the original article here
Solent View Hotels Ltd (SVH), whose director is Howard Spooner, known as an old friend of Prince Harry, is in the process of being wound-up. Mr Spooner was also director of Quay Street Ltd (QS), the company previously running the George Hotel and Beach Club, Yarmouth. QS went bust in April 2023, owing almost £1 million to creditors, as previously reported. The…
Bensons Property Group has finalised the purchase of a prime Docklands site days after emerging from voluntary administration. The Melbourne-based developer secured the 4509sq m site at 194-204 Lorimer Street from Samma Property Group for what industry sources suggest was “just over $20 million”. The acquisition is the company’s first major move since exiting administration…