SINGAPORE – Once Indonesia’s start-up darling, eFishery is eliminating more than 1,000 jobs, or about 90 per cent of the workforce as the agritech firm, hit by fraud allegations, weighs a potential liquidation. The cuts began recently and more reductions are set to follow, people familiar with the matter said, asking not to be identified…
Highlights The Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation and Voluntary Liquidation processes, which include changes to auction timelines and stricter eligibility verification for bidders. Mandatory filing of a final report by liquidators when a scheme of compromise or arrangement is approved has…
The Hyderabad bench of the National Company Law Tribunal (NCLT) has officially approved the Rs 16,084-crore resolution plan proposed by JSW Energy Limited for the acquisition of KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power producer. This significant development marks a crucial step in resolving the financial distress faced by the company. The corporate…
AGI Greenpac’s bid to acquire fellow Indian glassmaker Hindusthan National Glass and Industries (HNG) has been rejected by a court. India’s Supreme Court rejected the proposal despite recent conditional approval from the Competition Commission of India (CCI). The court said AGI Greenpac had violated the Insolvency and Bankruptcy Code by securing approval from a committee…
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Up to 300 property owners have been left in the lurch by the insolvency of the Queensland-based residential construction company. Oracle Building Corporation, which traded as both Oracle Platinum Homes and Oracle Hunter Homes, has called in administrators and entered liquidation. The company, which immediately ceased business and terminated all staff on Wednesday (24 August),…
North Wales hotel and wedding venue that went into ‘liquidation’ is now up for sale Wales Online Read the original article here
KUALA LUMPUR (Feb 13): VS Industry Bhd (KL:VS) said water filtration system maker NEP Holdings (M) Bhd has been placed under liquidation after the Court of Appeal dismissed NEP’s appeal against the High Court’s decision to dismiss their application for a stay of a winding up order. “Following this, NEP’s liquidators have obtained the certificate…
NCLT Mumbai Issues Insolvency Plea Notice To Future Enterprises Ltd BW Legal World Read the original article here
The Kerala High Court yesterday (on February 12), observed that during the Corporate Insolvency Resolution Process, initiation of cheque dishonour proceedings, due to the moratorium, is prohibited only against the corporate debtor and not against the persons referred under Section 141 of the Negotiable Instruments Act (N.I. Act). In other words, the accused persons in…