Busy Bee Airways Challenges Go First Liquidation – NDTV Profit
Busy Bee Airways Challenges Go First Liquidation NDTV Profit Read the original article here
US corporate bankruptcies hit 14-year high as interest rates bite
US corporate bankruptcies have surged to their highest levels since the aftermath of the global financial crisis, as persistently high interest rates and weakened consumer demand place severe pressure on struggling businesses. At least 686 companies filed for bankruptcy in 2024, an 8% increase from the previous year and the highest number since 2010, according…
Busy Bee Airways to reach out to GoFirst lenders; liquidator to file minutes of CoC meeting, ET Infra
Busy Bee Airways, which has challenged the liquidation of grounded carrier Go First, on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders concerned. It also told the National Company Law Appellate Tribunal that it is ready to acquire Go First as a going concern as it…
Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn’t Bar Petition U/S 7 Of IBC: NCLT
The National Company Law Tribunal, New Delhi bench comprising Chief Justice (Retd.) Ramalingam Sudhakar (President) and Avinash K. Srivatava (Technical Member) has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to be entertained. The Tribunal…
IBC resolution plans take 582 days on average, liquidation process takes 499 days: Survey
According to the survey, the NCLT reported adjudicating 34,690 cases out of 35,501 cases filed, achieving a 98% adjudication rate as of July 2024. However, 2,593 cases are still awaiting admission, and 4,723 cases remain pending after admission. As of September 2024, 30 courts and 16 benches (of NCLT) were functioning headed by the President, and 31 each of judicial and technical members,…
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Closed Nottinghamshire restaurants owe more than £200,000 after being put into liquidation
A pair of closed Nottinghamshire restaurants, which are being liquidated, owe hundreds of thousands of pounds to various creditors. Madam Yaks Ltd, which’s trading address was listed as The Herbalist & Dante’s Italian in Retford, appointed liquidators on Tuesday, January 28. The eateries, which had both been located on Bridgegate, closed in October but the…
Liquidation of Corporate Debtor cannot be Faulted when Revival is not a Viable Option
The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc The National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that the CoC’s decision to liquidate the corporate debtor cannot be criticized once it becomes evident…
Liquidation auction held at a Flint family-owned hardware store | Business
FLINT, Mich. (WJRT) – A family-owned hardware store in Flint has closed after 86 years of being in business. Knobloch Hardware on Lewis Street has permanently closed its doors. On Wednesday afternoon, the business held a liquidation auction, which included all merchandise and store fixtures. Workers say they are disappointed to see the shop leave…
Proviso To S.10A Of IBC Doesn’t Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras High Court
The Madras High Court bench comprising Justice S.S. Sundar and Justice P. Dhanabal has held that the proviso to Section 10-A of the Insolvency and Bankruptcy Code (IBC) does not extend to cases where the default continues beyond the moratorium period. The court noted that Section 10-A only imposes a moratorium temporarily suspending the initiation…