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…
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain. A two-member NCLAT bench of Chennai bench comprising justices Sharad Kumar Sharma and Jatindranath Swain set aside an earlier order passed by the Bengaluru bench of…
Introduction The Privy Council has considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court, originating from the courts of the British Virgin Islands (BVI), and delivered a landmark judgment in Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16. This decision engages the competing public…
Company behind beloved play centre owed more than £2m before collapse MSN Read the original article here
Getty Images The New Look fashion chain has 26 stores around the Republic of Ireland Fashion retailer New Look is set to exit the Republic of Ireland market, putting about 347 workers at risk of redundancy. The retailer’s Irish arm, New Look Retailers (Ireland) Ltd, entered into liquidation on Thursday. The winding down of operations…