The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order that had directed ICICI Bank to return ₹8.92 lakh received in a loan account after commencement of CIRP. The Tribunal ruled that since the payment was not made by the corporate debtor but by an individual co-applicant, the moratorium under Section 14…
The National Company Law Appellate Tribunal (NCLAT) recently dismissed an appeal filed by a suspended director who challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) on grounds of procedural impropriety and alleged suppression of facts. The appeal was filed by Sushil Jejani, a suspended director of Nova Steels (India) Ltd., challenging the order…
Forklifts sit motionless at the once‑bustling Corona‑College Heights Orange & Lemon Association packing house in Riverside County. After 125 harvest seasons, the grower cooperative —one of California’s oldest continuous produce brands— has filed Chapter 7 liquidation, spelling a hard goodbye for a food company that packed oranges, lemons and grapefruit nonstop, year‑round. From horse‑drawn wagons to…
The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Mr. Rakesh Verma, the suspended director of a company under liquidation, reaffirming that once a company enters the liquidation stage under the Insolvency and Bankruptcy Code (IBC), individual objections from suspended directors, especially those not rooted in legal merit, cannot delay or derail…
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The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the Adjudicating Authority that had permitted a creditor to intervene in a concluded voluntary liquidation process, despite the claim being filed beyond the prescribed limitation period. The appeal was filed by the liquidator of Nextgen Procon Pvt. Ltd., challenging an order dated…
Synopsis: Diksha Greens hit a 5% lower circuit after NCLT admitted an insolvency plea by Punjab & Sind Bank over unpaid dues of Rs 46.03 crore. The loan, given in 2018, turned NPA in 2019. NCLT has started CIRP and appointed an IRP. With a market capitalisation of Rs 4.34 crore, the shares of Diksha…
Why Has Bowen Coking Coal Entered Voluntary Administration? Bowen Coking Coal, a Queensland-based mining company, has appointed voluntary administrators as of July 30, 2025, putting more than 500 jobs at risk at its Burton Mine near Moranbah. The company’s decision follows a series of financial challenges that have made its operations increasingly unsustainable in Queensland’s…
Bowen Coking Coal has entered voluntary administration, a move that has heightened concerns regarding the future of the coal industry in Queensland, Australia, and the security of more than 500 jobs at the Burton Mine near Moranbah. The company had previously sought a royalty deferral from the Queensland Revenue Office, which was rejected on 29…