Noida: The National Company Law Tribunal (NCLT) has terminated the corporate insolvency resolution process (CIRP) against Logix Infrastructure Pvt Ltd — the developer of Blossom County in Sector 137 — citing “fraudulent intent” in the petition.In its Feb 6 order, the tribunal asked the resolution professional (RP) to allow Logix Infrastructure’s former directors to take…
An introduction to English insolvency procedures (and practical action to take) (English and Welsh construction focus) Dentons Read the original article here
JSW Energy Ltd on Monday (January 13) said it has been declared the successful applicant for the resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code, 2016. The company received a letter of intent (LoI) from the resolution professional, following the…
The Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper on Tuesday, addressing various operational challenges within the insolvency resolution framework. The paper proposes key amendments to improve processes, particularly the coordinated resolution of interconnected entities and the submission of resolution plans. Public feedback on the paper is invited until February 25 through…
Annual figures from the Insolvency Service have shown that there were 23,872 registered business insolvencies in England and Wales in 2024 a fall of 5.1% from 2023’s figure of 25,163. The business insolvencies comprised of 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs) and three receivership appointments. The…
In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with “fraudulent and mala fide intentions” and a collusive petition was filed by the financial creditor. In a rare move, NCLT has recalled and set aside…
The Tribunal found that the National Company Law Tribunal (NCLT) had allowed the application of the Resolution Professional and ordered liquidation of the Company/Corporate Debtor. The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that excise Order against a liquidated company is not sustainable. The Tribunal found that the…
Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong. London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6…
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Professional services firm PKF Attest has introduced a new advisory and technical consulting service aimed at mitigating business liability in potential insolvency situations. This service is designed for company executives and high-level management, addressing the proactive measures required by the new European directive to prevent insolvency cases. The initiative has already completed a pilot phase…