Category Archives: Liquidation

IBBI introduces key amendments to enhance liquidation process efficiency and transparency, ET LegalWorld

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…

NCLT nod to JSW’s Rs 16,000cr bid for KSK Mahanadi Power

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 acquisition of Indian glass group HNG hits setback

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…

Qld building company goes into liquidation

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),…

‘Diamond’ water filter maker NEP placed under liquidation, says VS Industry

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…

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court

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…

EFishery cuts about 90% of jobs as potential liquidation looms

(Feb 13): EFishery Pte is eliminating more than 1,000 jobs, or about 90% of the workforce, as the Indonesian agritech company suspected of fraud 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 as the matter is private.…