The tribunal held that approval of the resolution plan cannot be subjected to the ongoing arbitral proceedings between the parties The National Company Law Tribunal (NCLT) of Bengaluru bench has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under Insolvency Bankruptcy Code…
Bankruptcy is the busiest federal court in the U.S. Last year, more than 200 companies with at least $50 million in liabilities filed for bankruptcy, according to Bloomberg. That’s the second most since just after the Great Recession in 2009. A new book argues that bankruptcy has become a “Swiss Army knife” or “escape hatch”…
Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls. However, Mantri…
A Rex Saab 340B, VH-SBA. (Image: Rex) The federal government has offered a financial lifeline to Rex as its administrators seek to extend their appointment. $80 million in financing will be provided to keep the business and its regional services afloat as EY Australia continues to search for a buyer, with the administrator applying to…
500 jobs gone as iconic fashion retailer shuts down Toowoomba Chronicle Read the original article here
The future of popular paint-and-sip business Pinot & Picasso is uncertain after its master franchisor entered voluntary administration last week. However, the administrator of the business has confirmed to SmartCompany it will continue to trade during the voluntary administration process. Veuve Ventures Pty Ltd and seven related entities appointed Sule Arnautovic of Salea Advisory to…
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Women’s clothing line Katies will be wound down while dozens of Millers, Rivers and Noni B stores will close as struggling Australian fashion retailer Mosaic Brands undergoes a “consolidation program” that will cost hundreds of staff their jobs. A line will be drawn through Katies as a brand and the shutters will be brought down…