File photo. SolarZero directors say the company explored a range of options for a restructure, but were unable to find a viable solution. Photo: lighthunter/123RF Solar power company SolarZero has been put into liquidation, leaving some customers worried about the contracts they have signed with the company. The company – which offers customers solar power…
The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC. In this case, share application money was given for the…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution…
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea initiated to begin insolvency proceedings against Amazon Wholesale (India). This decision upholds the earlier ruling by the National Company Law Tribunal (NCLT), which had denied the insolvency request submitted by Multiplier Brand Solutions. Multiplier Brand Solutions claimed a default of Rs 3.7 crore…
Alex Wong/Getty Images News Xiaodi Hou, the co-founder and former chief executive of TuSimple (OTC:TSPH) has sent a letter to the board, asking for immediate liquidation of the self-driving trucking company. Hou, who is the largest shareholder of the company, said it has been disappointing to Read the original article here
New Delhi, Nov 26 (PTI) The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays…
The company, which delivered a series of projects across the West Country over more than three decades, recently entered creditors’ voluntary liquidation. Insolvency specialist Brailey Hicks has been brought in to manage the process, and all 12 ADG employees have been made redundant. Director Patrick Deigan said the practice, which was founded as the Architects…
Almanac has acquired the intellectual property and assets of Gro Intelligence. Gro Intelligence was developing the world’s largest agricultural data platform before its recent closure and business liquidation. In 2021, Almanac grew its crop management platform through the acquisitions of Agworld, Altrac…
Highlights As of September 30, 2024, a total of 40,943 cases have been filed in the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016. Creditors have realized 3.55 lakh crore under resolution plans, achieving 161.11% of the liquidation value and 86.13% of the fair value of the assets. The quarterly reports indicate…