Phosphate was supposed to be the outback’s next big economic opportunity, but one mining company says the cost of rail freight has brought its project to the end of the line. Just three years after its first shipments were celebrated for reducing Australia’s reliance on imports, the Ardmore Mine, about 140 kilometres south of Mount…
The government is planning to give significant additional powers to the Committee of Creditors (CoC), the primary decision-making body once bankruptcy proceedings are initiated. A key change being considered is to make it mandatory for the CoC to constitute a “monitoring committee” (MC) to oversee the implementation of the resolution plan, according to official sources.…
In a significant development, the National Company Law Tribunal (NCLT), Allahabad Bench, has directed Jaiprakash Associates Limited (JAL) to continue with the process of inviting Expression of Interest (EOI) for the company as a whole, setting aside the option of inviting EOIs for individual business clusters. The order, pronounced on March 6, 2025, comes in…
Powerlong Faces Liquidation Application Amidst Financial Dispute TipRanks Read the original article here
Powerlong Faces Liquidation Application Amidst Debt Challenges TipRanks Read the original article here
Update Tuesday July 16, 2024: Dion Lee is on sale with between 40 per cent and 80 per cent off the entire collection both in-store and online. Prices start as low at $19. Local designer label Dion Lee has entered voluntary administration, bowing to economic pressures. Antony Resnick of insolvency firm DVT has been appointed…
The National Company Law Tribunal (NCLT) has admitted the application for commencement of corporate insolvency resolution process against AVIOM India Housing Finance. On January 27, the Reserve Bank had superseded the board of AVIOM owing to governance concerns and defaults in meeting various payment obligations, and appointed Ram Kumar, ex-CGM of Punjab National Bank, as…
The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that the NCLT, which is the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC/ the Code) does not have the power to issue directions to the Directorate of Enforcement…
The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights…
The Liquidator was instructed by the Tribunal to notify IBBI for proceedings under Section 74(1) of the Code, and Respondents were ordered to reimburse sums totaling Rs. 10,01,80,000 The National Company Law Tribunal, Mumbai bench has held that after the Corporate Insolvency Resolution Process (CIRP) has begun, any payments made from the Corporate Debtor’s account…