IBC Monthly Digest [February 2025] – Live Law – Indian Legal News
IBC Monthly Digest [February 2025] Live Law – Indian Legal News Read the original article here
Trucking Co. Liquidation Hearing Delayed Amid Sale Debate
By Yun Park ( March 7, 2025, 6:57 PM EST) — A hearing for bankrupt trucking company KAL Freight to determine whether to convert the case to a Chapter 7 liquidation was pushed back to next week as the debtor tried to finalize a Chapter 11 asset sale…. Law360 is on it, so you are,…
IBBI Proposes Reform of Liquidation: Ending Inefficient ‘Going Concern Sales’
The issue is that this process can take a long time and often doesn’t help creditors get their money back. When a business is in financial trouble and can’t pay its debts, it might go into liquidation. This means the company is closed down and its assets (things it owns) are sold to pay off…
Fresh trouble for SpiceJet as 3 aircraft lessors, former pilot file insolvency pleas
SpiceJet is facing fresh round of troubles as three Ireland-based aircraft lessors and a former pilot have filed insolvency pleas in NCLT against the budget carrier, claiming defaults. Three lessors – NGF Alpha, NGF Genesis and NGF Charlie- have filed petitions under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues…
Ipswich Great White Horse Hotel mystery after liquidation
Paperwork prepared for Tuesday’s Ipswich Borough Council executive meeting has revealed that Dayal Motels Ltd went into liquidation on December 11. The company was liable for business rates at the Tavern Street site from June 28, 2022, to December 10 last year, but according to the council no rates were paid. There was a valuation request…
Promoter Undergoing CIRP Can Be Permitted To Complete Project For Benefit Of Homebuyer: NCLAT – Live Law – Indian Legal News
Promoter Undergoing CIRP Can Be Permitted To Complete Project For Benefit Of Homebuyer: NCLAT Live Law – Indian Legal News Read the original article here
Azerbaijan’s Lider production company moves forward with liquidation
BAKU, Azerbaijan, March 8. Leader Production LLC, a subsidiary of Leader TV and Radio Azerbaijan LLC, is liquidated, Trend reports via State Tax Service. Creditors can submit their claims within two months to the address: 83/23 Shafayat Mehdiyev Street, Yasamal District, Baku City. Lider Production LLC was state-registered in 2008. The legal representative of the…
Texas MRF operator for sale amid $8M loan dispute, possible asset liquidation
Listen to the article 4 min This audio is auto-generated. Please let us know if you have feedback. Independent Texas Recyclers, a Houston-based MRF operator , has discontinued operations after a nearly year-long court process to settle an $8 million loan payment dispute with its lender. Cadence Bank, ITR’s lender, sued the MRF operator and…
SunLive – Timeless Summer Tour cancelled and in liquidation
The Timeless Summer Tour has been cancelled and put into liquidation three months after being postponed. A Rotorua ticketholder feeling “ripped off” after trying for weeks to get her $632 refunded says she’s “gutted” and even less confident of getting her “hard-earned money” back. The tour had the same promoter as the cancelled Juicy Fest New Zealand…
Going concern sales in liquidation
The IBC was designed with a clear, sequential process – first, the Corporate Insolvency Resolution Process (CIRP) attempts to revive the corporate debtor. If that fails, liquidation ensures a swift and conclusive dissolution. However, the concept of ‘sale as a going concern’ in liquidation contradicts this framework, effectively keeping failed businesses on artificial life support.…