The Insolvency and Bankruptcy Board of India (IBBI) has warned insolvency professionals against the misuse of the Insolvency and Bankruptcy Code, 2016, for purposes including reducing tax liabilities, avoiding regulatory scrutiny and obstructing investigations. The regulator has directed professionals to closely examine suspicious insolvency proceedings and act when there are reasonable grounds to suspect fraudulent…
Viceroy Hotels wins High Court case on ₹3.56 crore surcharge demand scanx.trade Read the original article here
The National Company Law Tribunal has allowed the insolvency cases and found that insolvency of personal guarantors does not provide a legal bar on filing and prosecuting insolvency proceedings for the same underlying obligation. The Bench is considering a petition filed by ASREC India Limited under the provisions of Insolvency and Bankruptcy Code to initiate…
The NCLAT also stressed that Section 60(2) of the IBC requires insolvency proceedings against a personal guarantor to be filed before the same NCLT where the CIRP or liquidation of the corporate debtor is pending. It said that the provision is intended to consolidate proceedings and avoid conflicting decisions. In this case, the Tribunal held…
Bosses have said the move is part of a ‘restructure’ facebook.com Read the original article here
Sky Blue York Ltd, which previously ran the Sky Blue Chinese Restaurant at 16 Barbican Road, owes more than £100,000 to creditors, according to a liquidator’s report. Reports posted on the Companies House says the business was incorporated in May 2021 and entered liquidation on September 1. Anderson Brookes of Chorley, Lancashire, were appointed liquidators.…
The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has quashed insolvency proceedings against a personal guarantor after finding that the corporate debtor’s Corporate Insolvency Resolution Process (CIRP) was pending before another NCLT Bench. The bench of Judicial Member Justice Sharad Kumar Sharma and Technical Members Arun Baroka and Indevar Pandey held that where…
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In a new circular, the IBBI has underlined the need for insolvency professionals to carry out due diligence to guard against misuse of the IBC framework. “The IBBI has received information from law enforcement and regulatory agencies that, in certain cases, the framework under the Insolvency and Bankruptcy Code, 2016 is being misused for purposes…
A five-star rated North Yorkshire electrical installation company has gone into liquidation with reported debts approaching £200,000. ADS Electrical Services of Shire Bridge Business Park, York Road, Easingwold, entered liquidation on July 28. The company, which was incorporated in 2018, appointed GS Insolvency and Restructuring Ltd as liquidator. A report, known as a statement of…