Canoo, the electric delivery vehicle startup which raced against time and insolvency despite infusions of incentive funding and actual van orders from Walmart and NASA, has been crushed under mounting debt and decided to cease all operations immediately. The Texas-based Canoo announced Friday it had filed a petition for Chapter 7 bankruptcy, which is liquidation…
Tuesday 21 January 2025 2:18 pm Share Facebook Share on Facebook X Share on Twitter LinkedIn Share on LinkedIn WhatsApp Share on WhatsApp Email Share on Email Thousands of businesses face a 140 per cent rises in bills The number of compulsory liquidations hit its highest level since 2014, according to new figures, as firms…
By Emlyn Cameron · January 16, 2025, 3:20 PM EST Montoux, a New Zealand-based provider of actuarial software, has hired lawyers from Young Conaway Stargatt & Taylor LLP to help secure U.S. recognition of a liquidation process the company launched in its… To view the full article, register now. Read the original article here
On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Last Updated : 19 January 2025, 13:00 IST Read the original article here
Tulip Hotels is heading towards liquidation after the National Company Law Tribunal (NCLT) directed this course of action. The decision follows the failure to secure any bidders during the insolvency resolution procedure. Yes Bank’s plea highlighted that two corporate guarantees worth Rs 900 crore, provided by Tulip Hotels for loans to Cox & Kings…
The tribunal held that an appeal under section 61 of the IBC cannot be entertained after the dissolution of the corporate debtor under section 54 of the IB code In a recent ruling, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that an appeal under section 61 of the…
The Tribunal held that the CoC, in its commercial wisdom, had not accepted the resolution plan and had directed the liquidation of the Corporate Debtor The National Company Law Appellate Tribunal ( NCLAT ) New Delhi has held that the commercial wisdom of the Committee of Creditors ( CoC ) in rejecting a resolution plan…
21 Jan 2025 2 Min Read CW Team The Delhi bankruptcy court has admitted Go Airlines (India) Ltd, which operates Go First airline, into liquidation after creditors failed to secure a viable revival plan. The company’s liabilities are reported to be approximately Rs 85.75… Read the original article here
In 2024, there were 23,872 registered company insolvencies, which included 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs), and three receivership appointments. The overall number of corporate insolvencies in 2024 was 5% lower than in 2023, the greatest yearly figure since 1993. The reduction in overall firm insolvency…
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