US corporate bankruptcies have surged to their highest levels since the aftermath of the global financial crisis, as persistently high interest rates and weakened consumer demand place severe pressure on struggling businesses. At least 686 companies filed for bankruptcy in 2024, an 8% increase from the previous year and the highest number since 2010, according…
Busy Bee Airways, which has challenged the liquidation of grounded carrier Go First, on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders concerned. It also told the National Company Law Appellate Tribunal that it is ready to acquire Go First as a going concern as it…
The National Company Law Tribunal, New Delhi bench comprising Chief Justice (Retd.) Ramalingam Sudhakar (President) and Avinash K. Srivatava (Technical Member) has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to be entertained. The Tribunal…
According to the survey, the NCLT reported adjudicating 34,690 cases out of 35,501 cases filed, achieving a 98% adjudication rate as of July 2024. However, 2,593 cases are still awaiting admission, and 4,723 cases remain pending after admission. As of September 2024, 30 courts and 16 benches (of NCLT) were functioning headed by the President, and 31 each of judicial and technical members,…
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A pair of closed Nottinghamshire restaurants, which are being liquidated, owe hundreds of thousands of pounds to various creditors. Madam Yaks Ltd, which’s trading address was listed as The Herbalist & Dante’s Italian in Retford, appointed liquidators on Tuesday, January 28. The eateries, which had both been located on Bridgegate, closed in October but the…
The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc The National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that the CoC’s decision to liquidate the corporate debtor cannot be criticized once it becomes evident…
FLINT, Mich. (WJRT) – A family-owned hardware store in Flint has closed after 86 years of being in business. Knobloch Hardware on Lewis Street has permanently closed its doors. On Wednesday afternoon, the business held a liquidation auction, which included all merchandise and store fixtures. Workers say they are disappointed to see the shop leave…
The Madras High Court bench comprising Justice S.S. Sundar and Justice P. Dhanabal has held that the proviso to Section 10-A of the Insolvency and Bankruptcy Code (IBC) does not extend to cases where the default continues beyond the moratorium period. The court noted that Section 10-A only imposes a moratorium temporarily suspending the initiation…
A longstanding WA agricultural lobby group has entered voluntary administration a week after revealing “serious financial misconduct” had been detected within the organisation. The Pastoralists and Graziers Association appointed RSM Australia Partners Jerome Mohen and Greg Dudley as voluntary administrators at a board meeting on Thursday afternoon. Mr Mohen said the lobby group made the…