WyndyMilla founders save custom bike specialist and Spoon Customs from liquidation, but insist: “There is no grand plan as of yet”

The founders of British custom bike specialist WyndyMilla, whose parent company Spoon Group entered liquidation late last year, have announced that they have acquired the business and its remaining assets, alongside sister brands Spoon Customs and Gun Control Custom Paint. In a boost for the British cycling industry, Henry Furniss and Nasima Siddiqui, who sold…

No Provision Under IBC Mandating Resolution Professional To Share Valuation Report With Suspended Management Of Corporate Debtor: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that there is no provision in the Insolvency and Bankruptcy Code, 2016 (Code), that mandates the valuation report to be shared with the suspended management of the Corporate Debtor. Therefore, the…

NCLAT dismisses insolvency plea against PepsiCo; says IBC can’t be invoked only for repayment of interest

The NCLAT held that SNJ’s insolvency petition under Section 9 (concerning operational debts) of the Insolvency and Bankruptcy Code, 2016 (IBC) was not maintainable since the principal amount of the debt claimed from PepsiCo had already been repaid and only a disputed claim for interest remained. A three-member Bench of Justice Ashok Bhushan (Chairperson), and…