“If notice under Section 8 is not replied by the Corporate Debtor for some reason or other it does not debar the Corporate Debtor to contest the application filed under Section 9 of the Code by raising its defence” The National Company Law Appellate Tribunal (“NCLAT”) New Delhi bench has held that the Corporate Debtor…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that relief under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be claimed against rejection of claims by the liquidator when the remedy…
MCA to work on increasing recovery from corporate insolvency process MSN Read the original article here
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) have re-iterated that that liquidation of the Corporate Debtor should be the last resort. The Tribunal observed that when 95.01% of the CoC members, after considering all aspects, passed a resolution…
Builder linked to high profile Perth projects hits trouble The West Australian Read the original article here
A PEMBROKESHIRE restaurant is set to receive national attention as it appears on Channel 4’s hit series Four in a Bed next week. 35 Main Street, a well-regarded restaurant in Solva, will make its television debut on Monday, February 24, as part of the competition-style show that pits four bed and breakfast owners against each…
Furniture retailer Nick Scali says its profits could be lower than estimated just a month ago after one of its logistics partners collapsed, leaving hundreds of containers full of sofas and dining sets stranded. The failure of Lion Global Forwarding, which specialises in forwarding furniture from China, means about 200 containers full of products for…
Seacrest Petroleo Bermuda Limited is a Bermuda-based independent oil and gas production company. The Company has an integrated portfolio of producing oil and gas fields, and export infrastructure onshore in Espirito Santo, Brazil. The Company has exclusive control over its infrastructure, from field production to an offshore tanker loading terminal, enabling operations, schedule control and…
Insolvency & Bankruptcy Code (IBC), labelled as among the iconic watershed-moments of Indian legal history has been under intense scrutiny for some time now. Recent observations around judicial delays, higher liquidation rates (compared to resolution) and lower recoveries have cast a spotlight around this milestone. Some years ago, the IBC was hailed as the saviour…
The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well…