The Bombay High Court has upheld the revival of The Svadeshi Mills Company Ltd., which has been in liquidation since 2005, based on a revival plan endorsed by Grand View Estates Pvt. Ltd. and Forbes & Co. Ltd. who together own 53.25% of the shares of the company. The Division Bench called the objection raised…
The National Company LawTribunal (NCLT) has accepted the Section 9 Application filed by Sai Kripa Indenting against Sneh Olefins Private Limited for Corporate Insolvency Resolution Process (CIRP) on account of operational debt of ₹38,28,15,122.64. The Bench ruled that the inability of the Corporate Debtor to meet its obligation, SARFAESI proceeding and proposed settlement does not…
Landmark decision lets Sritex curators investigate Singapore assets and potentially strengthen creditor recoveries. A Singapore court decision involving collapsed Indonesian textile giant Sritex could give creditors and insolvency administrators a clearer route to pursue assets linked to bankrupt Indonesian companies in Singapore. Singapore Recognizes Sritex BankruptcyThe Singapore International Commercial Court (SICC) recognized the Indonesian bankruptcy…
The liquidator highlighted “significant pressures” on the haulage business, which was established in 1968. Michael Reid, head of insolvency services in Scotland for MHA, has been appointed liquidator of VG Mathers Limited, based at Kintore in Aberdeenshire. VG Mathers’ fall into liquidation has resulted in the loss of all seven jobs. Colin Mathers, director of…
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The National Company LawTribunal (NCLT) Hyderabad, has directed that Splendid Metal Products Limited which was subsequently renamed as Thalaivar Steels Limited should be liquidated due to the continued inability to execute the Resolution Plan approved despite significant amounts being paid by the Successful Resolution Applicant (SRA). The Corporate Debtor was admitted for CIRP on 4…
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The Bombay High Court has set aside an Insolvency and Bankruptcy Board of India (IBBI) disciplinary order suspending an insolvency professional for three months, holding that the show cause notice was based on matters extraneous to the investigation and that relevant material was ignored while imposing the penalty. The Bench of Justice Manish Pitale and…
Abstract The Companies and Allied Matters Act 2020 (CAMA 2020) introduced a significant change in Nigerian corporate insolvency law by incorporating formal mechanisms directed at the rescue and rehabilitation of financially distressed companies. In particular, the introduction of Company Voluntary Arrangements (CVAs) under sections 434–442 and administration under sections 443–549 represents a departure from the…
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently…