RP Amit Karia The National Company Law Tribunal (NCLT), Mumbai on 16th January 2025 approved the resolution plan for the corporate debtor Rite Builtec Private Limited, marking a significant milestone in resolving this long-pending Slum Rehabilitation Authority (SRA) project in Devipada, Borivali, Mumbai. Aspect Global Ventures Private Limited is the successful resolution applicant. The resolution…
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…
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The writing had been on the wall for Jet Airways, which ceased operations five years ago. On Thursday, the Supreme Court officially put to rest the airline—at its peak India’s largest and arguably best carrier, and along with it any residual hope of its revival. The Supreme Court Thursday ordered the liquidation of Jet Airways…
The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the liquidation of Tulip Hotels Pvt. Ltd., marking the latest development in the company’s insolvency process. The order came after the Corporate Insolvency Resolution Process (CIRP) failed to produce a resolution plan within the stipulated timeframe. Resolution Professional Gaurav Ashok Adukia sought liquidation under Section…
New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea…
Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales was 1,966 in November 2024, 13% higher than in October 2024 (1,743) and 12% lower than the same month in the previous year (2,243 in November 2023). The business insolvencies consisted of 254 compulsory liquidations, 1,565…
Jones said while businesses continued to find economic conditions difficult, they could see light at the end of the tunnel and were making plans to “springboard for that growth”. Almost two-thirds of businesses planning to grow were looking to invest in hiring, retaining and training staff, with many focused on the latter two. With unemployment…
The Insolvency and Bankruptcy Board of India (IBBI) has recommended several changes in the liquidation process under the Insolvency and Bankruptcy Code (IBC), in order to enhance overall efficiency, increase stakeholder confidence, and improve financial outcome for all parties involved. One key change is to allow the IBBI to operate and manage the corporate liquidation…
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