Vikram Solar Limited’s corporate insolvency process has begun following an NCLT order admitting a petition by Isitva Steels Private Limited for ₹9.44 crore in unpaid dues. Management control shifts to an Interim Resolution Professional. Vikram Solar Limited faces a Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT), Kolkata Bench, admitted an…
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In Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395 (29 September 2020) the plaintiff, Habrok, sought orders under ss445D and 447A of the Corporations Act 2001 (Cth) (Act) terminating a deed of company arrangement (DOCA) executed by the first to seventh defendants (GCY Group) and the eighth defendant (administrators/FTI). Background After the…
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The Western Cape High Court has placed Polanocol (Pty) Ltd under final liquidation after finding the company had contravened the Share Block Control Act. About 380 investors, who collectively invested more than R17 million, face losing their investment. Ashraf Hendricks/GroundUp Be among those who shape the future with knowledge. Uncover exclusive stories that captivate your…
After 50 years of manufacturing frozen cheesecakes, pies, crumbles and ice cream in Australia, Sara Lee Holdings has gone into voluntary administration. Key points: Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting have been appointed as voluntary administrators The administrators are seeking to restructure or sell the business while its operations continue Sara Lee was…
The National Company Law Tribunal (NCLT), Bengaluru Bench, has admitted an insolvency petition filed by the applicant under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The tribunal found that the debt and default were clearly established, noting that the corporate debtor failed to pay operational dues exceeding ₹ 1.96 crore despite statutory demand notices and acknowledged liability, thereby warranting initiation of…
Business tycoon Robert Gumede highlights the importance of withdrawing the Tongaat Hulett liquidation application to safeguard jobs and combat foreign sugar dumping in South Africa. Gumede, of Vision Group, one of the creditors of the company, said he was confident in turning around the fortunes of the company. It was announced that the Durban High…
In a recent ruling, the National Company Law Tribunal (NCLT), Bengaluru Bench, has admitted an insolvency petition filed by the petitioner under Section 9 of the Insolvency and Bankruptcy Code, 2016, after finding that the corporate debtor’s plea of financial distress could not absolve it from repayment obligations. The operational creditor sought initiation of the Corporate Insolvency…