Majority’s Consideration Of Debt Restructuring With Corporate Debtor Does Not Bar Individual Member From Filing Petition U/S 7 Of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) that the fact that a majority of consortium lenders are considering debt restructuring with the Corporate Debtor does not preclude an individual member from independently initiating insolvency proceedings under Section 7 of the…

R500m Needed to Rescue Daybreak Foods from Collapse

The Public Investment Corporation (PIC) is in a frantic last-minute effort to secure R500 million in funding to prevent the collapse of struggling poultry producer Daybreak Foods, reported the Sunday Times. Without the cash injection by Friday, the company faces liquidation, putting 3,400 jobs at risk. Failed Funding Plea The PIC sought emergency funding from…

Dubai court orders liquidation of firm after creditors fi…

The Dubai Commercial Court has ordered the liquidation of a company operating in the building materials trade, appointing a legal administrator to oversee the process and inventory assets, settle liabilities, and distribute any remaining funds or movable assets to creditors. The decision came after a creditor filed a claim of Dhs3.7 million against the company,…