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IBC| ‘Mere Settlement Talks Can’t Defer CIRP Admission Once Debt & Default Is Established’, Supreme Court Affirms Revival Of CIRP

The Supreme Court on Thursday (July 9) dismissed the appeals filed by the suspended director of Parsvnath Developers Ltd., upholding the revival of Corporate Insolvency Resolution Process proceedings against the real estate group in a default case involving approximately ₹452 crore. A partial court working days bench of Justice KV Viswanathan and Justice Alok Aradhe…

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‘Dream agency’ For The People investigated over claims of phoenixing and insolvent trading

Collapsed Sydney design agency For The People is under investigation over claims it was “reborn” under a new corporate entity to evade debts. The award-winning agency may also have traded while insolvent for almost seven years, according to the liquidator, who is investigating the possible “phoenixing”. Phoenixing is the process of shifting staff, clients and…