In short: The director of a festival company has been accused of trading while insolvent and using income generated from events to pay her personal rent, which she denies. Many artists, musicians and other contractors of The Gathering of the Goddesses festivals in Victoria and Tasmania say they were not paid for their work and…
The proposed amendments are expected to make the process less stringent for the insolvency professionals and resolve the complexities 3 min read Last Updated : Jun 11 2024 | 6:01 PM IST The Insolvency and Bankruptcy Board of India (IBBI) has proposed to simplify the forms submitted for the corporate insolvency resolution process (CIRP) by…
In a move that could help streamline and quicken insolvency proceedings against firms, the government is looking to reduce the compliance burden on insolvency professionals. In this regard, the Insolvency and Bankruptcy Board of India (IBBI) has issued a discussion paper on reducing compliance by review of forms for corporate insolvency resolution process (CIRP) that…
3 min read Last Updated : Jun 11 2024 | 5:30 PM IST Following the suggestion of the Financial Stability and Development Council (FSDC) to ease the compliance burden, the Insolvency and Bankruptcy Board of India (IBBI) has proposed simplifying the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals in a…
Low-cost airline Bonza entered voluntary administration in April, less than 18 months after launching its first passenger flights. (Source: AAP) Hundreds of Bonza staff have been officially sacked, after hopes of finding a buyer for the embattled airline were dashed. They are also yet to be paid for months of work as administrators say they…
Several of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…
Normal text sizeLarger text sizeVery large text size More than 300 employees at failed budget airline Bonza have been told their roles have been officially terminated after they havent been paid for more than two months. Bonza entered voluntary administration and appointed accounting firm Hall Chadwick at the end of April after its aircraft lessor…
The suspended board of debt-riddenJaiprakash Associates has moved appellate tribunal NCLAT challenging last week’s NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order.Empower Your Corporate Journey…
New Delhi: The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Bank’s plea for default of a corporate guarantee given for LeeL Electricals. The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as the interim resolution professional (IRP) for this Dehradun-based firm’s Corporate Insolvency…
Jammu & Kashmir Bank had claimed a default of Rs 50 crore against Himalayan Mineral Waters, engaged in the business of manufacturing of beverages, being the corporate guarantor for the credit facilities availed by the Leel Electricals. LeeL Electricals had in May 2017 sold its consumer durable business to Havells India for a consideration of…