NCLT directs insolvency proceedings against Sankhya Infotech – BusinessLine

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The National Company Law Tribunal, Hyderabad, has initiated corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, against Sankhya Infotech Limited. The Bench of Madan Balachandra Gosavi, Member Judicial, and Veera Brahma Rao Arekapudi, Member Technical, while initiating insolvency proceedings, appointed Jagdees Kumar Morri as Interim Resolution Professional. The proceedings were initiated by Pudhota…

NCLT dismisses insolvency resolution withdrawal application of Rolta India promoters – Economic Times

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The dedicated bankruptcy court dismissed the plea for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the IT firm Rolta India on Tuesday, observing that the court could not ignore the substantial claims of Financial Creditors because of the purported settlement of employees of the company. One of Rolta Indias employees had filed…

Experts reject ‘insolvency tsunami’ predictions but advise caution – Accountancy Age

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Forecasts predicting an impending tsunami of corporate insolvencies are alarmist, though the need for ongoing alertness remains, according to UK insolvency specialists. Government support measures have allowed insolvency levels to remain stable amid the pandemic, but recent data shows significant surges as crisis-era support is withdrawn. According to statistics released by the Insolvency Service, June…

NCLT Mumbai dismisses withdrawal plea, continues CIRP against Rolta – Times of India

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MUMBAI: The National Company Law Tribunal (NCLT) Mumbai on August 6 dismissed an application seeking the closure of Rolta Indias Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC).A consortium of lenders to Rolta represented by advocates Rohit Gupta and Nausher Kohli had opposed a plea for closure of the process, saying that…

NCLAT ruling on spectrum could make resolution tough if Vodafone Idea files for bankruptcy – Moneycontrol.com

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The National Company Law Appellate Tribunal (NCLAT)s April 13 order in the Aircel matter has precipitated various issues which will have implications on financing of assets such as telecom spectrum and restructuring of corporate debtors entitled to use said assets. The case has added relevance at this point of time as Vodafone Idea battles for…

Mount Gambier Private Hospital to transition to public service after entering administration – ABC News

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The Mount Gambier Private Hospital will cease to operate in late August and instead will dissolve into the public service where it is co-locatedafter a decision yesterday during a meeting with creditors and administrators. Key points: The co-located private service will cease operations entirely on August 21 Hospital directors decided the hospital was no longer…