The Supreme Court on Wednesday ruled that plea by financial creditor for initiation of insolvency resolution process against a corporate debtor before the adjudicating authority will not get time barred on the ground that it had been filed beyond a period of three years from the date of declaration of the loan account as NPA.…
When the Insolvency Act 1986 became the principal law applicable to corporate insolvency in April 1986, there was much discussion around section 214, because it introduced the concept of wrongful trading in the form of personal liability falling upon a director in respect of certain unpaid company debts in the event of the liquidation. Previously,…
In a written reply, MoS Krishan Pal Gurjar said that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of HPC in Assam and are presently non-operational. TopicsHindustan Paper Corp|NCLT|NCLAT Hindustan Paper Corporation Limited (HPC) is under liquidation process on the directions of the National Company Law Tribunal and the National Company Law…
123RF A Southland shearing and firewood services company is in liquidation. Southland company X Factor Shearing has been put into liquidation owing $553,654 to unsecured creditors. The company was placed into liquidation in the High Court at Invercargill on July 1, and KPMG released the first liquidators report on July 23. The creditors include Inland…
Hagit Fieldman, 54, and Gary Fieldman, 58, both now living in Israel, were directors of First For Windows Ltd. The company traded as Dalmatian Windows and provided the manufacture and installation of double glazing, doors and conservatories. The company was incorporated in 2005 with its main trading address in East Kilbride, and the company traded…
Venugopal Dhoot, former promoter of Videocon Group, has moved before the NCLAT, challenging an order of the insolvency court NCLT approving Rs 2,962 crore takeover bid by Anil Agarwal’s Twin Star Technologies for 13 companies of the debt-ridden group. Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT) has requested to…
The National Company Law Appellate Tribunal (NCLAT) has stayed the operation of the orders of the first bench of the National Company Law Tribunal (NCLT) here, upholding the sale process of the properties of Appu Hotels for Rs 423 crore under the Insolvency and Bankruptcy Code. MGM Healthcare is said to be the successful purchaser…
Moree Artesian Aquatic Centre Ltd (MAAC), the public company operating the Moree Artesian Aquatic Centre in Northern NSW, has gone into liquidation. The notice of liquidation of the company, of which the Moree Plains Shire Council is the only member, was published on the Australian Securities and Investments Commission (ASIC) site on Thursday, the same…
(File image: Reuters) Venugopal Dhoot, former promoter of Videocon Group, has moved before the NCLAT, challenging an order of the insolvency court NCLT approving Rs 2,962 crore takeover bid by Anil Agarwal’s Twin Star Technologies for 13 companies of the debt-ridden group. Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT)…
The latest amendments to the IBC, 2016 allow the use of pre-packs to resolve insolvency proceedings involving micro, small and medium-scale enterprises. A pre-pack is a way of resolving the troubles of creditors and owners of a distressed business. What are the amendments to the Insolvency and Bankruptcy Code passed by Parliament and will it…