The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Naresh Salecha (Technical Member) and Mr Indevar Pandey (Member) held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. It was further held that Section 238 of the Insolvency and Bankruptcy Code, 2016…
The share application money was given for the allotment of shares but neither were shares allotted nor was money refunded The New Delhi bench of National Company Law Appellate Tribunal ( NCLAT) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC.…
Galena Mining’s Abra Mine Under Voluntary Administration TipRanks Read the original article here
Director who sold the shipping containers he hired owes liquidators $600k Stuff Read the original article here
Tradies owed thousands of dollars following the collapse of the country’s largest rooftop solar company are worried they’ll never get the money they’re owed. SolarZero was placed into surprise liquidation last week, with owner US investment giant BlackRock blaming “unsustainable losses”. Close to 200 workers are owed millions in holiday and redundancy packages. Iain McIsaac,…
London | ArcelorMittal will send in administrators to investigate what happened inside industrialist Sanjeev Gupta’s European metals empire after winning a British court case over a €140 million ($225 million) debt. Liberty Steel East Europe (Holdco) – a holding company for a cluster of entities controlling six of Mr Gupta’s eight continental European steelworks –…
Troubled Melbourne fund to be liquidated The Australian Read the original article here
(Bloomberg) — Shimao Group Holdings Ltd. won a Hong Kong court decision to dismiss a creditor petition to liquidate the defaulted Chinese developer, buying more time to complete its debt restructuring plan. The Hong Kong High Court granted the dismissal Monday after the company said in an October filing that some banks and bondholders have…
Key Points Bangladesh-based companies have been doing business with Mosaic Brands for several years. Experts say Mosaic Brands struggled in retail due to rising competition from online ‘fast fashion’ outlets including Temu and Shein. FTI Consulting has been appointed as administrator, while KPMG will act as receiver and manager. Mosaic Brands Limited is one of…
After nearly a year suspended, Land & Homes Group enters administration MSN Read the original article here