Chennai: A total of 40,943 cases have been filed with National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, till 30 September, 2024. Of this, 1068 cases under Corporate Insolvency Resolution Process were resolved and have realised Rs 3.55 lakh crore. Of the total 40,943 cases filed with NCLT, 2336 cases were filed…
SolarZero customers told to keep calm and carry on BusinessDesk Read the original article here
The NCLT Kolkata bench of Ms. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) have held that mere possession over assets of the corporate debtor under the SARFAESI Act does not prevent the financial creditor from preferring an application under section 7 of the IBC. Brief Facts The Corporate Debtor Roadwings International Pvt.…
The National Company Law Appellate Tribunal (NCLAT), Chennai bench of Justice Sharad Kumar Sharma (Judicial Member) and Mr Jatindranath Swain (Technical Member) allowed the impleadment application filed by an Operational Creditor, on the ground that its application to initiate CIRP proceedings against the Corporate Debtor were closed due to initiation of CIRP by another creditor.…
The Albanese government has appointed Howard Insall SC as the part‑time Chairperson of the Companies Auditors Disciplinary Board (CADB) for three years and appointed six part-time members to the Insolvency Practitioner Registration and Disciplinary Committees (IPRDC). The appointment of Howard Insall follows the retirement of Maria McCrossin who has served on the CADB since August…
In an underperforming economy, China’s bankruptcy regime is following a steep trajectory to maturity and doomed businesses are making a revival. Sophia Luo reports ONCE REGARDED AS SOMETHING of a taboo, bankruptcy has now been generally accepted as an essential route for debt-ridden companies to deal with the burdens of the past, resolve debt overhang…
NCLAT Limits Insolvency to One Project Construction World Read the original article here
The tribunal held that the appellant being a shareholder of the company is not the “aggrieved party” as per the provisions of the Code The New Delhi bench of the National Company Law Appellate Tribunal ( NCLAT ) ruled that a shareholder of the company is not the “aggrieved party” as per the provisions of…
The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) has held that making belated entries in the books of account to show that goods were misappropriated cannot escape the conclusion that the dispute raised by the corporate debtor was merely a moonshine just to avoid the liability.…
Jet Airways an erstwhile premium airline operating primarily in Indian air space has been suffering financial distress for almost a decade now. After being relegated to insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), the Company and its lenders had finally seen some hope of being airborne again when a resolution plan was…