Rajya Sabha has passed the Insolvency and Bankruptcy Code (IBC) Amendment Bill, 2021. Here are four key highlights of the amendment. The Rajya Sabha passed the amendment to the Insolvency and Bankruptcy Code (IBC), 2016 targeted towards simplification of insolvency procedure for micro, small and medium enterprises (MSMEs). This follows the repeal of the same…
Robyn Edie/Stuff The Warehouse shuttered Diners Club in 2018, and has now put it into liquidation. The once-proud Diners Club (NZ) has been put into liquidation. Its ultimate owner was The Warehouse, which bought it for $3 million in 2014 in a bid to launch a financial services operation. But in 2018, the NZX-listed retailer…
A bench of Justices Indira Banerjee and V Ramasubramanian set aside an order of National Company Law Appellate Tribunal (NCLAT) by which it had said that application under section 7 of Insolvency and Bankruptcy Code (IBC) of Dena Bank (now Bank of Baroda) for initiation of insolvency process was time barred. The bench said, To…
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…