NCLAT dismisses insolvency plea against PepsiCo; says IBC can’t be invoked only for repayment of interest

The NCLAT held that SNJ’s insolvency petition under Section 9 (concerning operational debts) of the Insolvency and Bankruptcy Code, 2016 (IBC) was not maintainable since the principal amount of the debt claimed from PepsiCo had already been repaid and only a disputed claim for interest remained. A three-member Bench of Justice Ashok Bhushan (Chairperson), and…

Court of Appeal rejects MOF-controlled THHE’s bid to block creditors’ move for compulsory winding up; High Court hearing starts tomorrow

PUTRAJAYA (May 8): The Court of Appeal has rejected Ministry of Finance (MOF)-controlled TH Heavy Engineering Bhd’s (THHE) bid to stop creditors from turning its voluntary winding up into a compulsory one, clearing the way for High Court proceedings on Friday. The MOF owns 64.45% of THHE through Urusharta Jamaah Sdn Bhd (UJSB). The company was…

Court of Appeal rejects MOF-controlled THHE’s bid to block creditors’ move for compulsory winding up; High Court hearing starts tomorrow

PUTRAJAYA (May 8): The Court of Appeal has rejected Ministry of Finance (MOF)-controlled TH Heavy Engineering Bhd’s (THHE) bid to stop creditors from turning its voluntary winding up into a compulsory one, clearing the way for High Court proceedings on Friday. The MOF owns 64.45% of THHE through Urusharta Jamaah Sdn Bhd (UJSB). The company was…