The National Company Law Tribunal (NCLT) has approved gaming and media firm Nazara Technologies’ resolution plan to acquire Sachin Tendulkar-backed Smaaash Entertainment, which has been undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).“We wish to inform you that the resolution plan submitted by the company for acquisition of Smaaash Entertainment Private Limited, a…
A court-appointed administrator said that the company will very likely be liquidated following the provincial government’s refusal to invest further public money into the company, which would have been a condition of any sale of the struggling company. Jean-François Nadon, a restructuring specialist with Deloitte, said “the likelihood of a liquidation of assets is very…
Corporate liquidation, also known as winding up, is a formal process through which a company’s legal existence is brought to an end, whether due to insolvency, inability to pay debts, or a voluntary decision by its stakeholders (Insolvency and Bankruptcy Code, 2016) [1]. In India, the prominence of corporate liquidation has increased significantly following the…
Dikshat Mehra, Anjali Dhoot Recently, the Singapore High Court (“SHC“) in the judgement of Re Compuage Infocom Ltd and another has recognised Corporate Insolvency Resolution Process (“CIRP“) under Insolvency and Bankruptcy Code, 2016 (“Code“), applying the UNCITRAL Model Law on Cross-Border Insolvency, 1997. Before getting into the details of the judgment and discussing its impact on…
Look before you leap: Avoiding the chaos caused by multiple liquidation applications Cliffe Dekker Hofmeyr Read the original article here
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By MS Sahoo Former chairperson, Insolvency and Bankruptcy Board of India In a landmark ruling on May 2, the Supreme Court of India ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) while disposing of an appeal filed in 2020. The court found grave irregularities, some intentional and collusive, in the approval and implementation…
Revealed | Liquidators were appointed to the company last week Darren Campbell (34) announced in March that the FBA Brand Builder would be entering liquidation A controversial ‘brand builder’ had racked up debts of more than £450,000 before the company entered liquidation, it can be revealed. The FBA Brand Builder, run by Darren Campbell (34), previously…
Builder’s future hangs in the balance as liquidation delayed The West Australian Read the original article here
This is the story of the first Indian insolvency proceeding to be granted recognition by the Singapore Court under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”). This recognition, besides facilitating the challenging cross-border asset recovery, has also opened the doors for deeper insolvency cooperation between India and Singapore. What prompted the Resolution Professional…