NCLT Kochi Allows Second CIRP After Settlement Breach Where Settlement Preserved Creditor’s Right

The National Company Law Tribunal (NCLT) at Kochi has recently admitted an insolvency petition against Soura Natural Energy Solutions India Private Limited, holding that an operational creditor is entitled to initiate fresh insolvency proceedings upon breach of a settlement where the settlement itself expressly preserves such a right. A coram of Judicial Member Vinay Goel…

CBI Raids 10 Locations Over KES 1.6 Billion Punjab National Bank Fraud by NCS Sugars

India’s premier investigative agency, the Central Bureau of Investigation (CBI), executed coordinated raids across ten locations in southern India on Friday. The sweeping operation targeted the corporate offices and residential premises linked to NCS Sugars Limited, its corporate directors, and several unnamed public servants suspected of orchestrating a massive financial fraud against the state-owned Punjab…

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‘A legacy’: Smiths City to be relaunched with new Kiwi owners

New Zealand retailer Smiths City will relaunch under new ownership after two self-described “Kiwi entrepreneurs” purchased the brand out of liquidation. The company, which went into voluntary administration in September last year before entering liquidation the following month, confirmed the sale in a joint statement with liquidators BDO Christchurch on Friday. NZ Companies Office records…