In a significant verdict, the Supreme Court on Tuesday ruled that liabilities arising from corporate guarantees squarely constitute “financial debt” under the Insolvency and Bankruptcy Code (IBC). A bench comprising justices PS Narasimha and Alok Aradhe upheld the validity and enforceability of corporate guarantees and recognised a consortium of banks led by State Bank of…
Omkar Speciality Chemicals Announces Capital Restructuring Plan Under Insolvency Resolution Process scanx.trade Read the original article here
SC holds SBI-led consortium of banks as financial creditors in Reliance Infratel case ETLegalWorld.com Read the original article here
The top court set aside the orders of the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT), which had previously stripped a consortium of Indian banks led by SBI of their status as financial creditors. The case arose during the Corporate Insolvency Resolution Process (CIRP) of Reliance Infratel Limited (RITL).…
Soaring fuel prices are threatening air carriers around the world, and in the US the White House is scrambling to save the long-troubled Spirit Airlines. The carrier is in bankruptcy court and is quickly running out of cash. Reports last week suggested that the Trump administration was in talks to loan as much as $500m…
How have Reddit users reacted to Wren Kitchens ceasing operations in the US NationalWorld Read the original article here
A notice in the London Gazette explained Loughton Tyres, had appointed liquidators earlier this month. Based in the Loughton Seedbed Centre on Langston Road they have been serving the community since 1987. The firm has appointed liquidators after entering Members Voluntary Liquidation (MVL), the notice said. MVL is the formal process entered into to wind…
Corporate guarantee liability is “financial debt” under IBC: Supreme Court Bar and Bench Read the original article here
The Commercial Court of Pointe-à-Pitre has ordered the judicial liquidation of Air Antilles. The ruling was handed down on Monday, April 27. It explains the rejection of the takeover bids submitted since the company was placed under receivership on February 2. “During the observation period, the administrator concluded that it was impossible to present a…
A family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a “sad day for the industry”. Peter Lucas and Damien Lau, from P.A Lucas & Co, have been appointed joint administrators of the A.H. Beard, according to a published notice. The Daily Telegraph reports…