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NCLT Rejects Resolution Plan Over ₹1,000 Share Conversion; Orders Liquidation for Companies Act Non-Compliance [Read Order]

The National Company Law Tribunal (NCLT) has rejected the resolution plan filed by AKB Ventures Pvt. Ltd. for Paytail Commerce Pvt. Ltd., observing that the suggested conversion of creditor dues into securities at ₹1,000 per share and further acquisition of such securities at ₹1 or ₹10 each has no legal or valuation foundation in view…

Veteran UK haulier collapses as difficult summer deepens

A cluster of British road-freight operators has entered insolvency proceedings within days of one another, including a long-established Immingham haulier that had been trading since the late 1970s. Chambers and Cook (Eastern) Ltd entered administration on 13 August, with three administrators from BK Plus appointed through the High Court in Birmingham. The company, whose principal…

Disputed Ownership Cannot Justify Withholding Mall Revenue Records: NCLAT Upholds RP’s Right to Seek Revenue Details [Read Order]

National Company Law Appellate Tribunal, Principal Bench, New Delhi, has rejected an appeal filed by Mega Mall Management Services Pvt. Ltd. on the grounds that ownership dispute regarding a mall and conflicting contract issues about its revenues do not constitute any reason for non-provision of the requested information to Resolution Professional (RP). Corporate Insolvency Resolution…

‘Perfect storm’: builder collapses, buyers in lurch

Bathla Group cites a property market downturn and rising construction costs for its financial woes. (Dan Himbrechts/AAP PHOTOS) Home buyers have been left in uncertainty after a debt-laden residential developer called in external administrators to keep the firm afloat. Bathla Group cited a “perfect storm” including a property market downturn and rising construction costs in…

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