Accepting OTS Payments While Simultaneously Pursuing CIRP Proceedings Is An Attempt To Use IBC For Debt Recovery: NCLT Mumbai

Liquidation

The National Company Law Tribunal (NCLT), Mumbai bench comprising Ms. Reeta Kohli, Member (Judicial) and Ms. Madhu Sinha, Hon’ble Member (Technical) has held that the conduct of the Financial Creditor in accepting substantial ‘one-time settlement’ (OTS) payments while simultaneously pursuing Corporate Insolvency Resolution Process (“CIRP”) proceedings represents an attempt to use the Insolvency and Bankruptcy…

Collingwood’s Molly Rose Brewing Has Entered Liquidation

Liquidation

Molly Rose Brewing, the Hot-Listed Collingwood bar and brewing company, went into liquidation this morning. Nic Sandery, who founded the company in 2017, announced the news via an Instagram post. “A combination of rapidly increasing costs of operations and a reduction in consumer sentiment have made our financial situation untenable and after exploring every possible…

Liquidators Brought In By Molly Rose; Founder Hopeful Of Fresh Start

Liquidation

Another highly-rated indie brewery has fallen foul of the ongoing economic headwinds facing the drinks and hospitality sector today, with Molly Rose Brewing appointing liquidators. The Collingwood-based brewing company cited delays in their most recent expansion, increases in construction costs and rising interest rates, and the ongoing cost-of-living crisis as contributing factors that have…

Entity behind three F45 gyms enters liquidation

Liquidation

An F45 franchisee says the business has been hit hard by the pandemic, the recession, and new competitors. A company behind three F45 gym franchises in Auckland has been tipped into liquidation. K E M Holdings Ltd, which is owned and directed by Kate McEntee, appointed Victoria Toon from Corporate Restructuring as liquidator on March…