Petition U/S 9 Of IBC Cannot Be Entertained Based On Fabricated Invoices Created To Pursue Revenge Litigation Against Corporate Debtor: NCLAT

Liquidation

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that a Section 9 petition under the Insolvency and Bankruptcy Code, 2016 (Code) cannot be admitted when the operational creditor has used its control over the corporate debtor’s affairs to fabricate invoices and…

Action Smart goes into liquidation

Liquidation

Action Smart and its associated companies Caravan Fix, End Repair Solutions, BHG Automotive Group, Action Smart Transport and AD Glass have gone into liquidation and ceased trading. The company has debts in excess of $4.6million including a massive tax bill. The companies do not appear to have assets and funds to pay creditors.  Many subcontractors…

Chelverton UK Dividend – ZDP placing cancelled, liquidation of SDV 2025 ZDP Co to proceed

Liquidation

Chelverton UK Dividend Trust (SDV) has announced that the proposed placing of new zero dividend preference shares (ZDPs) in 2031 ZDPCo will not proceed due to insufficient demand amid continued market volatility. As a result, the previously proposed Scheme of Reconstruction has also been cancelled. Despite some investor support, the challenging market backdrop has led…

NCLAT Upholds Order Directing Suspended Directors To Repay ₹32 Lakh Which Was Withdrawn During CIRP, Imposes ₹5 Lakh Cost

Liquidation

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has upheld the order of the Adjudicating Authority directing the suspended directors of the Corporate Debtor to return the Rs.32 lakh along with interest they had withdrawn during Corporate…

OutsideIn: Belfast clothing firm that aimed to help the homeless in liquidation owing over £0.5m

Liquidation

REVEALED |  Fashion brand that was inspired by founder’s time at uni owes £0.5m David Johnston, founder of OutsideIn A Belfast-based clothing firm with a mission to collect items for the homeless from customers has gone into liquidation owing over £500,000, the Belfast Telegraph can reveal. According to Companies House filings, liquidators from Manchester-based FRP Advisory…