The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Barun Mitra (Technical Member) has held that section 43 of the code can be attracted only when the transaction in question is made by the corporate debtor and not when it is made by the third party in pursuance of a statutory demand.…
Highlights The National Company Law Appellate Tribunal upheld the order of the National Company Law Tribunal admitting Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process. The National Company Law Appellate Tribunal found that Jaiprakash Associates Limited had made a One Time Settlement offer and paid ₹ 200 Crores as an upfront amount. The appeals…
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In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency. This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based…
Banking Insolvency in Nigeria: Liquidation of Heritage Bank as Case Study Proshare Read the original article here
Liz Purtell worked for Autograph for 27 years and feels she’s been treated badly by the company. Photo: Oliver Jacques. Collapsed women’s clothing company Mosiac Brands owes creditors $250 million worldwide, with many Australian staff members still not paid their entitlements weeks after store closures. In early October, Mosaic announced it would be winding up…
The National Company Law Appellate Tribunal (NCLAT) has rejected Jaiprakash Associates Ltd’s plea challenging insolvency proceedings initiated against the company. The decision upholds the NCLT’s order to initiate Corporate Insolvency Resolution Process (CIRP) against the company. New Delhi, Dec 6 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition…
After going into liquidation in September, Dark Matter rum brand was bought by Ardent Spirits, and the product is now being made at Banchory’s Burnobennie Distillery. The award-winning run was launched in 2015, making it Aberdeenshire’s first rum distillery, and is known for it’s spiced rum, white rum and flavoured rum liqueurs. Simon Morrice, Burnobennie Distillery distribution…
When we released our first global insolvency forecast in February, we were already expecting a sharp increase in 2024 (+9%), followed by a stabilization in 2025. However, recent developments have led to an even grimmer picture, with a projected increase of +11% for this year (+2pps from the previous forecast), followed by a peak of…
Share of US corporate bankruptcies seeking liquidation on track for 15-year low S&P Global Read the original article here