Insolvency Process Can Be Withdrawn Before Formation of CoC, NCLT Chennai Reaffirms

The National Company Law Tribunal at Chennai has recently reaffirmed that a corporate insolvency resolution process (CIRP) may be withdrawn after admission but before the Committee of Creditors (CoC) is formed, while allowing the withdrawal of insolvency proceedings against Vees Properties Limited. The tribunal relied on the Supreme Court’s ruling in Glas Trust Company LLC…

Business insolvencies fall by 1.7%

Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales fell by 1.7% in August 2025 to a total of 2,048 compared to July 2025’s total of 2,083, and increased by 5.9% compared to August 2024’s figure of 1,933. The insolvencies consisted of 281 compulsory liquidations, 1,578…

Bankruptcy court admits Ansal API affiliate under Insolvency Resolution Process

The new bench of the National Company Law Tribunal (NCLT) has admitted Katra Realtors under the corporate insolvency resolution process (CIRP) following an application filed by IL&FS Financial Services Ltd. Delhi-based Katra Realtors was a corporate guarantor to listed real estate developer Ansal Properties and Infrastructure (Ansal API), which is also currently undergoing an insolvency…

Restructuring and insolvency with a human touch

The technical outcomes of insolvency, settling debts, distributing funds, etc, are only part of the story. For Adrian, the most rewarding moments come when he sees the personal impact of his work. He recalls a business owner who had been under immense pressure as his company went into liquidation. Several months later, Adrian happened to…