The National Company Law Appellate Tribunal (NCLAT) has ruled that there is no prohibition on assessment proceedings by statutory authorities, including the Employees’ Provident Fund Organisation (EPFO), after the liquidation process begins under the Insolvency and Bankruptcy Code (IBC). However, the tribunal clarified that during the moratorium period, once insolvency proceedings are initiated, EPFO cannot…
The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency proceedings against it, the Employees’…
The administrators of Safe Hands Plans, the pre-paid funerals company whose collapse has left 46,000 customers with a combined £60 million shortfall, have succeeded in appointing liquidators to a Cayman Islands company where customer money was funnelled. The appointment of independent insolvency practitioners over Navigator in the offshore tax haven was made after concerns about…
The NCLAT has ruled that EPFO can initiate assessment proceedings during liquidation of a company under IBC. This clarifies the scope of moratorium provisions under the IBC. New Delhi, Jan 3 (PTI) The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation…
The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency proceedings against it, the Employees’…
New Delhi, Jan 3 (PTI) The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency…
The Insolvency Appellate Tribunal has stated that statutory bodies, including the Employees’ Provident Fund Organisation (EPFO), can initiate assessment proceedings once the liquidation process begins for any insolvent company under the Insolvency and Bankruptcy Code (IBC). Importantly, the tribunal also underscored that during the moratorium period triggered by the insolvency proceedings, no such assessment…
Staff realised it was no ordinary day at work when they turned up at their Melbourne offices to find they could no longer access the building. Men in suits told them the company had gone into administration and it was now under their control. The locks had been changed. For a few days, the 20…
Big Lots has managed to save up to 400 stores in the 11th hour after striking a deal with Gordon Brothers and Variety Wholesalers. This deal has saved the former retail giant from completely liquidating its assets. Let’s take a look at the details of this save. Big Lots’ 11th-Hour Deal According to USA Today,…
FlexShares® Announces Liquidation of an Exchange Traded Fund Business Wire Read the original article here