NCLAT: Liquidation Order u/s 33 of IBC Cannot be Set Aside Once Successful Auction Purchaser Taken Possession of Property of Corporate Debtor: Taxscan Read the original article here
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, consisting of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member – Technical), and Arun Baroka (Member – Technical), dismissed an appeal arising from an order by the NCLT Mumbai. The tribunal held that the hire charges for the assets not used by the corporate debtor…
사진 확대 [Photo = Yonhap News] There is a warning sign for corporate insolvency in the Korean economy. The number of marginal companies pushed to the brink of restructuring has increased compared to the global financial crisis and the COVID-19 pandemic. According to the data released by KB Kookmin, Shinhan, Hana, and Woori to the…
Joann is urging customers to steer clear of fraudulent websites posing as the crafting chain’s official outlet as it continues its nationwide liquidation. The company, which filed for Chapter 11 bankruptcy and began closing its 800 stores in March, disabled all online purchases on March 5. Despite this, Joann has received multiple reports of fake…
The liquidator is required by section 36(2) to hold the liquidation estate for the benefit of the creditors The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has ruled that, in accordance with Section 36 of the Insolvency and Bankruptcy Code, 2016 (Code), all assets shown on the corporate debtor’s balance sheet…
Jervois Global Enters Voluntary Administration with KPMG at Helm TipRanks Read the original article here
News One of Canberra’s last fully bulk-billed clinics has entered voluntary administration after struggling to cover costs and attract enough GPs. The Interchange Health Co-operative clinic in Canberra was placed into voluntary administration this week after experiencing ‘intense pressure’. Another general practice has been forced to shut its doors…
Clients of a controversial online “brand building” company which shut last week were told to pay up by March 31 – the day its founder announced its liquidation. FBA Brand Builder founder Darren Campbell announced via social media last week the company would be no more, blaming a fall in revenue caused by negative coverage…
The tribunal held that no liability can be fastened on the corporate debtor for default committed during Section 10A period. The adjudicating authority has, therefore, not committed any error in holding the Section 9 application as non-maintainable The Adjudicating Authority cannot suo moto change the date of default specified in the insolvency application unless an…
Although the primary aim of the Insolvency and Bankruptcy Code, 2016 (IBC), is to revive financially distressed entities and ensure their continued operation, its practical application often diverges from this goal. Creditors frequently leverage IBC proceedings to secure favourable settlements and maximise debt recovery, bypassing the conventional judicial process. Faced with the prospect of insolvency,…