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Adjudicating Authority Bound to Initiate CIRP if Application u/s.10 is Complete and There is No Ineligibility u/s.11: NCLT [Read Order]

A Division Bench of the National Company Law Tribunal at Chennai held that when an application under Section 10 of the Insolvency and Bankruptcy Code is deemed complete and the corporate applicant does not stand disqualified by any of caveats of Section 11, the Adjudicating Authority is bound to admit the petition and initiate the…

Court shuttered Lion Property Group fearing directors were luring more hapless ‘investors’ – latest investment news

The alleged misconduct of the two directors of the failed $120 million Lion Property Group — handed to police in a confidential report — was so serious it alone justified the appointment of liquidators, a court has ruled. The Victorian Supreme Court has found Lion directors John Sader and Garry Pesochinsky either had “no insight”…