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The National Company Law Tribunal (NCLT) on Tuesday postponed the insolvency case of Bhushan Power & Steel Ltd (BPSL) to May 30, when it is likely to issue directions on a petition submitted by former promoter Sanjay Singal.
This comes following a request by Solicitor General Tushar Mehta, who represents the union government and various stakeholders. He requested the bench to allow Singal to identify and implead all necessary parties before the matter is formally heard.
“Let him (Singal) consider whom he would wish to join, or who are necessary parties before even notice is issued, and thereafter we can issue,” Mehta told the bench.
The NCLT’s principal bench, headed by Justice R. Sudhakar, accepted Mehta’s argument and…
Affimed N.V. (AFMD), a clinical-stage immuno-oncology company, has announced filing for insolvency proceedings with the local court of Mannheim, Germany. Despite ongoing fundraising efforts, the company failed to secure sufficient capital to continue operations of Affimed N.V. and its subsidiaries Affimed GmbH and Affimed Inc.
The management has determined that both Affimed N.V. and Affimed GmbH are overindebted (Überschuldung), necessitating insolvency filing under German law. As a result of these proceedings, Affimed’s common shares will be suspended from trading and subsequently delisted from The Nasdaq Global Market. The company’s current liquidity condition raises…
MANNHEIM, Germany, May 13, 2025 (GLOBE NEWSWIRE) — Affimed N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, today announced its decision to file an application for opening of insolvency proceedings with the local court of Mannheim in Germany.
As previously reported, Affimed N.V. (the “Company”) has been engaged in discussions with potential investors and partners with respect to potential strategic transactions to raise additional capital. Despite its continuous and ongoing fundraising efforts, the Company has not been able to raise sufficient additional funds to continue the operations of the Company and its controlled (and wholly owned)…
The Institute of Chartered Accountants of India (ICAI) has proposed a series of strategic reforms to strengthen the Insolvency and Bankruptcy Code (IBC), 2016, emphasising the need for stricter adherence to timelines and improved value realization in the Corporate Insolvency Resolution Process (CIRP).
In its latest study, ICAI highlighted that while the IBC has significantly transformed India’s insolvency regime, delays in resolution and asset value erosion remain persistent challenges. As of September 2024, only 13.3% of CIRPs concluded with approved resolution plans, while 32.9% ended in liquidation, often after breaching the mandated 330-day deadline.
New Delhi: The National Company Law Tribunal (NCLT) on Tuesday deferred the Bhushan Power & Steel Ltd (BPSL) insolvency case to 30 May, when it is expected to issue directions on a plea filed by former promoter Sanjay Singal.
The adjournment followed a request from Solicitor General Tushar Mehta, representing the Union government and other stakeholders, to refrain from issuing any notices yet. He urged the bench to allow Singal to identify and implead all necessary parties before the matter is formally heard.
A construction company has collapsed with creditors owed millions of dollars for projects across Victoria, NSW and Queensland.
Kenik was wound up in Queensland’s Supreme Court earlier this year after another business launched legal action against the Melbourne-based company.
Kenik, which had been in the property and construction industry for more than 25 years, now owes more than 200 creditors a combined total of $6.6million, a new report lodged to the Australian Securities and Investments Commission (ASIC) has revealed.
The document revealed the company’s creditors are from five major projects.
Kenik had been involved in a series of legal battles in its fight to remain in business.
Ant Anstead’s Radford Motors files to amend bankruptcy status
Ant Anstead’s supercar company, Radford Motors, has filed for Chapter 7 bankruptcy.
The shift comes after a court hearing on May 8, converting his company’s previous Chapter 11 bankruptcy to Chapter 7, People Magazine reported.
Chapter 7 bankruptcy marks an escalation in the company’s financial troubles and could lead to its liquidation, potentially including the sale of assets to pay creditors, per United States Courts.
However, it is unclear whether Radford is officially closing its operations following the new filing.
The publication also noted that a complaint filed against Radford on April 4 alleges that the company continued to occupy its…
