The Supreme Court held that the Applications filed in respect of “Fraudulent and Wrongful trading” carried on by the Corporate Debtor (CD) cannot be termed as “Avoidance Applications” under the Insolvency and Bankruptcy Code, 2016 (IBC).

The Court held thus in a batch of Civil Appeals in which one of the Appeals was filed by the Piramal Capital and Housing Limited (formerly known as DHFL), challenging the common Judgment of the National Company Law Appellate Tribunal (NCLAT), New Delhi.

The two-Judge Bench comprising Justice Bela M. Trivedi and Justice Satish Chandra Sharma observed, “… the Applications filed in respect of “Fraudulent and Wrongful trading” carried on by the CD, could not be termed as “Avoidance…

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The National Company Law Tribunal (NCLT), New Delhi bench has held that third parties who sold land to the Corporate Debtor cannot be said to fall within the ambit of expression “any persons who were knowingly parties to the carrying on the business of the Corporate Debtor” as used in Section 66 of the Insolvency and Bankruptcy Code, 2016 (“Code”).

Read More: CBDT Waives Interest on Late TDS/TCS Payments due to Technical Glitch

The Corporate Insolvency Resolution Process (CIRP) was started by the Tribunal against M/s Three C Universal Developers Private Limited (the “Corporate Debtor”)…

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.

This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

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The troubled Brindabella Christian College will close one of its campuses from Friday next week, after it was put under voluntary administration last month by Deloitte.

A spokesperson for Deloitte said administrators decided to “consolidate” BCC’s two campuses, with Norwest students joining the Lyneham campus for at least Term 2 of 2025.

“A total of 41 kindergarten to year six students and five teachers are being transferred. Meetings are being held with impacted families and teachers,” the spokesperson told ABC Canberra in a statement.

“At this stage, the Norwest Early Learning Centre is unaffected by these changes.”

The National Company Law Tribunal (NCLT) Mumbai bench has held that the Liquidator must not restrict the private sale to a single buyer but should strategize to attract the maximum number of buyers to maximize realization from the asset sale.

Read More: Excise Duty not leviable by Student Almanac and Teacher Planner: CESTAT

On November 23, 2017, an order was issued admitting the corporate debtor to the Corporate Insolvency Resolution Process (CIRP). However, in accordance with an order dated 07.10.2020, the Adjudicating Authority ordered liquidation, appointing the Applicant as the Liquidator of the…

Home building client David Daff says he is elated after the Perth company that left him waiting well past his scheduled completion date announced it had gone into administration.

Inspired Homes’ move into voluntary administration will allow customers with long-overdue building projects to access funds and employ new builders.

Mr Daff, who signed on with Inspired Homes to build his house in December 2020, said his home was originally meant to be completed in April 2023.

But Mr Daff and a number of other customers found work virtually ground to a halt as reports emerged that the company was having difficulty completing its contracts.

“It’s been a very tough journey to get to where we are,” Mr Daff told Nadia Mitsopoulos on ABC Radio Perth.

“We…

The Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened with 6 amendments and 122 reforms, says Mr. Harsh Malhotra, the Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways before Rajya Sabha.

As per the Reserve Bank of India’s (RBI) Report on Trend and Progress of Banking in India (December 2024), IBC has become the most effective recovery mechanism for banks. It accounted for 48% of all recoveries in the financial year 2023-24, followed by the SARFAESI Act (32%), Debt Recovery Tribunals (17%), and Lok Adalats (3%),…

The National Company Law Tribunal (NCLT) Chennai has held that the threshold limit for initiating the Personal Insolvency Resolution Process (PIRP) under Sections 94 or 95 of the Insolvency and Bankruptcy Code, 2016 (Code), shall be the same as that for a Corporate Debtor under Section 4 of the Code, i.e., ₹1 crore.

Read More: Excise Duty not leviable by Student Almanac and Teacher Planner: CESTAT

In order to initiate the Insolvency Resolution Process against himself as the Personal Guarantor for SKV United…