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In a recent judgment, the National Company Law Appellate Tribunal (NCLAT) overturned an order by the National Company Law Tribunal (NCLT), Chandigarh Bench, directing Punjab National Bank (PNB) to refund ₹4.50 crore to the liquidation estate of Vegan Colloids Ltd. The ruling reinforces the primacy of the Insolvency and Bankruptcy Code (IBC), 2016, in ensuring equitable distribution of assets during liquidation.
Case Background
Vegan Colloids Ltd., a corporate debtor, underwent Corporate Insolvency Resolution Process (CIRP) in 2017 after Bank of India filed a petition under Section 7 of the IBC. The process later transitioned to liquidation, with Mr. Anil Kohli appointed as the Liquidator. During liquidation, PNB filed…
The company that owns the Village Green Shopping Centre is owed roughly $283,000 from The Bay. Smaller amounts are owed to the City of Vernon and a local plumbing company
Hudson’s Bay, Canada’s oldest company, is in the process of liquidating almost all of its department stores, and creditors for its Vernon location have been left with unpaid bills from the retail giant.
Hudson’s Bay Company ULC announced it had filed for protection under the Companies’ Creditor Arrangement Act (CCAA) on March 7, a move the company’s president and CEO Liz Rodbell said was a “very difficult (but) necessary step.” The company filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure…
The company that owns the Village Green Shopping Centre is owed roughly $283,000 from The Bay. Smaller amounts are owed to the City of Vernon and a local plumbing company
Hudson’s Bay, Canada’s oldest company, is in the process of liquidating almost all of its department stores, and creditors for its Vernon location have been left with unpaid bills from the retail giant.
Hudson’s Bay Company ULC announced it had filed for protection under the Companies’ Creditor Arrangement Act (CCAA) on March 7, a move the company’s president and CEO Liz Rodbell said was a “very difficult (but) necessary step.” The company filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure…
(TNND) — As Congress hashes out spending and tax cuts, a new survey from the Cato Institute shows widespread public support for shrinking the scope of the federal government.
Americans estimate that the government wastes 59 cents of every dollar it spends, according to the survey published Thursday by the libertarian-leaning think tank.
And over three-quarters of Americans believe the federal government spends too much money.
“There’s kind of an all-time high level of frustration with government waste,” said Emily Ekins, director of polling at Cato. “But how do you go about bringing it under control? And there really are true disagreements and divisions about how you best address it.”
The federal government is in debt by $36 trillion and…
There are better ways to handle your credit card debt than making just the minimum payment on the account.
Getty Images/iStockphoto
A large number of Americans have been struggling to make ends meet right now — and that’s especially true for those carrying credit card debt. Case in point? The latest Large Bank Credit Card and Mortgage Data report from the Federal Reserve Bank of Philadelphia, released this week, shows a concerning trend: More Americans are paying only the minimum on their credit card balances. In the…
China’s economic policies and management have received a blow with Fitch Ratings downgrading its long-term foreign currency issuer default rating to ‘A’ from ‘A+’.
The downgrade reflects the deterioration of China’s public finances under the Chinese Communist Party (CCP) leadership, with government debt projected to reach a staggering 80% of GDP by 2029, more than double the 2019 level, according to people familiar with the Chinese economy.
“The downgrade reflects our expectations of a continued weakening of China’s public finances and a rapidly rising public debt trajectory during the country’s economic transition,” Fitch said in a statement.
Beijing has dismissed the downgrade as “biased” and not reflective of reality….
The company that owns the Village Green Shopping Centre is owed roughly $283,000 from The Bay. Smaller amounts are owed to the City of Vernon and a local plumbing company
Hudson’s Bay, Canada’s oldest company, is in the process of liquidating almost all of its department stores, and creditors for its Vernon location have been left with unpaid bills from the retail giant.
Hudson’s Bay Company ULC announced it had filed for protection under the Companies’ Creditor Arrangement Act (CCAA) on March 7, a move the company’s president and CEO Liz Rodbell said was a “very difficult (but) necessary step.” The company filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure…
BENGALURU: Granting limited indulgence, Karnataka high court on Thursday issued an interim order directing the resolution professional in the M/s Think and Learn Pvt Ltd (Byju’s) case to preserve all email communications between stakeholders in the case. The court said these emails may be required for the Corporate Insolvency Resolution Process or any related investigation. Justice M Nagaprasanna passed the order after hearing a petition filed by Byju Ravindran, one of the promoters and suspended director of the company.
VANCOUVER, B.C. April 11, 2025– TheNewswire – Highbank Resources Ltd. (the “Company”) (TSX.V – “HBK”)
This news release is formal notice that Highbank Resources Ltd. has filed a Corporate Assignment in Bankruptcy effective April 10, 2025 under section 49 of the Bankruptcy and Insolvency Act. The Company is unable to address any current significant losses nor any further obligations as they become due. The Company currently has two directors on board.
All further matters will be handled by D. Manning & Associates Inc. -Licensed Insolvency Trustee of Vancouver, B.C. A First meeting of Creditors is scheduled for April 25, 2025 . Creditors will be notified of the zoom link, and will be forwarded information and…
The U.S. Conference of Catholic Bishops (USCCB) and Jubilee USA Network this week sent a letter to President Donald Trump urging him to pursue global debt relief initiatives that will economically serve both developing countries and the United States.
In the letter, Bishop Abdallah Elias Zaidan, the chairman of the USCCB’s Committee on International Justice…
Justice Nagaprasanna noted that the other prayers in the petition, including the minutes of the Committee of Creditors (COC) held on April 8, 2025, have to be placed before the appropriate authority.
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