Insolvency Guardian Media Centre
Clear Start Tax Helps Client Reduce Tax Debt from $9,059 to Just $323, Securing Financial Relief ACCESS Newswire
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Cracking the code
Despite negatives, the IBC’s processes have matured
Prominent voices such as the former governor of the Reserve Bank of India (RBI), Shaktikanta Das, have raised concerns about the long delays and low recoveries in the corporate insolvency resolution process (CIRP) and called for changes. Despite more resolution plans seeing approval, the average time to complete a CIRP rose to 843 days in the financial year ending March 2024, far exceeding the mandated 330 days. Investors recovered 28% in the same period as per RBI figures. India’s corporate insolvency scenario, once portrayed as possessing immense opportunity, has been a mixed bag in terms of challenges and opportunities.
With this in mind, our Cover story is an…
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The National Company Law Tribunal (NCLT), New Delhi bench of Justice Ashok Kumar Bhardwaj (Judicial Member) and Anil Raj Chellan (Technical Member) 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”). It observed that an application under the Section may be maintainable against the persons who were responsible for the management of the Corporate Debtor.
Background Facts
On 17.02.2019, the Tribunal initiated the Corporate Insolvency Resolution Process (“CIRP”) against M/s…
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Darren Campbell: Controversial ‘brand builder’ shuts down company and enters liquidation MSN
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The owner of a controversial ‘brand building’ company facing a civil lawsuit from former clients says the firm has shut down with immediate effect and gone into liquidation.
Ballymena entrepreneur Darren Campbell from the FBA Brand Builder issued the update on social media on Monday where he said he had “lost everything” and “couldn’t afford to pay most of my team their last wages”.
The liquidation of the company comes after more than 100 people joined a group legal action against Mr Campbell and the business last month alleging they had lost more than £1million to the scheme.
Allegations against the FBA Brand Builder include misleading claims of profitability and success, failure to disclose hidden costs of the programme,…
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Thai banks roll out measurers to help earthquake victims http://en.vietnamplus.vn/
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Mumbai: As his company undergoes corporate insolvency proceedings, Byju Raveendran, the founder of what was once India’s most valued startup, has joined the social media platform ‘X’, stating that he wants to talk about the past 20 years and plans to relaunch his company by tapping into the pool of former employees of his firm.
Other than the occasional letter to his employees, Raveendran, the founder of Think & Learn Private Limited, popularly known as Byju’s, had, by and large, stayed silent until this month, despite his company’s health continuing to deteriorate through most of 2023 and 2024 amid his widening differences with a section of its investors. Amid the chaos, there were reports of the founder escaping to Dubai…
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The National Company Law Tribunal (NCLT), Mumbai bench comprising Ms. Reeta Kohli, Member (Judicial) and Ms. Madhu Sinha, Hon’ble Member (Technical) has held that the conduct of the Financial Creditor in accepting substantial ‘one-time settlement’ (OTS) payments while simultaneously pursuing Corporate Insolvency Resolution Process (“CIRP”) proceedings represents an attempt to use the Insolvency and Bankruptcy Code, 2016 (“Code”) as a ‘recovery mechanism’, which goes against the very spirit and purpose of the Code. The Tribunal reiterated that the IBC is not intended to be used as a mechanism for debt recovery but rather as a process for resolution of the Corporate Debtor.
Background Facts
IFCI Limited…
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Molly Rose Brewing, the Hot-Listed Collingwood bar and brewing company, went into liquidation this morning. Nic Sandery, who founded the company in 2017, announced the news via an Instagram post.
“A combination of rapidly increasing costs of operations and a reduction in consumer sentiment have made our financial situation untenable and after exploring every possible option we have decided to appoint DBA Reconstruction & Advisory as liquidator,” the post states.
“We are working with DBA to make an offer that will hopefully allow us to retain control of Molly Rose and to continue to keep serving you great beer and food.”
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Beijing Judian Travel Technology (Judian), a joint venture established by Didi and Li Auto in 2018 to develop customised vehicles for ride-hailing services, faced financial collapse due to rapid changes in the electric vehicle industry and volatility in the mobility services market.
Unable to repay research and manufacturing debts owed to nearly 100 suppliers, Judian filed for bankruptcy liquidation. On 8 February 2023, the Beijing Bankruptcy Court accepted the application and appointed Zhonglun W&D Law Firm as the administrator the following day.
Case summary
Following the appointment, the administrator’s team swiftly assumed control of Judian’s assets, accounts and key documents. They assessed the company’s asset…
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Another highly-rated indie brewery has fallen foul of the ongoing economic headwinds facing the drinks and hospitality sector today, with Molly Rose Brewing appointing liquidators.
The Collingwood-based brewing company cited delays in their most recent expansion, increases in construction costs and rising interest rates, and the ongoing cost-of-living crisis as contributing factors that have led to today’s filing with ASIC. They have appointed DBA Reconstruction & Advisory to manage the liquidation process, having previously explored a number of other avenues and introduced cost-cutting measures across the business.
Molly Rose’s decision to bring in liquidators makes today’s appointment distinct from the voluntary…
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Company behind one of Scotland’s largest dental groups enters liquidation The National