Insolvency Guardian Media Centre
The National Company Law Tribunal (NCLT), Mumbai bench comprising K.R. Saji Kumar (Judicial Member) and Anil Raj Chellan (Technical Member) has dismissed the withdrawal application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC/Code) in the insolvency proceedings of Syska LED Lights Pvt. Ltd (Corporate Debtor).
The Tribunal held that once a Corporate Insolvency Resolution Process (CIRP) is admitted, it becomes a ‘collective proceeding’ in rem. The Tribunal observed that it exercises an ‘adjudicatory’ function in deciding withdrawal applications and is not a mere post office stamping approvals. The Tribunal dismissed the application, stating that allowing such withdrawal would result in multiple litigations…
Read the original article here
Bank of India has classified its Rs. 616.30 crore exposure to debt-ridden Rolta India Ltd as fraud, according to a regulatory filing submitted under SEBI (LODR) Regulations, 2015. The disclosure comes while the company undergoes the Corporate Insolvency Resolution Process (CIRP) under India’s bankruptcy law.
Rolta India’s Insolvency Status
The National Company Law Tribunal (NCLT), Mumbai Bench, admitted Rolta India into insolvency in January 2023 following a petition by Union Bank of India. The company owes Rs. 14,000 crore to its different creditors, including Rs. 13,700 crore to its secured and unsecured creditors. Among secured creditors, Union Bank of India has the highest voting share of 17.21% with admitted…
Read the original article here
Enniskillen CAP Debt Centre Manager, Jonathan Hayward, revealed some of the circumstances that can lead people to seek their help.
He said: “Some may think people just get into debt because of overspending on luxuries, but that really isn’t the reality for the people we’re helping at CAP.
“This view from some people in society makes many people in debt feel afraid or embarrassed to seek help.
“Most people who come to us are overwhelmed by problem debt because of a change in circumstances that has caused a drop in their income.
“For example, they may have lost their job, or be unable to work because of their health, or they may have to care for a loved one.
“They may have experienced a relationship…
Read the original article here
The views expressed in the Let’s Talk Development blog are solely those of the author(s).
Efficient insolvency legislation is crucial for economic stability and investor confidence helping to ensure that resources are reallocated efficiently, businesses can recover or exit the market smoothly, and creditors are treated fairly. This blog presents lessons from Romania, emphasizing the need for and methods to achieve streamlined insolvency processes to prevent financial losses and promote economic growth—insights that are applicable globally.
Romania’s insolvency legislation often prolongs business liquidations, causing losses for creditors, tying up capital, and reducing investor confidence. A recent Subnational Business…
Read the original article here
SpiceJet has successfully settled its dispute with Willis Lease Finance Corporation, a leading global aircraft engine lessor, resulting in a substantial saving for the airline. As part of the agreement, Willis Lease has withdrawn its insolvency case against SpiceJet, closing yet another chapter in the airline’s ongoing efforts to strengthen its financial foundation.
This settlement follows a series of strategic agreements SpiceJet has secured in recent months, supported by an ₹ 3,000 Crore infusion through a Qualified Institutional Placement (QIP) in September 2024 and an additional INR 294.09 Crore infusion by promoter Ajay Singh. These funds…
Read the original article here
Read the original article here
News Business
Read the original article here
We are proud of the rankings in the recently published Legal 500 EMEA edition. Wijn & Stael Advocaten is mentioned with the following practices: Restructuring & Insolvency (TIER 2), Commercial Litigation (TIER 3), Employment (TIER 4) and Environment and planning (TIER 3). We are very grateful for the great feedback we received from our clients. See the overview of the entries and quotes from our clients below.
RESTRUCTURING AND INSOLVENCY (TIER 2)
Wijn & Stael Advocaten N.V.‘s Utrecht-based cohort is known for its abilities handling cross-jurisdictional and domestic restructuring and bankruptcy matters. Financing, securities and insolvency specialist Noor Zetteler and Remco Vermaire, who counsels the…
Read the original article here
Marisela Rivera’s student visa expires in two weeks.
A week and a half ago she found out the agency she had paid her school, visa extension and insurance fees to had collapsed, likely taking her money with it.
“When I found out, it was like everything was crumbling,” Ms Rivera said.
The 33-year-old from Mexico is one of hundreds of international students whose plans to study in Australia are in jeopardy due to the collapse of GrowPro Experience — a Spain-based agency selling mainly to European and Latin American students.
“I contacted the school and the school confirmed they didn’t receive any funds,” Ms Rivera said.
Marisela Rivera engaged GrowPro to handle her visas, fees and other payments to come to Melbourne. (ABC News: Patrick Stone)
Read the original article here
Adani Group News: Adani Group has shown interest in acquiring Jaiprakash Associates Limited (JAL) through the insolvency process. JAL, the flagship company of Jaypee Group in cement, energy, hotels, construction and real estate business, has been admitted to corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016 by an order passed by the National Company Law Tribunal, Allahabad Bench on June 3, 2024.
News agency PTI reported quoting sources that Adani Group has filed an expression of interest (EOI) to acquire the bankrupt JL. Earlier this month, the National Company Law Tribunal (NCLT) had directed that the resolution plan to acquire JAL through insolvency should be invited for the entire…
Read the original article here
The company behind iconic fashion brand Jeanswest has called time on its bricks-and-mortar retail operations as trading conditions for Australian retailers become increasingly tough amid reduced discretionary spending and increased cost of living.
Harbour Guidance Pty Ltd, which rescued Jeanswest after it entered administration in 2020, has made the decision to put the company into voluntary administration, appointing Lindsay Bainbridge, Andrew Yeo and David Vasudevan of Pitcher Partners Melbourne.
While the bricks and mortar business operations are set to close in due course, the brand and online store may be continuing and all restructuring options remain open. Jeanswest currently operates from over 90 locations in Australia and…
Read the original article here
Retail chain Jeanswest’s collapse to cost 600 jobs The Australian