The National Company Law Tribunal (NCLT), Mumbai Bench-I, has approved the Rs 47.08 crore resolution plan for HBS Auto & ANC SEZ Pvt. Ltd, a Mumbai-based real estate development company specializing in Special Economic Zones (SEZ) and infrastructure projects. The resolution plan, submitted by a consortium of Mahansaria Tyres Pvt. Ltd. (MTPL) and Lotus Ornaments Pvt. Ltd. (LOPL), was approved by the Committee of Creditors (CoC) with a 100% voting share, marking a crucial step towards the financial revival of the debt-ridden company.

Background: Financial Distress and CIRP Initiation

HBS Auto & ANC SEZ Pvt. Ltd., incorporated on 8th October 2007, had been facing severe financial distress, leading to the initiation of…

Two recent decisions of the Federal Court have engaged with the interface of privacy rights arising pursuant to legislation and dealing with creditor personal information as required by the Corporations Act 2001 (Cth).

Personal information protected under the Privacy Act 1988 (Cth) includes information about an identified individual, or an individual who is reasonably identifiable. Subject to certain exceptions, Australian Privacy Principle 6 (APP 6) Use or Disclosure of Personal Information, prohibits the use or disclosure of personal information for any reason other than the particular purpose for which it was collected. Relevantly, this prohibition does not apply where the use or disclosure of the information is…

In an email to parents on Thursday, Northland’s Kerikeri High School principal Mike Clent said stock in the canteen had effectively run out.

“We anticipate our canteen ceasing all service, possibly from tomorrow, and so we ask that all students bring morning tea and lunch to school until such time as we are able to start offering an onsite canteen service again,” the email read.

“Students will not be given permission to leave the school grounds to purchase food in town during the school day.”

Meanwhile, Ormiston Senior College took to social media, saying it had “no prior notice of this decision”.

“We are now working through a process to secure a new canteen provider, but this will take time. In the meantime, we ask that…

Northvolt AB filed for bankruptcy in Sweden, bringing to an end a company that was once seen as the future of Europe’s battery production.

The Swedish supplier for electric-vehicle manufacturers will see its business and its assets sold by a Swedish court-appointed trustee, according to a statement on Wednesday.

It had already run out of money last year after a series of operational blunders and filed for bankruptcy protection in the US in November. That legal process provided the company with a temporary lifeline while it sought to get its precarious finances on a stable footing and find new…

“Our priority has always been our team, the schools we served, and our community. We deeply appreciate the support we have received over the years and remain grateful to have served our tamariki across the region.

“While this is not the outcome we had hoped for and has been an end to a journey we poured everything into, we hope the community continues to support local businesses who are working hard in these challenging times.”

They announced the company’s closure last month, saying in a social media post that the new school lunch funding model meant they lost a core part of their business.

Last year, the local eatery provided lunches to 10 schools – serving 2800 meals daily – but that dropped…

The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well as potential buyers, shareholders and directors, creditors and insolvency administrators.

Deloitte Legal insolvency practices bring years of experience in working with third parties such as bankers, lawyers, insolvency courts, credit insurers and public authorities. Deloitte Legal works together with colleagues who have specialised skills in…