Insolvency Guardian Media Centre
The application must be denied if the Operational Creditor receives a notice of dispute or if a dispute is noted in the Information Utility in accordance with section 9(5)(ii) of the code
In a recent case, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor.
In accordance with a Charter Party Agreement dated 15.03.2017, Navin Madhavji Mehta, the suspended director of RR Metalmakers India Ltd. (Corporate Debtor), had approached Jaldhi Overseas Pvt Ltd. (Operational Creditor) about chartering the vessel MV Aetolia to transport cargo…
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The National Company Law Tribunal (NCLT) has declared Ansal API bankrupt, putting thousands of homebuyers and investors in a crisis. The tribunal has also appointed an Interim Resolution Professional (IRP) to handle the company’s projects, raising concerns about whether investors will ever get their money back.
What Went Wrong?
Ansal API had undertaken major real estate projects in Lucknow, Noida, and other cities, offering flats, plots, villas, and commercial spaces. However, despite selling properties since 2009, many investors have yet to receive possession. Some investors have waited for more than a decade, and now, with the company’s bankruptcy, their investments are at risk.
How Investors Got Trapped
- Investors
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Forever 21 is not doing so well after it was revealed the brand is struggling financially.
According to CNBC and the Wall Street Journal, the fast-fashion retailer has been looking for a buyer for its U.S. leases. In January, it announced that it was considering other “strategic options” to help keep the company viable. The brand has also considered liquidation if it can’t find a buyer.
“The company, with over 500 stores, is working with restructuring adviser BRG to assess possible paths to address its financial challenges,” people familiar the matter told the Wall Street Journal. The company is also trying to find a buyer that could help the chain avoid bankruptcy, one of them said.”
Simon Property Group and Brookfield…
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Fitch Ratings has concluded that the Thai government’s expanded debt-relief measures, aimed at assisting vulnerable retail borrowers and announced on February 11, will exert a negligible influence on the financial performance and credit profiles of non-bank financial institutions (NBFIs).
The Friday statement concluded that the limited scope and existing offsets of the measures would effectively mitigate any potential impact.
The debt relief programme, initially unveiled in December 2024 to support clients of banks and their subsidiaries, now has been extended to encompass non-bank-owned NBFIs.
As previously reported in Fitch Wire on December 19. 2024, the initiative has thus far garnered participation from…
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The protesters demanded justice, claiming that their hard-earned money was stuck in the company’s projects.
The NCLT has appointed an interim resolution professional (IRP) to evaluate Ansal API’s projects in Lucknow, Noida, and other cities.
“Over 3,000 investors, who had booked plots, flats, villas, and commercial spaces in the company’s Sushant Golf City project, are now facing uncertainty. Some investors have been waiting for possession since 2009,” said protesters.
The angry allottees alleged that the Ansal API had collected over Rs 650 crore from investors in the…
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Golden West Brewing Co collapses: Award-winning brewery goes into voluntary administration MSN
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KEY TAKEAWAYS
- Nearly 40,000 individuals and organizations received support for tuition costs and repayment from GoFundMe fundraisers in 2024, the fundraising platform said.
- People have turned to crowdfunding as some federal student loan borrowers say their education wasn’t worth the burden that their debt causes them.
- While many fundraisers were started by the people with the need themselves, according to GoFundMe, others were launched by parent-teacher organizations, sports teams, clubs or other groups.
Thousands of Americans carrying student loan debt are turning to their communities for help footing the bills. In many cases, those communities are showing up.
Nearly 40,000 individuals and organizations got help funding tuition costs…
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TEMPO.CO, Jakarta – The Labor Party considers the work of the Minister and Deputy Minister of Manpower incompetent for failing to prevent the layoffs of thousands of employees of PT Sri Rejeki Isman Tbk or Sritex. President of the Labor Party, Said Iqbal, stated that the closure of Sritex on March 1, 2025, is the right momentum to oust Yassierli and Immanuel Ebenezer from their positions as Minister and Deputy Minister of Manpower. “The Labor Party demands the removal of the Minister and Deputy Minister of Manpower because they cannot even handle Sritex, let alone manage factories all over Indonesia,” Said said in a virtual press conference on Sunday, March 2, 2025.
Said referred to Yassierli and Immanuel neglecting their…
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Updated Mar 2, 2025 00:55 IST
Hero Electric Insolvency Resolution IBC: The Expressions of Interest (EOI) inviting prospective bidders for the company, floated on February 18 is open until March 14, 2025.
Article Highlights
- Sales of Hero Electric plummeted from 100,000 units in FY23 to a mere 11,500 units in the last fiscal year, impacted by regulatory challenges.
- Hero Electric, along with half a dozen other companies such as Okinawa Autotech, faced scrutiny for allegedly misusing government subsidies under the FAME II (Faster Adoption and Manufacturing of Electric Vehicle).
- The government demanded refunds of Rs 469 crore for non-compliance with localization norms and barred those who refused from future schemes.
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Mixed reaction over Tshwane’s proposed R10 billion debt relief for unpaid bills MSN
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The Union government has assigned benches to 21 of the 24-newly appointed judicial and technical members of the National Company Law Tribunal (NCLT), weeks after calls to fast-track the assignment-process were made by the NCLT Bar Association. The Supreme Court too had in a November 2024 ruling expressed disappointment regarding the large vacancies in the NCLT.
The Centre in January had appointed 24 new members to 11 NCLT Benches across the country to fill the vacant positions. There are in total 16 NCLT benches in India, with a sanctioned strength of 63 members (both judicial and technical combined).
Sources say the delay in assigning the benches was mainly because the induction programme was not concluded. The programme is…
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Temuka business placed into liquidation The Press