Insolvency Guardian Media Centre
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain. A two-member NCLAT bench of Chennai bench comprising justices Sharad Kumar Sharma and Jatindranath Swain set aside an earlier order passed by the Bengaluru bench of the National Company Law Tribunal.
The latest order was pronounced in the open court and a detailed order is still awaited.
CDEL is the parent company of Coffee Day Group which operates the Cafe Coffee Day chain of coffee houses. It also owns and operates a resort, renders consultancy services…
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Introduction
The Privy Council has considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme
Court, originating from the courts of the British Virgin Islands (BVI), and delivered a landmark
judgment in Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC
16. This decision engages the competing public policy considerations of (a) ensuring insolvency
proceedings can progress without undue delay; and (b) upholding parties’ agreement to arbitrate
disputes.
The Privy Council has decided that a debt must be the subject of a genuine dispute on substantial
grounds for the court to stay or dismiss a creditor’s winding up petition in favor of arbitration. It is not
enough…
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Company behind beloved play centre owed more than £2m before collapse MSN
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Getty ImagesFashion retailer New Look is set to exit the Republic of Ireland market, putting about 347 workers at risk of redundancy.
The retailer’s Irish arm, New Look Retailers (Ireland) Ltd, entered into liquidation on Thursday.
The winding down of operations in the country follows several years of sustained losses and challenging market conditions.
New Look staff were notified immediately following the appointment of provisional liquidators at the High Court, and further staff engagement is planned over the coming days.
In a statement the company said it has had to “navigate a tough external environment which has only become more unpredictable”.
“We have adapted to…
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The company behind a beloved children’s play centre in Southampton owed over £2 million when it filed for liquidation last year.
The Injoy Centre on Ocean Way suddenly closed on September 13, and the company listed on the play centre’s website, Sport & Leisure Centres Limited, went into liquidation in November 2024.
But in documents submitted on November 11, company accounts showed that the business owed £313,601 to other firms based in Southampton or Eastleigh.
Nine businesses with an SO postcode were listed as ‘company creditors’ in the firm’s “statement of affairs,” which details a company’s assets and outstanding payments.
Overall, as of November 2024, Sports & Leisure Centres Limited owed a total of £2,351,180.98 to other…
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The Injoy Centre on Ocean Way suddenly closed on September 13, and the company listed on the play centre’s website, Sport & Leisure Centres Limited, went into liquidation in November 2024.
But in documents submitted on November 11, company accounts showed that the business owed £313,601 to other firms based in Southampton or Eastleigh.
Nine businesses with an SO postcode were listed as ‘company creditors’ in the firm’s “statement of affairs,” which details a company’s assets and outstanding payments.
Overall, as of November 2024, Sports & Leisure Centres Limited owed a total of £2,351,180.98 to other companies.
READ MORE: Popular children’s play centre suddenly closes ‘for forseeable future’
The Injoy on…
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Lilium Aerospace, a prominent player in the burgeoning electric vertical take-off and landing (eVTOL) industry, has once again found itself in turbulent skies.
The company has now filed for insolvency for the second time. This latest filing comes amid financial setbacks after a promise of funding support failed to materialize.
Lilium becomes the latest casualty in a string of similar start-up problems. It underscores the significant challenges facing companies striving to revolutionize urban air mobility.
Collapse of Financial Rescue Deal
The core of Lilium’s current problem lies in the collapse of a crucial €200 million rescue deal. An investor consortium, initially promised to inject much needed capital….
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The Employer Participation in Repayment Act is bipartisan legislation to help Americans tackle their student loan debt.
The bill, introduced today by U.S. Sens. Mark R. Warner of Virginia and John Thune of South Dakota, alongside U.S. Reps. Nicole Malliotakis of New York and Scott Peters of California, would permanently make a provision that allows employers to contribute up to $5,250 tax-free to their employees’ student loans.
Warner and Thune along with Peters negotiated the inclusion of a provision in the CARES Act in 2020 that allowed employer contributions temporarily. Later in 2020, as part of the government spending package, they secured an extension allowing the benefit until…
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TEMPO.CO, Jakarta – The Sritex bankruptcy liquidators could not work properly to recover loans owed to creditors. There were threats from senior police officers.
THE protracted bankruptcy proceedings of Sri Rejeki Isman, or Sritex, a company with 50,000 employees, are the result of government interference. The plan to save the integrated textile company through a bailout has the potential to cause financial losses to the state.
Sritex, together with a number of its subsidiaries, were declared bankrupt by the Semarang Commercial Court on October 21, 2024. The ruling was the result of a lawsuit filed by Indo Bharat Rayon, a supplier of raw materials to Sritex. At the end of July 2024, the company owed a total of Rp25 trillion, but only…
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Satellite internet provider Brdy, which offered a mix of satellite and wireless (5G) broadband solutions to rural parts of the UK, appears to be in difficulty after customers of the service started reporting a lack of support and connection problems. Shortly after that, the same users noted how their accounts had been taken over by rival ISP Bentley Telecom.
The first sign of difficulties surfaced at the start of February 2025, after several customers reported a loss of internet service and an inability to reach support. A few days later, the service suddenly returned, albeit with customers now finding that their service was being delivered by Bentley Telecom instead of Brdy.