The National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that the CoC’s decision to liquidate the corporate debtor cannot be criticized once it becomes evident that revival is not a feasible option. The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc.

SVC Cooperative Bank offered term loans and working capital facilities to the principal borrower, M/s Universal Textile Waterproof Company (India) (UTWC), with corporate debtor Shri Balaji…

One Chocolate Corporation, the owners of iconic Aurora chocolatier Fraktals, has declared bankruptcy.

A notice posted on the door of its retail location on Industrial Parkway South said that One Chocolate Corporation made an “assignment in bankruptcy on Jan. 27,” with Markham-based Krieger & Company Inc. being appointed as trustee of the estate.  

“The trustee is working with stakeholders to determine next steps to maximize value for creditors,” according to Michael Krieger, licensed insolvency trustee with Krieger & Company Inc.

The notice further adds that…

FLINT, Mich. (WJRT) – A family-owned hardware store in Flint has closed after 86 years of being in business.

Knobloch Hardware on Lewis Street has permanently closed its doors. 

On Wednesday afternoon, the business held a liquidation auction, which included all merchandise and store fixtures.

Workers say they are disappointed to see the shop leave the community after all these years.

“It’s very sad,” said employee Tim Corrigan. “Knobloch has been here since 1938, and I have been here since 2000. It’s been here a long time in the community, and it’s sad to see it go.”

The auction was hosted by Cole’s Auction…

You don’t have permission to access “http://www.business-standard.com/companies/news/will-try-to-reach-out-to-go-first-lenders-busy-bee-airways-tells-nclat-125013101466_1.html” on this server.

Reference #18.7c052017.1738331687.25b1589

https://errors.edgesuite.net/18.7c052017.1738331687.25b1589

The court noted that Section 10-A only imposes a moratorium temporarily suspending the initiation of the Corporate Insolvency Resolution Process (CIRP). Section 10-A bars an application for initiation of CIRP of a Corporate Debtor, for any default arising on or after 25.03.2020 for a period of six months.

In interpreting the proviso to Section 10-A, the court held that the bar on filing CIRP applications applies only to defaults that occur within the moratorium period….

A longstanding WA agricultural lobby group has entered voluntary administration a week after revealing “serious financial misconduct” had been detected within the organisation.

The Pastoralists and Graziers Association appointed RSM Australia Partners Jerome Mohen and Greg Dudley as voluntary administrators at a board meeting on Thursday afternoon.

Mr Mohen said the lobby group made the decision after discovering financial irregularities and a funding shortfall, reported to be $2 million.

The PGA emailed its members last Friday confirming membership payments were suspended and an investigation under way, with several staff of the 118-year-old organisation…

WORTHINGTON — The Nobles County Board listened to and discussed Savi Solution’s plan to solve the student debt crisis among county employees at Wednesday’s work session and how its service could be offered as a benefit for Nobles County employees. Based in Washington D.C., the social impact tech startup business works with its partners to help solve the student debt crisis, currently working with over 150 federal and state programs to help borrowers with student debt.

Depending on individual cases, Savi users see an average savings of $187 a month and over $40,000 in forgiveness to the Public Service Loan Forgiveness Program. In some cases, monthly payments are reduced to $0 a month.

Savi’s Director…

An improving insolvency framework is important for achieving 7-8 per cent economic growth over the next decade, the Economic Survey said on Friday and pitched for imposition of higher costs to prevent entities from filing frivolous applications during the resolution process. The suggestion also comes against the backdrop of long delays in the insolvency resolution process in various cases.

The Survey, tabled in Parliament, also called for reforms to improve operational efficiencies to speed up the resolution process under the Insolvency and Bankruptcy Code (IBC), which came into force in 2016.

“By addressing financial distress and NPAs…

You don’t have permission to access “http://www.spglobal.com/market-intelligence/en/news-insights/articles/2024/4/us-corporate-bankruptcies-pick-up-pace-in-march-59-new-filings-81085453” on this server.

Reference #18.c9b42e17.1738323909.1c54d861

https://errors.edgesuite.net/18.c9b42e17.1738323909.1c54d861

The Economic Survey 2024-25 was tabled in the Parliament today (January 31, 2025) after President Droupadi Murmu’s address commencing the Budget Session. The report urges the introduction of insolvency and bankruptcy reform to improve operational efficiencies to speed up the resolution process. This is especially important for MSMEs, for whom legal costs can prove to be substantial.

Improving time efficiencies in the system comes down to using innovative resolution routes such as the pre-pack arrangements for MSMEs, inter-disciplinary capacity building of resolution professionals across legal,…