The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors’ plea seeking extension of deadline to complete the insolvency process, imposed a cost of Rs 55,000 on the Committee of Creditors (COC). This was challenged before NCLAT by COC through IDBI Bank, contending that there was not any laxity on the part of COC which decided to take Mudra Denim for liquidation on December 13, 2023, prior to the expiry of the CIRP (Corporate Insolvency Resolution Process) period.

All facts could not…

As we enter 2025, we bring you a list of companies against whom the corporate insolvency resolution process started. The top pick for us is Sunblink Real Estate, which has been dragged to the insolvency court by Piramal Capital & Housing Finance Ltd for defaulting on a loan of Rs 846 crore.

Case 1: Piramal Capital & Housing Finance Ltd. vs. Sunblink Real Estate Pvt. Ltd.

• Court: National Company Law Tribunal (NCLT), Mumbai Bench.
• Petitioner: Piramal Capital & Housing Finance Ltd. (Financial Creditor).
• Respondent: Sunblink Real Estate Pvt. Ltd. (Corporate Debtor).
• Issue: The Financial Creditor sought initiation of CIRP against the Corporate Debtor for defaulting on a loan of ₹2,186 crores sanctioned in…

After 39 years in business, high-end fashion retailer Harrolds was placed into liquidation earlier this month with debts of $http://www.businessnewsaustralia.com/12.5 million, but a message on the company’s website has alluded to a possible resurrection of the business.

Andrew MacNeill, of SMB Advisory, was appointed liquidator to four subsidiaries of the Melbourne-based Harrolds Group on 3 October 2024 with little fanfare. The liquidator says the companies had ceased trading prior to his appointment.

While MacNeill has yet to indicate whether a sale of the business is being sought, the Harrolds website has been reduced to a single teaser page that boldly describes “a new chapter ahead” and that “something new is coming…

(Bloomberg) — Hong Kong gym chain Physical Beauty & Fitness Holdings Ltd. received a liquidation order in Hong Kong after the judge said the company is insolvent.

The company’s assets, mainly gym and beauty equipment after adjustments, are worth just over HK$15 million ($1.9 million), Judge Linda Chan said at a court hearing on Monday. That isn’t enough to pay the petitioning creditors, she said.

Large gym chains in Hong Kong face pressure from high rental costs, competition from smaller rivals and a sluggish economy. Physical announced in September that it would shut down after more than 30 years in business, local media reported. 

The judge approved two winding-up petitions, one against Physical Beauty & Fitness Holdings and…

R3’s analysis of Creditsafe data revealed a minor drop from 211 in November to 203 in December.

This figure includes administrator and liquidator appointments and creditors’ meetings.

However, this number is significantly lower than October’s 293, the highest figure since March 2022.

The South East’s insolvency-related activities are the sixth highest in the UK, behind Greater London, the North West, East Anglia, Yorkshire and Humberside, and the West Midlands.

The findings also revealed an increase in the number of firms in liquidation that owed money to their creditors in the South East, rising from 243 in November to 273 in December.

Neil Stewart, chairman of R3’s Southern and Thames Valley region, said that…

At the end of 2023, Akron City Council allocated $500,000 of American Rescue Plan Act (ARPA) funds toward a medical debt relief program with a goal of providing relief to some Akron residents struggling to pay medical bills.

Since then, Undue Medical Debt, the non-profit the city contracted with, “has not invoiced the city for any debt it has taken on,” according to a press release from Akron Mayor Shammas Malik’s office.

The city and the nonprofit “remain committed to supporting this effort,” the release stated, and the city wants to allow more time for the non-profit to “work with local providers to alleviate debt.”

To facilitate the extra time, the city is moving the funding for the program from ARPA, which…