The National Company Law Tribunal (NCLT) at Mumbai has recently stressed that stakeholders must act within statutory timelines during a corporate insolvency resolution process, dismissing six applications filed by former employees of Indo Global Soft Solutions and Technologies Private Limited after finding that their claims had been submitted 18 months after the last date prescribed for filing claims under the Insolvency and Bankruptcy Code

A Bench of Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan stressed the need for creditors to be vigilant under the Code, stating, “Every stakeholder is required to be vigilant in asserting their rights within the timeframe as provided by or under the IBC.”

Rejecting the…

The Supreme Court has held that a contract which has been lawfully terminated before the initiation of insolvency proceedings cannot be treated as an “asset” or “property” of the corporate debtor, and therefore does not enjoy the protection of the moratorium under Section 14 of the Insolvency and Bankruptcy Code.

The Bench observed that “once a contract stands lawfully terminated, it ceases to exist and cannot be treated as an ‘asset’ or ‘property’ of the corporate debtor. The moratorium under Section 14 does not have the effect of reviving or re-creating contractual rights that have been extinguished before insolvency.”

The Court further observed that a defaulting developer cannot take refuge under Section 14 of the…

When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say.

International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as the firm struggles with mounting debts. Reports claim total unpaid gratuities could exceed Dh27 million.

On October 27, Petrofac said its board had applied to the High Court of England and Wales to appoint administrators for its holding company after Dutch grid operator Tennet cancelled a major offshore wind contract in the Netherlands.

Preferred creditors

“If an…

When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say.

International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as the firm struggles with mounting debts. Reports claim total unpaid gratuities could exceed Dh27 million.

On October 27, Petrofac said its board had applied to the High Court of England and Wales to appoint administrators for its holding company after Dutch grid operator Tennet cancelled a major offshore wind contract in the Netherlands.

Preferred creditors

“If an…

Nodwin Gaming International (“Nodwin”), an esports and gaming company, has decided to cease further funding to its majority-owned subsidiary, Freaks 4U Gaming GmbH, a Berlin-based esports and gaming marketing firm. The decision was made after extensive legal and financial consultations and follows years of fulfilling financial commitments without achieving a meaningful turnaround.

According to the company’s website, Nodwin had supported Freaks 4U for several years under its limited-recourse investment strategy. However, despite additional funding, the subsidiary’s financial position failed to improve, and Nodwin stated it would be irresponsible to put further investor capital at risk. Consequently, Freaks 4U has filed for…

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

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