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The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated
Nathan and Felicity Cowan announced on social media that Billson’s would continue. Photo: Facebook. Beechworth’s iconic drinks brand Billson’s Beverages
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The NCLT admitted JAL to CIRP on June 3 on pleas filed by ICICI Bank and the State Bank of India (SBI). The tribunal cited the company’s significant debt burden as ground to admit the pleas.
JAL faces a total debt of over ₹50,00 crore with multiple lenders having exposure. ICICI Bank alone claims over ₹3,000 crore including interest in dues.
The insolvency process stems from an initial plea filed by ICICI Bank in 2018 followed by a similar plea filed by SBI in 2022.
Efforts to reduce debt have included the sale of cement plants including a proposed ₹5,666 crore deal with Dalmia Bharat. However, the transaction remains incomplete, raising uncertainties.
In March-April 2024, the National Asset Reconstruction Company of India (NARCL)…
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company.
A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the company.
The appellate tribunal said ”after answering all the issues, we are of the view that no grounds have been made out to interfere in order of NCLT”.
The order has been pronounced orally and a detailed order is yet to be uploaded.
On June 3 this year, the Allahabad bench of NCLT admitted the six-year-old insolvency petition filed…
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Ninety-one charities on the Isle of Man received a share of £1.2 million in the latest ‘Postcode Party’ and charity give-away’ last night (6 December).
Ramsey-based AFD Software Ltd – also known as ‘The Postcode People’ – helps all types of organisations to eliminate wasted time and resources by the use of postcodes.
Each year they invite their staff to nominate charities to receive a huge slice of company profits.
Christmas can be an especially tough time for dealing with money, and the debt advice kiosk in Streatham Library is open to offer free expert advice via video for individuals with financial difficulties or money worries.
Each kiosk is designed as a soundproof booth, ensuring conversations remain private and confidential.
This is a walk-in service, so no appointment is required.
The Board of the National Bank of Ukraine has decided to classify Commercial Investment Bank JSC as insolvent. This was reported by “Komersant Ukrainian” with reference to the NBU press service.
The decision was made in connection with the failure of Cominvestbank to bring its activities in line with the requirements of the law, including the regulations of the National Bank, the report said.
The decision in Commissioner of State Revenue v McCabe (No 2) [2024] FCA 662 (McCabe) serves as an important reminder that commercial morality is to be considered as a factor under the “public interest”, rather than a separate consideration relevant to termination of a DOCA under s 445D of the Corporations Act 2001 (Cth). In McCabe, the Commissioner’s s 445D challenge to the DOCA was entirely unsuccessful.
Background
Various companies were incorporated over time, with operations linked to the Comlek business since at least January 2007. By July 2013, three companies (the Deregistered Entities) owed $748,867.10 in payroll tax but were deregistered without filing returns. Another group within the Comlek business, the Island Entities,…
Coodes Solicitors, one of the South West’s longest established law firms, has announced the launch of a new fixed fee debt recovery service, designed to help businesses in the region tackle the growing challenges posed by late or non-paying customers.
With a network of offices across Cornwall and Devon, Coodes is expanding its existing debt recovery services into a dedicated offering, combining local expertise with cost-efficient solutions. The team, headed by Hayley Blatch (Litigation Executive), offers a bespoke service tailored to help businesses recover outstanding debts swiftly and professionally.
The new dedicated service offers fixed fees for all stages of the recovery process, from initial contact with debtors through to…
Nathan and Felicity Cowan announced on social media that Billson’s would continue. Photo: Facebook.
Beechworth’s iconic drinks brand Billson’s Beverages Pty Ltd looks set to avoid liquidation after creditors voted to keep the battling brewery alive.
“After an uncertain year, we are thrilled to share that we have made significant progress in securing the future of Billson’s and our historic brewery in Beechworth,” declared the husband-and-wife team behind the popular premix drinks brand in a social media post.
Nathan and Felicity Cowan were forced to put the company into administration in July citing “incomprehensible” challenges and “mistakes made along the way”.
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