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The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated
After going into liquidation in September, Dark Matter rum brand was bought by Ardent Spirits, and the product is now being made at Banchory’s Burnobennie Distillery.
The award-winning run was launched in 2015, making it Aberdeenshire’s first rum distillery, and is known for it’s spiced rum, white rum and flavoured rum liqueurs.
Simon Morrice, Burnobennie Distillery distribution manager, said Ardent Spirits “felt compelled” to rescue rum productions and keep it locally produced.
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…
When we released our first global insolvency forecast in February, we were already expecting a sharp increase in 2024 (+9%), followed by a stabilization in 2025. However, recent developments have led to an even grimmer picture, with a projected increase of +11% for this year (+2pps from the previous forecast), followed by a peak of +2% in 2025 (+2pps from the previous forecast). The number of business failures will thus stabilize only in 2026, and even then, they will remain at a high level.
We expect bankruptcies in the US to increase +12% in 2025 and decrease -4% in 2026. In Germany, they will increase by +4% and decrease by -4% in 2026. In France and the UK, the number of bankruptcies will decrease slightly after…
New rules on insolvency and restructuring of companies in Portugal will come into force in mid-April, under a law published in the state gazette on Tuesday that reduces the period of personal insolvency to three years from the current five.
At present, people who file for insolvency are limited in their financial life for five years, after which they are freed from the remaining debts. That interim period will now be reduced to three years.
Earlier this year, the Allahabad bench of the National Company Law Tribunal initiated insolvency proceedings against Jaiprakash Associates Ltd. in a plea moved by ICICI Bank Ltd. The tribunal held the construction company to be in default for Rs 1,269 crore.
ICICI Bank had sanctioned loans to Jaiprakash Associates under six different facilities between 2011 and 2015. These loans totalled a huge amount—nearly Rs 4750 crore.
In its 120-page-long order, the NCLT rejected Jaiprakash Associates’ contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for the Yamuna Expressway and changes in government policies.
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year.
The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100 administrations and 12 company voluntary arrangements (CVAs).
CVLs accounted for 83% of all company insolvencies. The number of CVLs decreased by 7% from September 2024 and was 24% lower compared to the same month last year (October 2023). The number of CVAs was 48% lower in October 2024 than October 2023 and 29% lower than in September…
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.
