The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that the failure to communicate the individual score and ranking of a resolution applicant does not invalidate the corporate insolvency resolution process.

The Tribunal ruled that the Consortium of Govindrao Sable’s objection to the non disclosure of its scorecard did not affect the approval of the successful resolution plan for KGS Sugar and Infra Corporation Private Limited.

The Insolvency and Bankruptcy Code does not require the Committee of Creditors to share scorecards, and the requirement to communicate individual scores and rankings arose only from the CoC’s own evaluation framework. Against this backdrop, the appellate tribunal found that the alleged…

TipRanks Black Friday Sale

Alpha Energy Holdings ( (SG:VVL) ) just unveiled an announcement.

Alpha DX Group Limited, currently in compulsory liquidation, has announced that there have been no material developments regarding its affairs since previous updates. The liquidators have committed to providing further announcements should any significant changes occur. Shareholders are advised to seek professional guidance if uncertain about their next steps.

More about Alpha Energy Holdings

Technical Sentiment Signal: Strong Sell

Current Market Cap: S$27.21M

For an in-depth examination of VVL stock, go to TipRanks’ Overview page.

Disclaimer & DisclosureReport an Issue

Running a company can be challenging, especially when cash flow pressures build. If you find yourself in financial difficulty, there are alternative pathways for small businesses other than traditional liquidation and administration.

Must be a corporation to qualify

In 2021, new laws were introduced to make corporate insolvency simpler and more affordable for small, incorporated companies. The changes introduced are the Simplified Restructuring Process, and the Simplified Liquidation Process.

Unincorporated businesses, such as sole traders and partnerships, fall under personal bankruptcy laws, which provide separate options and obligations under the Bankruptcy Act 1966 (Cth).

Simplified…

The Bombay High Court has said that a person cannot use the Presidency-Towns Insolvency Act, 1909 to escape or delay paying court-ordered maintenance. The Court made it clear that insolvency proceedings cannot block or weaken a Family Court’s maintenance order in any way.

Facts:

Justice Jitendra Jain delivered the ruling while hearing a husband’s plea to be declared insolvent. The husband said he could not pay ₹22,30,000 in arrears that had built up after a Family Court ordered him to pay his wife ₹25,000 every month. He claimed his monthly income was only ₹12,000–₹15,000 and argued that he met the requirements under Sections 9(1)(f) and 14(1)(a) of the 1909 Act, which he said should allow him…

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Bombay High Court: In an insolvency petition raising a question that can a debtor, facing arrears of maintenance ordered under Section 125 of the Criminal Procedure Code, 1973 (‘CrPC’), seek protection under the Presidency Towns Insolvency Act, 1909 (‘Insolvency Act’) by being declared insolvent, a Single Judge Bench of Jitendra Jain, J., while dismissing the petition, held that maintenance obligations are not ‘debts’ within the meaning of the Insolvency Act, and refused to declare the husband as insolvent.

Background:

The petitioner-husband, employed as a dance teacher, married the respondent-wife on 28-01-2014. Within two months, disputes arose, resulting in proceedings being filed by the wife before the Family Court. On…