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The National Company Law Appellate Tribunal (NCLAT) has rejected Jaiprakash Associates Ltd's plea challenging insolvency proceedings initiated against the company.
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against
Liz Purtell worked for Autograph for 27 years and feels she’s been treated badly by the company. Photo: Oliver Jacques.
Collapsed women’s clothing company Mosiac Brands owes creditors $250 million worldwide, with many Australian staff members still not paid their entitlements weeks after store closures.
In early October, Mosaic announced it would be winding up five of its brands – Autograph, Rockmans, Crossroads, W.Lane and BeMe – which meant it planned to close 200 stores nationwide.
At the time, Mosiac said it hoped to retain its other labels – Millers, Noni B, Rivers and Katies – but the company has since gone into voluntary administration, a process in which external consultants are called in to manage finances and try…
In this week’s TGIF, we examine the High Court’s recent decision in Greylag Goose Leasing 1410 Designated Activity Company & Anor v P T Garuda Indonesia Ltd [2024] HCA 21. In the decision, a majority of the High Court upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a state-owned national airline subject to winding-up proceedings.
In a 5:2 majority decision, the High Court dismissed an appeal by two Ireland-based creditors to wind-up Garuda Indonesia (Indonesia’s national airline). It found that Garuda Indonesia was entitled to immunity under the Foreign States Immunities Act 1985 (Cth) (Immunities Act), which provides immunity from bankruptcy, insolvency and winding up…
The National Company Law Appellate Tribunal (NCLAT) has rejected Jaiprakash Associates Ltd’s plea challenging insolvency proceedings initiated against the company. The decision upholds the NCLT’s order to initiate Corporate Insolvency Resolution Process (CIRP) against the company.
New Delhi, Dec 6 (PTI) 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 Pierer Mobility group has announced that struggling bike manufacturer KTM will enter self-administration and apply for the initiation of judicial restructuring proceedings.
The Austrian marque is undergoing a significant financial crisis and was seeking at least 100 million euro to continue operating beyond 2024.
The company, currently competing in MotoGP, has laid off hundreds of employees and plans to pause production of its bikes in January and February of next year.
However, on Tuesday KTM owner Pierer Mobility AG announced that the company’s management was expecting to be unable to secure the necessary financing in time, and so it will begin a formal restructuring process.
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…
