Insolvency Guardian Media Centre
WISI Communications, the German communications tech provider, has announced that, on November 27th, the Pforzheim District Court decided to terminate the insolvency proceedings against the assets of the company.
The decision came into effect at midnight on November 30th, following the legally binding confirmation of the insolvency plan. WISI said it initiated the insolvency proceedings in order to facilitate a sustainable restructuring of the company.
A company statement said: “Thanks to the trusting cooperation with our insolvency administrators, Luther Rechtsanwaltsgesellschaft mbH, and the tireless efforts and commitment of our employees, we have been able to successfully navigate this challenging…
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No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of… Live Law – Indian Legal News
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New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board.
Riju Raveendran’s counsel urged the tribunal to allow him to present his defence against allegations made by Byju’s lenders, particularly Glas Trust, regarding the source of the ₹158 crore he raised to settle the dispute between Byju and the Board of Control for Cricket in India (BCCI).
The lenders had alleged that the ₹158 crore used to settle dues with the BCCI were sourced through round-tripping and were “tainted”.
However, the NCLT bench…
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The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Naresh Salecha (Technical Member) and Mr Indevar Pandey (Member) held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. It was further held that Section 238 of the Insolvency and Bankruptcy Code, 2016 cannot override a public body’s statutory authority to regulate its properties.
Brief Facts:
The Corporate Insolvency Resolution Process (“CIRP”) was commenced against Narmada Cereal Private Ltd. (“Narmada Cereal/Corporate Debtor”). After the CIRP’s failure, the National Company Law Tribunal, New Delhi (“NCLT”) ordered liquidation against Narmada…
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Glas Trust argued in the National Company Law Tribunal (NCLT) that the application should be rejected. It stated that the application, which the resolution professional (RP) claims the BCCI filed before the committee of creditors (CoC) was formed, should have been submitted by the interim resolution professional (IRP), not the RP, according to proper procedure.
“A stage where the COC is not yet constituted, the IRP continues to be in operation….
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If you recently received a salary increase or haven’t updated your income information with your credit card issuer in a while, you might qualify for a credit limit increase.
By securing a higher credit limit, you’ll be giving yourself more spending power and keeping your credit utilization rate low — and these factors make up a large part of your credit score.
Below, CNBC Select details how you can quickly raise your credit card’s credit limit — and potentially your credit score — by simply updating your income information with your credit card issuer.
Compare credit repair options
When to consider a credit limit increase
When you apply for a credit card, the issuer will ask for details regarding your current salary. If it’s been…
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President-elect Donald Trump is unlikely to continue many of Biden’s student-debt relief efforts.
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Borrowers are still waiting for a final court decision on the SAVE student-loan repayment plan.
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Even if the plan survives the courts, Trump and GOP lawmakers could take steps to rein in relief.
During his term as president, Joe Biden has used various programs to cancel $175 billion in student debt for nearly 5 million borrowers. Those efforts will likely fizzle out over the next four years.
Two of Biden’s key debt-relief initiatives are tied up in court: his SAVE income-driven repayment plan, intended to make student-loan payments cheaper for borrowers, and his broader loan forgiveness plan, set to benefit over 30 million borrowers.
Millions…
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The share application money was given for the allotment of shares but neither were shares allotted nor was money refunded
The New Delhi bench of National Company Law Appellate Tribunal ( NCLAT) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC.
The appeal was filed by Muralidhar Vincom ltd under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’) out of the Order (‘Impugned Order’) passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has dismissed the Section 7 application filed by the Appellant for admitting M/s Skoda (India) Pvt Ltd-Corporate Debtor into the rigours of Corporate Insolvency…
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Galena Mining’s Abra Mine Under Voluntary Administration TipRanks
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Director who sold the shipping containers he hired owes liquidators $600k Stuff
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Tradies owed thousands of dollars following the collapse of the country’s largest rooftop solar company are worried they’ll never get the money they’re owed.
SolarZero was placed into surprise liquidation last week, with owner US investment giant BlackRock blaming “unsustainable losses”.
Close to 200 workers are owed millions in holiday and redundancy packages.
Iain McIsaac, managing director of solar panel installer Green Van Electrical, called it a “huge dent”.
“I’ve got wages to pay. I’ve got rent — we’ve just bought a new building, wholesalers to pay,” he said.
“It’s a huge dent in the business and mine’s less than others but more than others.”
McIsaac said dark clouds had been hanging over the business recently, but the liquidation…
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London | ArcelorMittal will send in administrators to investigate what happened inside industrialist Sanjeev Gupta’s European metals empire after winning a British court case over a €140 million ($225 million) debt.
Liberty Steel East Europe (Holdco) – a holding company for a cluster of entities controlling six of Mr Gupta’s eight continental European steelworks – will now enter administration. ArcelorMittal is trying to recoup funds it says it is still owed after selling the plants to Mr Gupta in 2019.
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