Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI.
While mentioning various steps taken and also being…
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Byju’s faces financial probe amid insolvency woes Tech in Asia
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Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI.
While mentioning various steps taken and also being…
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition seeking insolvency proceedings against Amazon Wholesale (India), upholding an NCLT ruling.
A three-member NCLAT bench upheld the order passed by the National Company Law Tribunal (NCLT), which had in March this year dismissed the insolvency plea filed by Multiplier Brand Solutions.
Multiplier Brand Solutions had filed the plea under Section 9 of the Insolvency & Bankruptcy Code. It had alleged a default of Rs 3.7 crore for eight invoices raised between March 2023 and May 2023.
However,…
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On November 21, the National Company Law Appellate Tribunal (NCLAT) rejected an appeal from Multiplier Brand Solutions, which had challenged the National Company Law Tribunal’s (NCLT) decision to dismiss its insolvency petition against Amazon Wholesale (India).
The Bench, led by Chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, found nothing wrong in NCLT’s decision to set aside the corporate insolvency resolution process (CIRP), citing a pre-existing dispute between the parties as the primary reason.
Multiplier Brand Solutions had filed its insolvency petition under Section 9 of the Insolvency & Bankruptcy Code (IBC), 2016, following a novation and substitution agreement with Amazon Seller Services and…
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The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea initiated to begin insolvency proceedings against Amazon Wholesale (India). This decision upholds the earlier ruling by the National Company Law Tribunal (NCLT), which had denied the insolvency request submitted by Multiplier Brand Solutions.
Multiplier Brand Solutions claimed a default of Rs 3.7 crore for a series of invoices issued between March and May 2023. However, the NCLAT ruled that the claim for payment under Section 9 of the Insolvency & Bankruptcy Code was disputed before any demand notice was issued.
The NCLAT concluded that the NCLT didn’t err in refusing to initiate the Corporate Insolvency Resolution Process (CIRP) due to pre-existing disputes…
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Xiaodi Hou, the co-founder and former chief executive of TuSimple (OTC:TSPH) has sent a letter to the board, asking for immediate liquidation of the self-driving trucking company.
Hou, who is the largest shareholder of the company, said it has been disappointing to
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The government is gearing up to launch an integrated platform that aims to transform the insolvency ecosystem in India by expediting resolution processes. The platform will involve all key stakeholders, thereby addressing long-standing concerns about delays in handling stressed assets since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016.
Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs, clarified at a recent conference in New Delhi that the IBC is fundamentally a rescue mechanism and not merely a tool for financial recovery. She reiterated that efforts are ongoing to refine these resolutions with the development of the new platform.
The proposed system will adopt a federated…
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New Delhi, Nov 26 (PTI) The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes.
The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process.
Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI.
While…
Read the original article here
The company, which delivered a series of projects across the West Country over more than three decades, recently entered creditors’ voluntary liquidation.
Insolvency specialist Brailey Hicks has been brought in to manage the process, and all 12 ADG employees have been made redundant.
Director Patrick Deigan said the practice, which was founded as the Architects Design Group, by Marc Nash, Phil Burgess and Ian Potts in 1985, had been hit by a number of challenges.
‘We found workflow trailed off with confidence so low,’ he told the AJ. ‘With the economy and a gap between the new government coming to power and announcing its budget, there was uncertainty and people stalled decisions.
‘We had one project that was due to…
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Almanac has acquired the intellectual property and assets of Gro Intelligence. Gro Intelligence was developing the world’s largest agricultural data platform before its recent closure and business liquidation.
In 2021, Almanac grew its crop management platform through the acquisitions of Agworld, Altrac and Centricity. The addition of Gro Intelligence’s assets, including AI models, complement Almanac’s capabilities and extend Almanac into new areas of the food and agriculture value chain – including agricultural insurance, lending, trading, and Consumer Packaged Goods (CPG) procurement.
Sumer Johal, CEO of Almanac said:…
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Forward AM confirms filing for insolvency VoxelMatters
