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…
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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
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The minimum repayment threshold for student loans would jump by about $13,000 a year, so graduates would begin paying down debts once they earned $67,000, instead of $54,000, from 1 July 2025.
The government would also move to a marginal repayment system in which the amount of a debt repaid was a…
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(Bloomberg) — For the hundreds of investors claiming to target net-zero portfolios, their largest holdings are often their biggest problem. That’s because the $64 trillion global market for sovereign bonds is largely inhospitable to sustainability-minded investing.
Why? There are only a limited number of issuers (fewer than 150 globally compared with more than 70,000 corporate bond issuers), meaning investors risk a much more concentrated portfolio if they seek to avoid climate laggards. Second, some investors have to hold government debt to match their assets with their liabilities, leaving them captive buyers of bonds they might otherwise have shunned.
Given these and other challenges, UK fund manager Abrdn Plc says the “drive…
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PUBLISHED : 26 Nov 2024 at 16:26
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Banks’ NPLs in Thailand at three-year high as debt-relief planned The Edge Markets MY
