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Binani Industries in its submission before the Kolkata bench of National Company Law Tribunal (NCLT) on Monday said that it has filed an application before Supreme Court for setting aside the April 5 order passed by the National Company Law Appellate Tribunal (NCLAT). It has also prayed for the termination of insolvency proceedings against Binani Cement.

It is to be noted that on April 5, while posting the matter for further hearing on April 19, the NCLAT had directed the Kolkata bench of NCLT to consider the Binani Cement case only under the provisions of the Insolvency and Bankruptcy Code (IBC).

The counsel for Binani Industries, in its application before the Supreme Court, has requested for setting aside the NCLAT order and also praye…

Read the full article at: https://www.thehindubusinessline.com/news/binani-industries-moves-apex-court-to-end-insolvency-proceedings-against-cement-arm/article23483821.ece

In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court today issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code).

Most importantly, the petition also assails all the appointments made to NCLT and NCLAT prior to 2018 on the ground that it falls foul of the judgment rendered by the Supreme Court in Madras Bar Association v. Union of India.

The matter was heard yesterday by a Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud.

Senior Advocates Aryama Sundaram and KV Viswanathan and advocates Masoom Shah, Vishwas Shah and Udit Gupta appeared for the petitioners….

Read the full article at: https://barandbench.com/breaking-supreme-court-issues-notice-centre-challenge-provisions-insolvency-bankruptcy-code/

MILWAUKEE, April 9, 2018 /PRNewswire/ — The Bon-Ton Stores, Inc. (OTCQX: BONT) (“the Company”) today announced that it has received a signed letter of intent from an investor group composed of DW Partners, Namdar Realty Group (including its partner Mason Asset Management) and Washington Prime Group (the “investor group”), pursuant to which the investor group proposes to acquire the Company as a going concern in a Bankruptcy Court-supervised sale process. The Company and the investor group are in the process of finalizing an asset purchase agreement in advance of an auction, which is now scheduled to be held on April 16, 2018.

Bill Tracy, President and Chief Executive Officer, said, “We are pleased to have received this sig…

Read the full article at: http://markets.businessinsider.com/news/stocks/the-bon-ton-stores-inc-receives-signed-letter-of-intent-from-dw-partners-namdar-realty-group-and-washington-prime-group-1021003042