With Sheffield Wednesday set to be served with a winding-up petition over money owed to HMRC, fans are left wondering what happens next?

Could the club actually go out of business? Is administration more likely?

In terms of the immediate threat of liquidation, there are some things to consider. There is a new football regulator on the way who will be watching closely.

Per sources, the EFL are owed money – as are a group called New Avenue Projects. They are involved in a significant debt secured against Hillsborough Stadium.

It is unlikely that these creditors will allow the club to be wound-up.

When a winding-up petition is issued a court date is set which is likely to be four to eight weeks in the future.

In the meantime, the creditors are…

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This marks a key milestone in one of the longest-running corporate insolvency proceedings of the country.

The five bidders in fray are billionaire Anil Agarwal’s Vedanta Ltd, billionaire Gautam Adani-led Adani Enterprises, billionaire Naveen Jindal-backed Jindal Power Ltd, Puneet Dalmia’s Dalmia Bharat and PNC Infratech Ltd.

“There are more processes to be followed and approvals to be taken before any acquisition is finalized,” said the first of the two persons cited earlier, both of whom spoke on the condition of anonymity.

The lenders are expected to seek proof of funds or a letter of comfort from the winning…

A former director of Gstaad Hotels Pvt. Ltd, which previously owned the JW Marriott Hotel in Bengaluru, has moved the Supreme Court challenging an appellate tribunal’s order that upheld insolvency proceedings against the hospitality firm.

Mint has seen a copy of the petition filed by Deepak Raheja.

The National Company Law Tribunal (NCLT) in July directed initiation of the corporate insolvency resolution process (CIRP) against Mumbai-based Gstaad Hotels after one of the company’s financial creditors, Omkara Asset Reconstruction, moved the bankruptcy court over dues worth ₹666 crore.

In August, the National Company Law Appellate Tribunal (NCLAT) affirmed the bankruptcy court’s decision to declare Gstaad Hotels bankrupt.

“The ARC…

Directors play a pivotal role in corporate governance, as fiduciaries entrusted with the management and affairs of the company. Under financial distress the law obliges directors to take their accountability towards shareholders, creditors and regulatory authorities. Their duty encompasses broadly as statutory and fiduciary in nature. The multi-faceted role is scrutinized in cases such as mismanagement and fraudulent transactions to breach of fiduciary duty of good faith. This case digest highlights rulings of the National Company LawAppellate Tribunal (NCLAT) where directors’ accountability have been examined legally.

Rejection of Resolution Plan by Suspended Director cannot be Interfered in Absence of Expression of…

NEW DELHI: The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, the debt-ridden company that was providing all-electric ride-hailing services and building a network of EV charging infrastructure in India. The Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of Rs 5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company. A two-member bench said there is an operational debt, which has been defaulted by Blu-Smart Mobility, and its operational creditor is entitled to recover it. “The respondent/corporate debtor Blu-Smart…

The Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of Rs 5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company.

A two-member bench said there is an operational debt, which has been defaulted by Blu-Smart Mobility, and its operational creditor is entitled to recover it.

“The respondent/corporate debtor Blu-Smart Mobility Pvt Ltd…

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