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NCLAT upholds NCLT order recalling insolvency case against Logix Infra, citing fraudulent debt claim and collusion between parties.
New Delhi, Sep 13 (PTI) Appellate tribunal NCLAT has upheld the decision of the National Company Law Tribunal (NCLT) to recall a previous ruling for an insolvency case against real estate firm Logix Infrastructure after finding the debt claim as “fraudulent” and “malicious”.
A two-member NCLAT bench said the plea for CIRP (Corporate Insolvency Resolution Process) against Logix Infrastructure, which was developing the Blossom County project in Noida Sector 137, are based on collusion and are malicious with sufficient material.
“In the facts and circumstances of the case, we do not find any infirmity in the…
Starleaton went into liquidation yesterday, with creditors informed in a statement titled ‘General Update on the Deed of Company Arrangement’ issued by Simon Cathro and Andrew Blundell from Cathro & Partners.
Here’s a timeline of movements since the company entered into voluntary administration in January last year:
22 January 2024: Spicers signs distribution for Neschen consumable products, bringing the number of agencies shared by the two businesses to five – Neschen, Hahnemühle, Breathing Colour, Epson and Roland.
25 January 2024: Administrators for the Starleaton…
The case involved four consolidated appeals relating to two real estate companies – Gayatri Infra Planner Private Limited and Antriksh Infratech Pvt. Ltd.
Appellant Mansi Brar Fernandes had entered into a Memorandum of Understanding dated April 6, 2016, paying Rs. 35 lakh for four flats with a buyback clause that would return Rs. 1 crore within 12 months at the developer’s discretion.
Appellant Sunita Agarwal had invested Rs. 25 lakh in July 2015 under an agreement providing assured returns of 25% per annum after 24 months, with a compulsory buyback clause and profit-sharing provisions. The agreement repeatedly referred to the transaction as an “investment” with guaranteed returns.
Both appellants filed Section 7 applications under the…
Abu Dhabi: A man’s bid to be declared insolvent over debts of nearly Dh1.5 million has been dismissed by the Abu Dhabi Civil Family Court after judges ruled he failed to provide sufficient evidence of losing his assets.
Court records show the petitioner sought insolvency proceedings, claiming he had ceased commercial activity, was unemployed, and unable to meet his financial obligations. He asked the court to declare him insolvent and supervise the liquidation of his assets.
The National Asset Reconstruction Company (NARCL), a government-backed bad loan bank, is selling the debt of Wind World India. The debt, which was acquired for Rs 3,763 crore approximately 18 months ago, has a reserve bid set at Rs 1,250 crore.
Omkara ARC has emerged as the anchor bidder, matching the reserve bid of around $1,250 crore. This development brings the process to the first round of the Swiss Challenge auction, a method where a first bidder sets the price floor, and other interested parties are then given a chance to beat that bid.
The process is being overseen by IDBI Capital Markets, which is acting as the process advisor. The original committee of creditors, which includes major banks like IDBI Bank, State…
The Mayor of Podgorica and member of the Presidency of the Europe Now Movement, Saša Mujović, said that, unless the capital city goes bankrupt, there is no substitute for Botun when it comes to the construction of a wastewater treatment plant.
“The wastewater treatment system is essential for the health of the citizens of Montenegro and for the successful completion of the accession path to the European Union. I hope that there are no dilemmas about this and any relativization of the previous one is at least as dangerous as the untreated feces that freely cruise the Morača River and Skadar Lake,” Mujović said.
He said that he has been trying to solve this “big and burdensome problem…
With over a decade’s legal service within Canberra, Kamy Saeedi Law have built an enviable reputation as one of the leading legal counsels in the region. They boast a balanced team of highly experienced partners and talented young lawyers who are passionate about helping people.
Their remarkably talented team are fuelled by a genuine desire to achieve the best possible outcome for each, and every client. So, when it comes to matters of insolvency and bankruptcy, they understand just how delicate this fine line can be.
With an extensive knowledge of the courts and legal systems, and the emotional toil that financial matters impose, the team at Kamy Saeedi Law are both hardworking and compassionate. Importantly, they recognise that each…
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