Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated.

This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI.

The banking sector regulator on January 16, 2020, barred it…

Insolvency Application against Personal Guarantor is Maintainable u/s 60(1) of IBC even in Absence of Pending CIRP against CD: NCLAT

Anita Goyal vs Vistra ITCL (India) Ltd. & Anr CITATION : 2025 TAXSCAN (NCLAT) 141

The National Company Law Appellate Tribunal ( NCLAT ) bench in New Delhi has ruled that, even in cases where the National Company Law Tribunal ( NCLT ) has not yet started or is in the process of liquidating a corporate debtor, an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor may be maintained before the NCLT under section 60(1) of the code.

The tribunal held that the applicability of section 60(1) of the code cannot be ruled out which means that the Adjudicating…

The Victorian government has confirmed it is consulting with the administrators of a collapsed Melbourne-based security firm as 1,700 jobs hang in the balance. 

MA Services provides security, cleaning and maintenance staff to the public sector and major retailers, including Coles, Kmart, Aldi, Amazon, Dan Murphy’s and several AFL clubs. 

The company, which administrators say operates across the country, entered voluntary administration on Tuesday.

It has also had its licence cancelled by the Victorian Labour Hire Authority, which it requires to operate. 

Up to 1,700 workers are now facing redundancy.

In a statement, a spokesperson for the Victorian government said it was consulting with the company’s administrators.

The company has worked…

BANGKOK, Thailand – The Government Savings Bank (GSB) has introduced emergency financial measures in response to unrest along the Thai–Cambodian border, including a full debt write-off for personnel who lost their lives while carrying out duties related to national defense.

Announcing the measures, Acting GSB Chairman Lapawan Jankrajang said loan accounts held by deceased soldiers, Border Patrol Police, and other units killed in the line of duty…

The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah O’Neill, has handed down its final report into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy.

The Committee has made some far-reaching recommendations in the Final Report, heralding the long awaited “root and branch” review of Australia’s insolvency laws that ARITA (Australian Restructuring Insolvency & Turnaround Association) and other industry bodies have called for over the last decade.

It is important to note that 17 of the 28 recommendations in the Final Report are to be addressed by a further…

The Indian domestic aviation sector was rocked earlier this month when hundreds of IndiGo flights were cancelled following the implementation of new crew rostering regulations, triggering widespread disruption at major airports. Passengers faced long delays, overcrowding and uncertainty, prompting public outrage and renewed debate around operational resilience and passenger care.

On social media, many travellers nostalgically remembered airlines such as Jet Airways and Kingfisher, arguing that the absence of legacy full-service carriers is being felt during periods of stress in the system.

Jet Airways, once regarded as the benchmark for full-service aviation in India, formally reached the end of its turbulent journey in November 2024…

NEW DELHI, Dec 27:  Appellate tribunal NCLAT has rejected Equitas Small Finance Bank’s appeal to initiate insolvency proceedings against Jumbo Finvest, upholding a National Company Law Tribunal order in the matter.

  Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated.

This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI.

The banking sector…

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