Insolvency Guardian Media Centre
Newport Indian Restaurant Limited, which trades as Basmati Indian Cuisine from 5-7 High Street in Newport, went into voluntary liquidation at the beginning of the month.
Jamie Playford of Norwich-based insolvency practice Leading Corporate Recovery was appointed as liquidator of the company, following a creditors meeting held on Wednesday, September 3.
A statement of affairs submitted to Companies House this month shows the firm owes more than £21,000 to creditors, including a debt of £10,604 to British Gas and £5,114 to Telford & Wrekin Council.
Accounts filings for the business have been overdue since April 2025.
The company was incorporated in April 2023, trading from the same location as the former…
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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 orders of the adjudicating authority (NCLT) allowing the Section 65 application filed by the Respondents. For the reasons noted herein, we find that…
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NCLAT upholds order recalling insolvency case against Logix Infra MSN
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
This can be done through the following steps:
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In a recent case, the Cuttack bench of the National Company Law Tribunal(NCLT) admitted the application of IDBI Bank filed under section 7 of the Insolvency and Bankruptcy Code,2016 (IBC) as the Corporate Debtor acknowledged the one-time Settlement (OTS) on due debt within period of limitation.
IDBI Bank Limited, the applicant, filed the application through its authorized representative Purna Chandra Majhi (“ the Applicant/ Financial Creditor”) seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Fortune Spirit Limited (“the Respondent/ Corporate Debtor”) by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code,2016 (“Code”) read with Rule 4 of Insolvency & Bankruptcy…
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NCLAT upholds NCLT order recalling insolvency case against Logix Infra, citing fraudulent debt claim and collusion between parties.
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…
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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:
19 January 2024: Starleaton surprises the industry entering voluntary administration – Sprinter was the first to break the story.
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…
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How People Are Using ChatGPT for Financial Advice The New York Times
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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…
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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.
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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…