Insolvency Guardian Media Centre
Durham Reform leader’s struggles in hospitality North East Bylines
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The National Company Law Appellate Tribunal (NCLAT) said it had received a request for a favourable order from “one of the most revered members of the higher judiciary,” following which Justice Sharad Kumar Sharma in Chennai recused himself from the insolvency case.
The tribunal was considering an appeal related to the Corporate Insolvency Resolution Process (CIRP) of a Hyderabad-based company. On August 13, Justice Sharma disclosed that he had been approached externally and chose to recuse himself from the proceedings, reported the Bar and Bench.
His recusal has necessitated the reassignment of the case to a different bench by the NCLAT chairperson. The integrity of the judicial process is being closely scrutinised in light of…
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POUNDLAND may find itself without funds by September 7 if its restructuring plan is not approved, according to barristers.
Poundland, the well-known UK discount retailer, is in financial trouble and faces the possibility of running out of cash by early September if it doesn’t get the green light for its restructuring plan. The company, which was recently acquired by a private equity firm, has announced the closure of dozens of stores and other cost-cutting measures in an effort to stay afloat.
The restructuring plan, if approved, will see Poundland closing stores, reducing rents, and cutting down on staff. Despite the tough decisions and the uncertainty facing the company, Poundland is determined to focus on…
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The National Company Law Appellate Tribunal (NCLAT) said it had received a request for a favourable order from “one of the most revered members of the higher judiciary,” following which Justice Sharad Kumar Sharma in Chennai recused himself from the insolvency case.
The tribunal was considering an appeal related to the Corporate Insolvency Resolution Process (CIRP) of a Hyderabad-based company. On August 13, Justice Sharma disclosed that he had been approached externally and chose to recuse himself from the proceedings, reported the Bar and Bench.
His recusal has necessitated the reassignment of the case to a different bench by the NCLAT chairperson. The integrity of the judicial process is being closely scrutinised in light of these…
Read the original article here
In an unprecedented order, a judicial member of the National Company Law Appellate Tribunal (NCLAT) recused from a case after recording in an order that “ one of the most revered members of the higher judiciary of this country” had tried to influence the outcome of the case.
“We are anguished to observe, that one of us, Member (Judicial), has been approached by one of the most revered members of the higher judiciary of this country for seeking an order in favour of a particular party. Hence, I recuse to hear the matter,” Justice Sharad Kumar Sharma noted in his order dated August 13.
The case was reserved for orders on June 18, and parties were allowed an additional week to file their written submissions. The curious case…
Read the original article here
In an unprecedented order, a judicial member of the National Company Law Appellate Tribunal (NCLAT) recused from a case after recording in an order that “ one of the most revered members of the higher judiciary of this country” had tried to influence the outcome of the case.
“We are anguished to observe, that one of us, Member (Judicial), has been approached by one of the most revered members of the higher judiciary of this country for seeking an order in favour of a particular party. Hence, I recuse to hear the matter,” Justice Sharad Kumar Sharma noted in his order dated August 13.
The case was reserved for orders on June 18, and parties were allowed an additional week to file their written submissions. The curious case…
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In November 2024, the same member had recused from a different matter involving Jeppiar Cements after recording in an order that he had been approached by his brother with a request to reserve the case for orders.
The order dated November 18, 2024, stated:
“Since I have been approached by my real brother who has dropped in the following messages…With a very sorry note, I refuse to hear this appeal. Let the matter be placed before the Hon’ble Chairperson for the nomination of another bench.”
That case was being heard by Justice Sharma and Technical Member Jatindranath Swain. It arose from a plea by Jeppiar Cements’ former director to set aside the CIRP initiated against the company on the ground that all dues to financial…
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IIIPI report suggests taxation reforms to streamline insolvency resolution under IBC. Key recommendations include tax neutrality for resolution plans.
The report by the study group of the Indian Institute of Insolvency Professionals of ICAI has suggested aligning the Income Tax Act with the Insolvency and Bankruptcy Code (IBC) by granting tax-neutral treatment to resolution plans and exempting debt waivers from tax liabilities.
Another suggestion is to ensure clarity on treatment of brought-forward losses and minimum alternate tax…
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Star Entertainment’s lenders are refusing to grant waivers that would allow the casino group to breach the terms on a $430 million loan, preventing the company from finalising its full-year accounts.
Sources with direct knowledge of the matter, not authorised to speak publicly, said the lenders were refusing to sign waivers for September or December related to the loan.
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Struggling matatu insurer, Invesco Assurance Company Limited, has been placed under provisional liquidation following a High Court order issued on July 31, 2025.
In a notice dated Tuesday, August 26, the court appointed Diana Nduku Mumo as the Provisional Liquidator of the company, marking the latest development in the ongoing insolvency case.
“Pursuant to the provisions of the Insolvency Act, take notice that Diana Nduku Mumo, of P.O. Box 9503-00100 Nairobi, was appointed as Provisional Liquidator of Invesco Assurance Company Limited pursuant to an order of the court issued on 31st July 2025,” read the notice in part.
Creditors of the company are required to send full particulars of all their claims by filing their Proof…
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Dali Philippines faces insolvency risk as losses widen Inside Retail Asia
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Making a film can come with its unique challenges; a lot can go wrong, and in the case of Francis Ford Coppola’s 1979 film Apocalypse Now, everything went horribly wrong.
Photojournalist Chas Gerretsen, who was invited to the sets of the movie to document and compare the set and the story to some of the real-life wars he had witnessed during his time, told the BBC during an interview, “Vietnam was insane; Apocalypse Now was only slightly less so.” If you read about the film’s shooting, or if you happen to watch the documentary, Hearts of Darkness: A Filmmaker’s Apocalypse, you’ll understand that the fact that the movie ever got completed in the first place is a miracle in itself. The name of the documentary is obviously…