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The petition was filed by the Union Bank of India before the NCLT, Mumbai Bench-Court III, seeking initiation of bankruptcy proceedings under section 123 of the IBC, 2016. The respondent, Mr. Kapil Wadhawan, acted as the personal guarantor of the DHFL, a corporate debtor that had undergone the corporate insolvency.
The petitioner extended various credit facilities to the corporate debtor. The respondent and the other guarantor executed a Joint Deed of Guarantee in favor of the petitioner, wherein they personally guaranteed to the bank the due payment, not exceeding Rs. 50,656.86 Cr.
Later on, the CIRP of the corporate debtor was initiated in furtherance to a section 7 IBC petition filed by the RBI. Pursuant to the…
Liquidators have been appointed for Ardgour Valley Orchards, near Tarras, but information is scant on what exactly is happening.
An advertisement in the Otago Daily Times last week said liquidators had been appointed for Ardgour Valley Orchards GP and Ardgour Valley Orchards LP. The liquidation decision was made by the special resolution of the shareholders on August 10, and the limited partnership, also on August 10.
Liquidators Diana Matchett and Colin Gower, of BDO in Christchurch, had been appointed and had given notice all creditors should make a claim by September 5.
Ardgour Valley Orchards was situated on part of Ardgour Station.
Ardgour Station in Tarras has been sold to Santana Minerals for gold mine operations on the…
Meanwhile, the government, on Aug. 12, introduced a bill in the Lok Sabha to amend the IBC, proposing a raft of changes, including provisions to reduce the time taken for admission of insolvency resolution applications, an out-of-court mechanism to address genuine business failures, as well as group and cross-border insolvency frameworks.
Justice Sharad Kumar Sharma, the judicial member of the NCLAT, has recused himself from hearing the matter. Photo: nclat.nic.in
In a rare incident, a judicial member of the National Company Law Appellate Tribunal (NCLAT) has alleged being “approached by one of the most revered members of the higher judiciary”, seeking an order in favour of a party, and has recused himself from hearing the matter.
The Chennai-based bench of the appellate tribunal has even recorded the incidence in a two-paragraph order passed on August 13.
Justice Sharad Kumar Sharma, the judicial member of the NCLAT, has recused himself from hearing the matter.
A Gore accountancy firm worker has pleaded guilty to siphoning more than $180,000 from a client’s bank account to cover his own gambling addiction and debts.
The man, whose name is suppressed, admitted in the Gore District Court last week to the 12 charges of obtaining by deception between 2018 and 2021.
The court heard the man worked for a firm in Gore, where one of his jobs was providing accountancy services to the victim’s company, including the paying of accounts.
The police summary said between 2018 and 2021 the man transferred money from the victim’s business account to his own personal account.
The withdrawals were labelled in such a way they mimicked invoices the victim had received from outside companies.
It’s been just over a month since India’s most celebrated EV ride-hailing startup, BluSmart, was pulled into insolvency proceedings. Once positioned as a torchbearer of India’s green mobility story, the company now finds itself at the heart of a corporate storm, with creditors, regulators, and employees all staking their claims.
According to filings before the Ahmedabad bench of the National Company Law Tribunal (NCLT), nearly 200 applicants have come forward with claims worth about ₹500 Cr against BluSmart’s assets. This comes despite the original insolvency petition being admitted over unpaid dues of just ₹1.28 Cr.
The magnitude of claims has left industry watchers stunned. Among the biggest creditors is Catalyst…
In an unusual development, Justice Sharad Kumar Sharma, a judicial member of the National Company Law Appellate Tribunal (NCLAT), has recused himself from an insolvency case citing an alleged approach by “one of the most revered members of the higher judiciary” seeking a favourable order.
