Successful Resolution Applicants Are Bound to Implement Resolution Plan Within Statutory Timelines or Face Consequences | Image:
Initiative Desk

The Dutch branch of the jewellery chain Claire’s, Claire Netherlands B.V., has initiated insolvency proceedings and been granted a suspension of payments. This follows similar actions by the company’s branches in the U.S., France, Belgium, and the UK in recent weeks. The Dutch website for Claire’s is currently offline.

Although Claire’s stores are currently remaining open, their long-term viability is uncertain, particularly in light of the American parent company’s recent filing for Chapter 11 bankruptcy in the U.S..

Claire’s, which is known for its jewellery and ear piercing services, has been struggling against a “cocktail of problems” including declining foot traffic, increased competition from online retailers and a shift away…

Anil Ambani’s counsel is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” The counsel claimed the move was made “without giving Anil D. Ambani a chance to present his case.”

Once among India’s largest mobile service providers, RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. The tribunal’s approval is still awaited.

In July, the government informed Parliament that SBI had declared…

Introduction

In 2016, the Insolvency and Bankruptcy Code (IBC) was introduced, fundamentally changing how distressed businesses in India are restructured and how debt recovery is managed. The IBC has paved the way for significant corporate restructurings, including the high-profile acquisition of Essar Steel by ArcelorMittal and the impending acquisition and revival of Videocon Industries by the Vedanta Group.

A recent Supreme Court ruling in Independent Sugar Corporation Ltd. v Girish Sriram Juneja & Ors. has introduced new regulatory dynamics, particularly for acquisitions involving distressed companies that require approval from the Competition Commission of India (CCI).

The Supreme Court judgment alters the settled regulatory…

The Kolkata bench of the National Company Law Tribunal (NCLT) directed the liquidation under section 33 of Insolvency Bankruptcy Code (IBC), 2016 in absence of Resolution Plan even after extending the time period.

he tribunal ordered the liquidation of Shomuk Consultancy Services Private Limited, the Corporate Debtor and Mr. Mahesh Chand Gupta is appointed as Liquidator.

Shomuk Consultancy Services Private Limited, filed an application to pass an order requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III as provided under Section 33 of the Insolvency and Bankruptcy Code, 2016; and Appointment of Mr. Mahesh Chand Gupta as the Liquidator of the CD.

Corporate…

Reliance Communications (RCom) is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” Company sources claimed the move was made “without giving Anil D. Ambani a chance to present his case.”

Once among India’s largest mobile service providers, RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. The tribunal’s approval is still awaited.

In July, the government informed Parliament that SBI…

Reliance Communications (RCom) is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” Company sources claimed the move was made “without giving Anil D. Ambani a chance to present his case.”

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Once among India’s largest mobile service providers, RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. The tribunal’s approval is still awaited.

In July, the government informed Parliament…

1800 Lasagne graduated to a physical store in August 2020, winning a cult following, awards, and the patronage of Jamie Oliver in the inner-north suburb of Thornbury.

But external administrators have now been called in, and the business may be wound up, sold, or picked apart by people owed money.

“1800 Lasagne has entered into voluntary administration and we are working closely with the administration team to streamline and restructure our model to ensure we take the best steps while moving forward,” owner Joey Kellock posted online on Tuesday.

“Our loyal suppliers and our beloved staff will continue to be our highest priority…

JCT Ltd, a leading manufacturer of filament yarn and composite textiles, has formally entered the Corporate Insolvency Resolution Process (CIRP) following an order of the National Company Law Tribunal (NCLT). An “Invitation for Expression of Interest” (EoI) issued by the Deemed Resolution Professional, Hasti Mal Kachhara, has now called for prospective resolution applicants.

The company’s major assets are located in Hoshiarpur and Phagwara, Punjab. According to the EoI, the last date for submitting an expression of interest is August 25, 2025, while the final list of eligible applicants will be released on September 18, 2025. Resolution plans are to be submitted by October 28, 2025.

For FY 2022–23, JCT reported…

This sharp increase raises serious concerns about the ability of households to heat their homes this winter while repaying built up debt.

Council tax arrears have also risen steeply across the same time period, now averaging £2,385, a 13% increase on the previous year.

Higher household arrears are coupled with a worrying trend of increased borrowing on consumer credit. The proportion of StepChange Scotland clients citing the need for credit to cover everyday living costs as their…