Insolvency Guardian Media Centre
The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order that had directed ICICI Bank to return ₹8.92 lakh received in a loan account after commencement of CIRP. The Tribunal ruled that since the payment was not made by the corporate debtor but by an individual co-applicant, the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, was not attracted.
The appeal was filed by ICICI Bank Ltd. against an order of the National Company Law Tribunal (NCLT), New Delhi, dated 22.12.2023, in a matter concerning Trend Flooring Pvt. Ltd., a corporate debtor under liquidation.
The Corporate Insolvency Resolution Process (CIRP) against Trend Flooring Pvt. Ltd. began on 9 October 2019. During the moratorium…
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) recently dismissed an appeal filed by a suspended director who challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) on grounds of procedural impropriety and alleged suppression of facts.
The appeal was filed by Sushil Jejani, a suspended director of Nova Steels (India) Ltd., challenging the order dated 03.01.2024 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted a Section 7 application filed by Prateek Gupta, the Financial Creditor.
The CIRP against Nova Steels (India) Ltd. was triggered on the basis of a loan transaction involving a sum of ₹4 crores disbursed by the Financial Creditor. This transaction,…
Read the original article here
Forklifts sit motionless at the once‑bustling Corona‑College Heights Orange & Lemon Association packing house in Riverside County.
After 125 harvest seasons, the grower cooperative —one of California’s oldest continuous produce brands— has filed Chapter 7 liquidation, spelling a hard goodbye for a food company that packed oranges, lemons and grapefruit nonstop, year‑round.
From horse‑drawn wagons to global pallets
Launched in 1899 by ten growers pooling horse carts and primitive washers, the food company weathered two world wars, the Great Depression, fourteen mergers and half a dozen freak freezes.
By the 1990s, it touted “the longest Valencia season in the business,” shipping citrus to 50,000…
Read the original article here
NCOP approves Appropriation Bill and Eskom debt relief amendment MSN
Read the original article here
The bill adjusts the Eskom debt relief allocation for the 2025/26 financial year from R40 billion to R80.2 billion, while introducing a further R10 billion allocation in 2028/29.
These adjustments are part of the broader R230 billion debt relief package enacted in 2023 to help Eskom address its crippling debt burden and improve energy security.
Chairperson of the Select Committee on Appropriations, Tidimalo Legwase, said the amendment reduces the allocated amount for the current year and converts the full 2025/26 allocation into a conditional loan.
“One, it reduces the amount allocated for Eskom in the 2025-26 financial year. Two, it converts the entire 2025-26 amount into a loan. And lastly, it provides for an allocation to Eskom into the…
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Mr. Rakesh Verma, the suspended director of a company under liquidation, reaffirming that once a company enters the liquidation stage under the Insolvency and Bankruptcy Code (IBC), individual objections from suspended directors, especially those not rooted in legal merit, cannot delay or derail the process.
The case revolved around Vasudeva Buildcon Pvt. Ltd., a company that entered liquidation after undergoing CorporateInsolvency Resolution Process (CIRP). Mr. Verma had challenged the liquidation proceedings initiated by the Adjudicating Authority (NCLT), arguing that the process lacked transparency and due opportunity, and raised concerns…
Read the original article here
To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below.
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:
1. Open the settings menu by clicking the hamburger menu in the top right
2. Choose “App Settings” from the menu
3. Turn on the option “Links Open Externally” (This will use…
Read the original article here
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.
To enable cookies, follow the instructions for your browser below.
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:
1. Open the settings menu by clicking the hamburger menu in the top right
2….
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the Adjudicating Authority that had permitted a creditor to intervene in a concluded voluntary liquidation process, despite the claim being filed beyond the prescribed limitation period.
The appeal was filed by the liquidator of Nextgen Procon Pvt. Ltd., challenging an order dated 6 August 2024 passed by the NCLT, New Delhi, which allowed a Section 60(5) application by M.R.A. Associates Pvt. Ltd., the respondent, to intervene and raise a claim during the pendency of the dissolution proceedings.
Nextgen Procon Pvt. Ltd. had entered into a project management and technical audit agreement with M.R.A. Associates in 2013. The agreement was terminated prematurely…
Read the original article here
Synopsis:
Diksha Greens hit a 5% lower circuit after NCLT admitted an insolvency plea by Punjab & Sind Bank over unpaid dues of Rs 46.03 crore. The loan, given in 2018, turned NPA in 2019. NCLT has started CIRP and appointed an IRP.
With a market capitalisation of Rs 4.34 crore, the shares of Diksha Greens are currently trading at Rs 4.40 per share, down by 31 percent from its 52-week high of Rs 6.40 crore. In the last one year, the stock has delivered a positive return of 26 percent.
The National Company Law Tribunal (NCLT) in Kolkata has accepted a petition from Punjab & Sind Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), which sets off insolvency proceedings against the company.
Back in 2018,…
Read the original article here
Why Has Bowen Coking Coal Entered Voluntary Administration?
Bowen Coking Coal, a Queensland-based mining company, has appointed voluntary administrators as of July 30, 2025, putting more than 500 jobs at risk at its Burton Mine near Moranbah. The company’s decision follows a series of financial challenges that have made its operations increasingly unsustainable in Queensland’s current regulatory environment.
Mark Holland and Shaun Fraser from McGrathNicol Restructuring have been appointed as voluntary administrators to oversee the process. According to the company’s stock exchange filing, “The administration process is expected to provide a window which will allow for a sale or recapitalisation to be completed,” suggesting that…
Read the original article here
Bowen Coking Coal has entered voluntary administration, a move that has heightened concerns regarding the future of the coal industry in Queensland, Australia, and the security of more than 500 jobs at the Burton Mine near Moranbah.
The company had previously sought a royalty deferral from the Queensland Revenue Office, which was rejected on 29 July.
Mark Holland and Shaun Fraser of McGrathNicol Restructuring have been named the voluntary administrators.
“The administration process is expected to provide a window which will allow for a sale or recapitalisation to be completed,” the company said in a stock exchange filing.
Bowen Coking Coal has attributed the introduction of Queensland’s high royalty rates, peaking at…