Bowen Coking Coal has appointed Mark Holland and Shaun Fraser of McGrathNicol Restructuring as voluntary administrators. The decision follows the company’s inability to secure fresh capital or reach an agreement with BUMA and the Queensland government. Bowen Coking Coal is a Queensland-based company focused on developing metallurgical coal projects. Metallurgical coal is an essential component in steel production.

The embattled coal miner, whose shares were recently suspended from trading on the ASX, stated it was unable to negotiate alternative commercial arrangements with its two largest creditors, BUMA and the Queensland Revenue Office, and its senior secured lender. A contract dispute led Indonesian contracting giant BUMA to…

When the National Company Law Tribunal (NCLT) was established in 2016 as the unified adjudicatory forum for company law, it bore the promise of timely, specialised justice in a space long weighed down by fragmented forums and procedural drift. That same year, the Insolvency and Bankruptcy Code (IBC) positioned the NCLT and its appellate counterpart, the NCLAT, at the heart of India’s corporate legal architecture.

Nearly a decade later, while the NCLT has demonstrably influenced debtor behaviour and brought overdue discipline to corporate defaults, it now needs its own reset — a version 2.0 that addresses design flaws, infrastructural gaps, and systemic inertia. This is not merely about caseload or litigant conduct, but also…

Electric ride-hailing startup Blu-Smart Mobility has been admitted into corporate insolvency resolution proceedings (CIRP) by the National Company Law Tribunal (NCLT), Ahmedabad. The order, pronounced on July 28, 2025, follows a petition filed by debenture trustee Catalyst Trusteeship Limited, citing a default of ₹1.28 crore on non-convertible debentures (NCDs). This marks Blu-Smart as India’s first major EV ride-hailing firm to enter insolvency.

BluSmart had issued 15 secured NCDs worth ₹15 crore to Catalyst (acting for InCred Credit Opportunities Fund-I) on April 20, 2023, to fund its EV fleet operations. The debt carried a 24-month tenor with staggered principal repayments starting April 30, 2023. The default…

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If you owe back taxes, finding a way to resolve the issue can be tough, especially if the Internal Revenue Service (IRS) starts sending letters, placing liens or threatening levies. In these situations, time isn’t on your side. The longer it takes to resolve your tax debt, the more serious the repercussions become. So, if you’re staring at an unpaid IRS tax bill, you need to deal…

In the quest to keep head above water, South Africans have been forced to review and cut down their expenses in order to meet their financial obligations.

Given the ongoing economic challenges, some have turned to gambling as a means of making ends meet.

The month of July in South Africa is not only dedicated to the birthday of former President Nelson Mandela but also marks National Savings Month, which raises awareness about the importance of saving as well as fostering responsible financial behaviour.

Mindful of the hardships facing communities, government said it recognises that the current economic challenges, including the high cost of living and unemployment make it difficult for many South Africans to save their hard-earned…

BENGALURU: The National Company Law Tribunal (NCLT) in Ahmedabad has admitted Catalyst Trusteeship’s petition against electric‑cab operator BluSmart Mobility for defaulting on dues of about Rs 1.28 crore. The tribunal’s order initiated the corporate insolvency resolution process (CIRP) and appointed NPV Insolvency Professionals Private Ltd as the Interim Resolution Professional (IRP).BluSmart, once a high‑profile player in India’s EV‑based ride‑hailing market, has been battling mounting liabilities and cash flow pressures. Despite attracting venture backing and expanding its fleet, the company struggled to keep pace with operating costs and payment obligations, culminating in the admitted default that triggered the…

The National Company Law Tribunal’s (NCLT) Ahmedabad branch initiated insolvency proceedings against cab-hailing platform BluSmart Mobility over a plea filed by financial creditor Catalyst Trusteeship, for a loan default totalling Rs 1.3 crore.

The Tribunal, comprising of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar appointed NPV Insolvency Professionals Private Limited as the Interim Resolution Professional (IRP) for the insolvency process and ordered the commencement of the Corporate Insolvency Resolution Process (CIRP), imposed a moratorium under Section 14 and directed NPV to take charge of BluSmart’s assets within 7 days.

Moratorium and public notice timeline

The moratorium prohibits the initiation or…