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The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has allowed the withdrawal of insolvency proceedings initiated against SE Transstadia
The Insolvency and Bankruptcy Code (IBC) continues to strengthen corporate governance standards and the credit market, says Shailendra Ajmera, Partner,
The National Company Law Tribunal, Chandigarh Bench, comprising Harnam Singh Thakur (Member-Judicial) and Shishir Agarwal (Member-Technical), has disposed of an
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has allowed the withdrawal of insolvency proceedings initiated against SE Transstadia Pvt. Ltd., after the lead lender Bank of Baroda, along with other financial creditors, consented to a revival plan supported by the Government of Gujarat.
The matter arose from two appeals filed by Udit Harish Seth, a suspended director of SE Transstadia, challenging the admission of a Section 7 application by the National Company Law Tribunal (NCLT) on April 8, 2024. The NCLT had allowed the initiation of Corporate Insolvency Resolution Process (CIRP) based on a plea filed by Bank of Baroda.
The main issue in the appellant’s case was the contention that the…
Several charities across Scotland will share £1 million in surplus funds following the sale of a historic Glasgow care home.
Balmanno House was a registered charity that provided residential care in the city’s west end for more than 200 years.
The home went into administration in April 2023, and efforts were made to ensure a smooth relocation of residents to other care facilities.
Blair Milne (Image: Supplied) After receiving a considerable amount of interest, the property was sold to RSD Property Holdings Limited for residential development.
The undisclosed sale amount ensured all creditors at the time of administration were paid in full, including statutory interest, redundancy pay, and other entitlements for former staff.
The company officially went under after failing to secure a £900m plus bailout on Saturday. Thousands of British holidaymakers found themselves stranded abroad without a replacement flights and others were left seeking assurance that their money would be refunded.
Customers have been left in disarray in the biggest repatriation effort since The Second World War. Similar situations have happened in the past, such as the BMI Insolvency case and the liquidation and collapse of WOW Air, but the chaos of the Thomas Cook collapse is on a different level. Throughout the chaos, customers have been looking to their insurance policies to provide assurance that they will get their money back.
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Former EastEnders actress Martine McCutcheon is having a rough time of it of late, with the newly single star recently declared bankrupt for a second time
13:25, 22 Jul 2025Updated 13:25, 22 Jul 2025
Martine McCutcheon faces financial turmoil as she declares bankruptcy amid health struggles and high spending(Image: @martinemccutcheon/instagram)
The Insolvency and Bankruptcy Code (IBC) continues to strengthen corporate governance standards and the credit market, says Shailendra Ajmera, Partner, Transaction, Advisory Services at EY India, and an insolvency professional (IP). In an interview, he tells BT that IPs are expected to maintain the highest levels of integrity and accountability to ensure stakeholder trust in them and the underlying Corporate Insolvency Resolution Process (CIRP). This should also extend to other stakeholders, he says. Edited excerpts:
What are your views on how the IBC is doing?
It remains one of the most path-breaking legislations and has transformed India’s insolvency resolution landscape. Recent data from the IBBI reflects that the Code has…
The Insolvency and Bankruptcy Code (IBC) has transformed the insolvency resolution regime in several fundamental ways, says M.S. Sahoo, former distinguished Professor, National Law University Delhi, and founder chairperson of the Insolvency and Bankruptcy Board of India (IBBI). In an interview to Business Today, he says the IBC has firmly established the primacy of market mechanisms in resolving business stress. It has also ushered in a new era of professionalism in insolvency resolution. Third, it has catalysed the emergence of a robust, though still maturing, market for distressed assets. Edited excerpts:
Recent court rulings, particularly the one on Bhushan Power and Steel Ltd (BPSL), have raised concerns over the efficacy of the…
The Insolvency and Bankruptcy Code (IBC) has transformed the insolvency resolution regime in several fundamental ways, says M.S. Sahoo, former distinguished Professor, National Law University Delhi, and founder chairperson of the Insolvency and Bankruptcy Board of India (IBBI). In an interview to Business Today, he says the IBC has firmly established the primacy of market mechanisms in resolving business stress. It has also ushered in a new era of professionalism in insolvency resolution. Third, it has catalysed the emergence of a robust, though still maturing, market for distressed assets. Edited excerpts:
Recent court rulings, particularly the one on Bhushan Power and Steel Ltd (BPSL), have raised concerns over the efficacy…
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The National Company Law Tribunal, Chandigarh Bench, comprising Harnam Singh Thakur (Member-Judicial) and Shishir Agarwal (Member-Technical), has disposed of an application seeking withdrawal of voluntary liquidation. The adjudicating authority held that even in the absence of specific provision under the IBC, it can allow the withdrawal of voluntary liquidation by invoking its inherent power under Rule 11 of the NCLT Rules, 2016.
Background of the Case
The management of the applicant company decided to wind up the company by passing a resolution for voluntary liquidation. The decision was taken to avoid the operating expenses incurred by it. The shareholders of the company approved the decision at the Extraordinary…
The debt management and credit repair sector is being probed following concerns that some may be operating dishonestly or unfairly, potentially leaving financially vulnerable consumers in a worse position.
The Australian Securities & Investments Commission (ASIC) has announced it is reviewing the debt management and credit repair sector following concerns that some may have failed consumers.
As part of its continued focus on protecting consumers, particularly those experiencing financial hardship, the financial services regulator will now review how the sector, which is made up of around 100 credit licensees, complies with the law.
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Labor’s student debt relief is likely to sail through parliament despite a Greens push for Labor to end indexation of Hecs debts and wind up Coalition-era fee hikes for humanities courses.
It is expected to deliver savings of about $16bn, and lift the repayment threshold for taxpayer-supported loans from $54,000 to $67,000.
The measures are being sold as providing cost-of-living relief for young Australians, who hold the bulk of student debt. Labor says the average student debt would be reduced by about $5,500.
It’s likely the bill will be passed by both houses…
