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The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Sharad Kumar Sharma (Member – Judicial) and Jatindranath Swain (Member – Technical), has held that the procedural direction requiring the appellant to file an affidavit confirming the accuracy of certain ledger transactions could not be appealed. The appeal was preferred u/s 61 of the IBC.
Background of the Case
The appellant, who happens to be the erstwhile director of Samaara Leathers Pvt. Ltd., has challenged the NCLT’s order directing him to file an affidavit confirming the accuracy of ledger transactions for FY 2017-18 and 2018-19. The order was passed subsequent to the findings of the forensic audit, which pointed out discrepancies…
Bruno Mars says not to read anything into his whimsical Instagram post this week, where he ran along the stage at SoFi Stadium to the theme from “Rocky” claiming to be “almost out of debt.”
“Just a joke,” Mars said in a text message Tuesday, responding to an inquiry about what he was up to in instant-classic IG post from Monday.
You might have heard about or seen this video, in which Mars is shown sprinting for the crowd as he made an unbilled appearance with Rosé at Sunday’s “Blackpink Deadline World Tour” performance.
The Dolby Live headliner and The Pinky Ring proprietor teamed with K-pop sensation on their hit “APT.”
Monday, Mars posted a video of himself dashing on the stage’s runway and pointing at…
The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Sharad Kumar Sharma (Member – Judicial) and Jatindranath Swain (Member – Technical), has addressed the question of whether ratification of fees and expenses payable to an Interim Resolution Professional (IRP) must be express and recorded formally, or it can be implied from the conduct and minutes of the CoC.
The bench held that the formal ratification is not mandatory if the CoC’s conduct and meeting records are approved.
Background of the Case
The operational creditor filed an application u/s 9 of the IBC seeking initiation of the Corporate Insolvency Process (CIRP) of the corporate debtor. The adjudicating authority accepted the…
The Ministry of Corporate Affairs (MCA) issued Notification No. F. No. 30/03/2016-Insolvency dated 7 July 2025, appointing Dr. Anju Rathi Rana, Law Secretary, as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI).
This appointment has been made under Section 189(1)(c) of the Insolvency andBankruptcy Code (IBC), 2016. Dr. Rana will now represent the Ministry of Law and Justice on the IBBI.
The IBBI is the government body that oversees how bankruptcies and insolvencies are handled in India. It was set up in October 2016 and regulates insolvency professionals, agencies, and information utilities. It also ensures that the resolution process for companies and individuals going bankrupt is done…
“I remember when I saw that, I got a sick feeling in my stomach,” he said.
He said the story jogged his memory about a condition in the contract for senior officers in local government which required their employment to be terminated should they be declared bankrupt.
Liverpool Mayor Ned Mannoun in July after Minister Ron Hoenig announced a public inquiry into the council.Credit: Dion Georgopoulos
“I realised I’d made a mistake in his [employment]. I went to see the mayor and told him that I’m going to have to dismiss this gentleman because he cannot be employed as he’s declared bankrupt.”
He said Mannoun “wasn’t happy about that” and thought Daniel was “performing well, and he was”. He insisted Portelli seek external…
Video game composer Peter Connelly has been jailed after fraudulently obtaining a second Covid Bounce Back Loan for his company
Connelly, known for his work on Tomb Raider, inflated his company’s turnover during the first few months of the pandemic in 2020
Insolvency Service investigations have also resulted in the 52-year-old being banned as a company director for six years
A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed.
Durham-based Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan.
Just in: the number of companies in England and Wales falling into insolvency dropped last month.
The InsolvencyService has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed.
That could ease some concerns over the health of the UK economy, as companies tackle rising inflation and higher taxes.
A chart showing company insolvencies in England and Wales Photograph: The Insolvency Service
Despite the drop, monthly company insolvency numbers in the first six months of 2025 were slightly higher than the second half of 2024, but remain lower than the 30-year annual…
