Insolvency Guardian Media Centre
Following a court application filed by Skillpro Malta Ltd (the ‘company’), on February 26, 2025, the Civil Court Commercial Section (‘court’) acceded to the company’s request to enter the preventative restructuring procedure as set out in the Pre-Insolvency Act (Chapter 631 of the Laws of Malta, and hereinafter referred to as the ‘Act’).
This not only marked Malta’s first application by a legal entity for the newly enacted preventative restructuring procedure, but also the first successful application, with the court approving the proposed restructuring plan by means of a decree given on May 21.
Background to pre-insolvency proceedings in Malta
Directive (EU) 2019/1023 of the European Parliament and of…
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IBBI Notifies Amendments To Simplify Corporate Insolvency Procedures MSN
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The appellate tribunal held that if there is any attachment by ED under the PMLA, which is “validly made and confirmed, it cannot be undone under IBC (Insolvency and Bankruptcy Code).
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The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Reliance Media Works Limited.
The petition was filed by Netizen Engineering Private Limited (formerly Reliance Infocomm Engineering Private Limited) on November 20, 2024, under Section 7 of the Insolvency and Bankruptcy Code, 2016, citing a default amount of Rs 6 crore. The stated date of default was July 1, 2024.
According to the petitioner, a loan of up to Rs 150 crore was extended to Reliance Media Works Limited through an agreement dated May 23, 2011. The loan was to be repaid within two years with an interest rate of 10.50% per annum. Disbursements were made in two…
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Quashing of insolvency order sought: NCLAT likely to decide on Ansal API homebuyers’ plea today | Hindustan Times Hindustan Times
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New Delhi, Jul 6 (PTI) Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution.
Under section 14 of IBC, a moratorium is applied on those assets for the purpose of resolution. However, if the property is alleged to be “proceeds of crime” and is already under adjudication by competent authority under a penal statute, such property cannot be deemed to be part of the freely available resolution estate, the National Company Law Appellate Tribunal (NCLAT) said.
The appellate tribunal held that if…
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New Delhi, Jul 6 (PTI) Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution.
Under section 14 of IBC, a moratorium is applied on those assets for the purpose of resolution. However, if the property is alleged to be “proceeds of crime” and is already under adjudication by competent authority under a penal statute, such property cannot be deemed to be part of the freely available resolution estate, the National Company Law Appellate Tribunal (NCLAT) said.
The appellate tribunal held that if there is any…
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Warehouse Robotics Firm Attabotics Files for Bankruptcy Protection Calgary.Tech
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Viability Of Corporate Debtor Can’t Be Considered While Deciding Petition U/S 7 Of IBC Once Debt &… Live Law
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A Running List of Fashion & Retail Bankruptcy Filings The Fashion Law
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