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Several companies that had successfully completed the National Company Law Tribunal (NCLT)-led corporate insolvency resolution process (CIRP) and opted for
Ben Fallon who has been promoted to director at Begbies Traynor Group’s Leeds office
Licensed insolvency practitioner Ben Fallon has been promoted to director in Begbies Traynor Group’s Leeds office.
Fallon joined the leading business recovery, financial advisory and real estate consultancy’s Leeds office in 2012 as a trainee administrator. He qualified as a chartered accountant with the ICAEW in 2018, became a licensed insolvency practitioner in 2022, and has spent three years as a senior manager supporting the firm’s partners and directors across the country.
During more than 12 years with Begbies Traynor Group, Ben has progressed from working on a range of corporate insolvency cases, to being an integral member of the…
Rejecting the plea for dissolution of Shakti Bhog Snacks, which is under the lens of the Enforcement Directorate (ED) with a special PMLA Court taking cognisance of the complaint filed by the probe agency, NCLT said it “would amount to judicial overreach”.
The version of President Donald Trump’s “Big Beautiful Bill” passed by the Senate earlier this week contains a tax provision that could prove prohibitive to gamblers, with ramifications for horse racing’s bottom line.
In the Senate’s version of the bill, deductions for gambling winnings will be limited to 90% of annual losses. Currently, gamblers can deduct 100% of wagering losses (below a net profit) for any given year.
As NBC Sports describes it, “$100,000 in winnings against $100,000 in losses will be treated for tax purposes as if the losses were only $90,000.”
The specific language in the bill can be found at section 70114, “Extension and modification of limitation on wagering losses.”
Additionally, the NCLT bench noted that the dissolution of the company, when it has been listed as an accused in the prosecution complaint under provisions of the Prevention of Money Laundering Act (PMLA, 2002), would frustrate the proceedings before the Special PMLA court, which has sole authority under the Act.
The NCLT was deciding the plea of one Umesh Gupta, the resolution professional of Shakti Bhog Snacks Limited (SBSL), seeking dissolution of the firm under Section 54 of the Insolvency and Bankruptcy Code, 2016. The insolvency proceedings against SBSL were initiated upon the application of Goyal Tea Agencies Private Limited, an operational creditor to the firm in 2023.
In Insolvency and Bankruptcy Code proceedings, an operational…
New Delhi, July 3 (IANS) The National Company Law Tribunal (NCLT) has upheld the primacy of the Enforcement Directorate in dealing with proceeds of crime linked to money laundering over claims by creditors against a ‘bankrupt’ company under the insolvency code, an official said on Thursday.
The verdict of the Tribunal’s bench comprising Bachu Venkat Balram Das and Sanjeev Ranjan, delivered in a matter related to Shakti Bhog Snacks Limited, said: “The Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to frustrate or sidestep the legitimate process of law under the Prevention of Money Laundering Act, 2002.”
The NCLT verdict, delivered on June 30, said: “Dissolution under Section 54 of the IBC results in the…
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Several companies that had successfully completed the National Company Law Tribunal (NCLT)-led corporate insolvency resolution process (CIRP) and opted for relisting in the stock exchanges are finding it difficult to secure fair price discovery due to alleged ‘unrealistic’ price bands set by the stock exchanges and hence seeing value distortion, according to impacted companies and analysts.
“Several companies which emerged from NCLT-led insolvency proceedings are facing challenges in securing the right valuations during relisting due to the imposition of unrealistic price bands,” said Martin Golla, a Mumbai-based lawyer, who specialises in insolvency and bankruptcy law.
“There are instances where companies have been stuck…
Jovian Mandagie was previously married to former prime minister Ismail Sabri Yaakob’s daughter, Nina Sabrina, before their divorce in 2023. (Facebook pic)
PETALING JAYA:
Fashion designer Jovian Mandagie has been declared bankrupt by the High Court in Kuala Lumpur after failing to repay a friendly loan totalling RM5.28 million from a construction company.
According to Berita Harian, senior assistant registrar Faisal Zulkifli today allowed a creditor’s petition filed by Cekap Air Sdn Bhd.
Based on the petition, filed on Nov 20 last year, Jovian, the former son-in-law of ex-prime minister Ismail Sabri Yaakob, failed to comply with a bankruptcy notice dated May 21, 2024.
The petition stated that Jovian owed Cekap Air RM5,284,340.66,…
KUALA LUMPUR: Fashion designer Datuk Jovian Mandagie has been declared bankrupt by the High Court for failing to settle a RM5.28 million loan, including interest, owed to engineering firm Cekap Air Sdn Bhd.
The decision was delivered by Senior Assistant Registrar Muhammad Faisal Zulkifli following a creditor’s petition filed on November 20, 2024.
Cekap Air’s lawyer, Siti Nur Athirazati Rohizad, confirmed that her client had issued a bankruptcy notice on May 21, 2024, after Mandagie failed to comply with a direct judgment issued by the court on April 2 the same year.
“The court has dismissed all applications by Jovian to strike out the bankruptcy proceedings,“ she said.
The dispute stems from a friendly loan extended to…
