The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that insolvency proceedings cannot be triggered on the basis of debt which has been converted into capital such as equity of a company. The appellate tribunal also said that any investment cannot be ‘financial debt’ and the provisions of Section 7 of the Insolvency &…
Mr Morrison told Parliament Labor “[sees] the COVID pandemic as some sort of opportunity to lock in endless income support, and that is not a responsible thing”. Loading “We must be sure that the supports we put in place to get Australians through don’t become a barrier to them, and don’t become a barrier to…
Charaka Society’s administrators say they have written to Karnataka Chief Minister BS Yediyurappa asking for Rs 97 lakh promised by successive state governments for various joint projects to be paid to them. The 25-year-old Charaka Society, which supports hundreds of handloom weavers in Heggodu village of Karnataka’s Shivamogga district, was declared insolvent on August 28,…
The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal PTI | September 3, 2020 | Updated 08:21 IST Citing Section 7 of the Code, the appellate tribunal said that it is latently and patently clear that once the ‘debt’ is converted into ‘capital’ it cannot…