If the promoters of a housing project face insolvency and liquidation, homebuyers property will kept out of the process, the latest amendment to the rules by the Insolvency and Bankruptcy Board of India (IBBI) has said. The tweak, which cuts the legal wrangle for homebuyers, gives them a significant say in the liquidation process. For…
The debts of a collapsed group of manufacturing companies have snowballed as liquidators wade through the mess. Last week, news.com.au reported that the final company involved in the Sydney-based GDK Group had been court-ordered to go into liquidation. The Federal Court ordered Joinery Manufacturing Solutions Pty Ltd to go into liquidation over an unpaid tax…
The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution…
New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to the liquidation process as part of efforts to make the process more smooth and ensure accountability among the stakeholders. Now, liquidators are required to convene meetings of the Stakeholders’ Consultation Committee (SCC) at an interval of maximum 30 days and…
The National Company Law Tribunal, on Tuesday, extended the deadline for another 60 days to complete the resolution process of grounded airline Go First. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution…
Read Time: 04 minutes Synopsis The NCLT, in its order, observed that due to the ongoing investigations, attachment of assets and the low likelihood of insolvency resolution, it was necessary to proceed with the liquidation of Gitanjali Gems The National Company Law Tribunal (NCLT) has ordered the liquidation of Gitanjali Gems Ltd, a jewellery company…
Go First crisis: The National Company Law Tribunal has extended the deadline for the completion of the resolution process of beleaguered airline Go First by 60 days. The resolution professional had sought an extension of the deadline to complete the corporate insolvency resolution process (CIRP). A two-member bench of the Delhi-based NCLT admitted the plea…
Go First Airbus A320neo planes are powered by Pratt & Whitney (P&W)-geared turbofan engines. The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of…
A popular Australian beer company has entered voluntary administration after almost 10 years of business, citing increasing costs and taxes. Hawkers Beer, which is based out of Reservoir in Melbourne, announced on Monday it had entered into voluntary administration. Founder Mazen Hajjar cited a range of challenges affecting not just Hawkers but the entire craft…
A popular Australian beer company has entered voluntary administration after almost 10 years of business, citing increasing costs and taxes. Hawkers Beer, which is based out of Reservoir in Melbourne, announced on Monday it had entered into voluntary administration. Founder Mazen Hajjar cited a range of challenges affecting not just Hawkers but the entire craft…