Under the Insolvency and Bankruptcy Code, 2016 (IBC), Section 7 deals with initiation of Corporate Insolvency Resolution Process (CIRP) by a Financial Creditor (FC). Accordingly, a financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,…
The Insolvency and Bankruptcy Board of India, on 18.09.2023, made the amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023, vide Notification No. IBBI/2023-24/GN/REG 106, dated 18.09.2023. Major changes in the process of corporate insolvency resolution process have been brought through this amendment. Details of debt…
In a challenging economic environment, like the one many businesses currently find themselves in, its an unfortunate truth that the number of corporate insolvencies spikes. Scottish Government figures show that there were 1,132 corporate insolvencies of all types during 2022/23. This was up 32.6% for the same reporting period the year before, and a rise…
New Delhi: Naveen Jindal-promoted Jindal Power Ltd. has approached the National Company Law Appellate Tribunal (NCLAT) seeking permission to submit a fresh resolution plan for the bankrupt Tuticorin Coal Terminal Pvt. Ltd. This comes after the company’s earlier proposal was refused submission by the Mumbai bench of the National Company Law Tribunal (NCLT) in…
The number of insolvent businesses in England and Wales has risen by over a third (33.6%) to hit a four-year high, with company directors heavily impacted by a mixture of long-term economic issues, director fatigue and creditor pressure. This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics…
A popular Mexican restaurant company which has several stores across Australia has gone into liquidation. 4 Eyes Pty Ltd, which trades as Beach Burrito Company, went into liquidation on Monday according to documents filed with the Australian Securities and Investments Commission. It was resolved the company be wound up and that David Michael Stimpson &…
A struggling Mexican food chain is closing three of its New South Wales and ACT stores after going into liquidation. 4 Eyes Pty Ltd, formerly trading as Beach Burrito Company, went into liquidation on Monday, with the decision made to close Burrito Beach Co stores Newtown, Bondi, and Canberra. External liquidators David Stimpson and Hugh…
South Australian construction company Wake Concepts has appointed a liquidator and terminated about 100 staff members. Wake Concepts specialised in the construction of wall and ceiling linings, with its major project at the time of liquidation being Adelaides Festival Tower in the CBD. Insolvency firm Heard Phillips Lieberenz was appointed on September 19 with Anthony…
Sponsored Content Katrina Edge and Bruce MacNeil, of Ogier (Jersey) LLP, explain how global events and economic pressures are forcing many companies to seek advice on debt and corporate restructuring REPORTS in June of a 40% year-onyear increase in corporate insolvencies in England and Wales demonstrate the combined impact of government Covid-19 support being withdrawn,…
In a momentous legal judgment, the National Company Law Appellate Tribunal (NCLAT), Delhi has delivered its decision regarding the contentious insolvency case concerning Hindustan National Glass. The NCLAT has upholded the entire insolvency resolution process meticulously followed by the Resolution Professional and endorsed by the Committee of Creditors (COC). This landmark ruling follows a series…