The government will likely amend the insolvency law to enable “customised resolutions” of bankrupt residential real estate projects to ensure swift delivery of flats to homebuyers in stressed housing projects. The planned changes to the Insolvency and Bankruptcy Code (IBC) would allow resolution depending on the nature of the projects, instead of stipulating one rigid…
At todays Annual General Meeting (AGM), EFL Clubs voted to approve several changes to the EFL Regulations that will come into effect immediately. These include: OWNERS AND DIRECTORS TEST New disqualifying conditions have been added to the Owners and Directors Test (OADT) to ensure that the EFL and Premier Leagues tests remain aligned. The list…
Having resolved these issues, the NCLT examined the Section 10 application on its merits. It observed that all the necessary requirements under Section 10 were fulfilled, including the presence of debt, occurrence of default, completeness of the application, and the Corporate Applicant’s eligibility. Consequently, the NCLT admitted the Section 10 application, imposed a moratorium under…
The cash-strapped Go-First airline announced the suspension of its flight operations till 12 June citing operational reasons. The airline updated the information on its official Twitter handle. Passengers who made their flight bookings, will receive refund on the original mode of payment shortly, said the airline in its official notification. Also Read: Go First must…
WHAT WILL YOU LEARN? Module 1: History behind the enactment of the Insolvency and Bankruptcy Code, 2016 & BLRC Module 2: Introduction to the Corporate Insolvency Resolution process Module 3: Drafting of applications filed for initiation of CIRP under section 7, 9 & 10 Module 4: Admission order, moratorium & interim finance under IBC. Module…
The Insolvency and Bankruptcy Code, 2016 (Code for short) provides the procedure for the conducting of corporate insolvency resolution process (CIRP for short) that may be filed by the financial creditor or operational creditor against the corporate debtor. The Code provides that the Adjudicating Authority shall appoint the Interim Resolution Professional under Section 16 of…
Major Tasmanian cooperage, MasterCask, has entered voluntary administration as it seeks a resolution to unresolvable internal shareholder issues. Yesterday (6 June), Cam Brett, President of the Tasmanian Whisky and Spirits Association, shared the following message with members of industry group, Australian Distillers. I have received advice today from the largest secured creditor of MasterCask, which…
The number of court actions filed by the Australian Taxation Office has surged above pre-COVID levels, new figures show, as turnaround professionals urge small businesses to grasp the last olive branch extended to firms with outstanding debts. In its latest credit risk report, issued Tuesday, monitoring agency Alares showed the ATO initiated 386 court actions…
Travel agents are planning to boycott Go First if it restarts operations without providing clarity on refunds and credit shells even as travellers who had booked in its cancelled flights see no end in sight to their wait for refunds. Individual customers are going to get caught in this (process of getting back their money)…
Go First executives have informed the Directorate General of Civil Aviation (DGCA) that the airline is prepared to operate 152 daily flights once it resumes its operations. Mint could not confirm the news developments independently. As reported by Business Standard, the airline, currently being managed by insolvency resolution professional Abhilash Lal, has been non-operational since…