Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code (IBC) but not the first globally to undergo insolvency in 2023. It filed for a voluntary corporate insolvency resolution process (CIRP) under Section 10 of the IBC on May 3, 2023. The…
The Wadia Group is a prominent Indian conglomerate with interests in textiles, real estate, FMCG and aviation, among other sectors. The recent announcement by the group’s aviation arm, GoFirst, to undergo voluntary insolvency under the Insolvency and Bankruptcy Code (IBC) has generated significant interest in the market. It would be the first voluntary insolvency application,…
The National Company Law Tribunal (NCLT) on Friday rejected IDBI Bank’s plea seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). Section 10A mandates no application for initiation of corporate insolvency resolution process (CIRP) can be filed against any debtor by any…
In a significant relief to broadcaster Zee Entertainment Enterprises, the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday rejected an insolvency petition filed against it by IDBI Bank. On 15 December last year, the lender sought the initiation of the corporate insolvency resolution process (CIRP) against Zee, alleging default of a Rs149…
Insolvency Decline of 15% Recorded, Yet Experts Caution That Challenges Remain – BusinessMole May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 Read the full article at: https://www.businessmole.com/insolvency-decline-of-15-recorded-yet-experts-caution-that-challenges-remain/
Popular shed company Transportable Shade Sheds has gone into liquidation, owing over $1.8 million and leaving employees without wages and superannuation. Ralph Ackerman, a Vietnam war veteran, was hoping to receive a shed to house his caravan, but he’s now left with a patch of dirt in his backyard. Ackerman said he asked to pay…
The National Company Law Tribunal (NCLT), on Friday, rejected IDBI Bank’s insolvency plea against Zee Entertainment. The bank had applied for insolvency to recover dues of 149.60 crore. Also Read: Indiabulls Real Estate to challenge NCLT order withholding its merger with Nam Estates, Embassy One Notably, IDBI Bank appelaed to the NCLT in December last…
Jenny Craig, the company founded by Jenny, pictured, and Sidney Craig in 1983, went into voluntary administration earlier this week. Photo / Getty Images By RNZ The demise of diet and weight-loss company Jenny Craig is a win for those fighting against diet culture, according to body positivity campaigner and educator Angela Barnett. The company,…
Following a request by its financial creditor, State Bank of India (SBI), Sterling Oil Resources Ltd. has been accepted into the corporate insolvency resolution procedure by the bankruptcy court. As a result of the business’s almost Rs 1,655 crore in unpaid debts, SBI filed a petition with the bankruptcy court. Purusottam Behera has been chosen…
In the wake of a national manufacturing companys collapse, its liquidator says the case is unusual and complex and compensation for customers will be a lengthy process. Mooloolabas Transportable Shade Sheds (TSS) went into liquidation on Monday, April 3, reportedly leaving hundreds of customers either without product or half-delivered orders. It had factories at Beerwah and Coolum,…