NEW DELHI: A series of steps taken by the National Company Law Tribunal (NCLT), along with govt and the Insolvency and Bankruptcy Board of India (IBBI) has resulted in a record number of cases being decided during the last financial year.Latest data showed that 269 resolution plans were approved during 2023-24, as against 189 during…
Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. Photo: Wikipedia The National Company Law Appellate Tribunal (NCLAT) has upheld the insolvency proceedings against Tulip Hotels, which had defaulted on Rs 450 crore corporate guarantees given for Cox & Kings…
Australias Grand Ridge Brewing Company has gone into administration after 35 years in the business and establishing a loyal following. The well-known independent family-owned craft brewery, which was established in the 1980s and based in the Strzelecki Ranges, Victorias Gippsland region, said it called in administrators with a view to selling up. In a local…
The tsunami of building company collapses continues unabated, with Perth housing customers suffering losses and delays as a sixth builder has collapsed in just weeks. Western Australian home builder Start Right Homes has been sent into liquidation with another 24 hapless customers of failed builders joining the ranks of the disgruntled. The Osborne Park building…
WA Department of Mines, Industry Regulation and Safety Building and Energy is advising homeowners affected by the liquidation of Start Right Homes Pty Ltd (BC14559) to contact QBE to discuss their home indemnity insurance. The Osborne Park building company, which mainly constructed single-storey houses, appointed liquidators on 7 April 2024. Building and Energy understands the…
Perth-based builder Start Right Homes has become the latest company to go into liquidation, with dozens of houses left unfinished. The Osborne Park building company, which mainly constructed single-storey houses, appointed liquidators on Sunday. According to Western Australias Building and Energy department, the company is yet to complete 24 projects. Building and Energy executive director…
NEW DELHI: The fate of Go First, which stopped flying on May 3, 2023, may be known within the next two months. The National Company Law Tribunal (NCLT) on Monday extended the erstwhile Wadia Group airline’s corporate insolvency resolution process (CIRP) by another 60 days. The maximum 330-day period (with extensions) within which CIRP has…
New Delhi: Insolvency tribunal NCLT on Monday once again extended the deadline to complete the resolution process of grounded airline Go First by another 60 days. This is the third extension given to Go First by the National Company Law Tribunal (NCLT) from April 4 to June 3.A two-member bench of the Delhi-based NCLT admitted…
CNN Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank in yet another instance of creditors taking legal action to reclaim money from troubled developers in the worlds second-largest economy. A winding-up petition was filed against the company by China Construction Bank (Asia) on…
Chinese property developer, Shimao Group is facing a legal challenge as China Construction Bank (Asia) filed a liquidation petition against it in Hong Kong over a financial obligation amounting to HK$1,579.5 million, equivalent to $201.75 million. This move marks a departure from the norm, as it is unusual for a state-owned bank to initiate legal…