The Supreme Court has held that when the National Company Law Tribunal (NCLT) exercises its power under Section 31(2) of the Insolvency and Bankruptcy Code, 2016 to not approve a resolution plan, then a reasoned order must be passed. It was emphasized that recording of cogent reasons while passing an order is the duty of…
A sharp increase in construction costs and continued supply chain shortages caused by the pandemic led to the Voluntary Administration of Privium, leaving behind over 2,100 home buyers in a state of flux. Situation Privium Pty Ltd was a major residential builder in Queensland, New South Wales and Victoria, with over 2,100 active contracts and…
The airline has moved a Delaware court to enforce the arbitration ruling, but has run short of funds to pursue the case after it stopped flying in May. The idea of litigation finance was suggested by Go Firsts resolution professional since all the current parameters are pointing towards liquidation” as the only alternative left, one…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
Street Talk Nov 29, 2023 6.51pm Slide decks filled with bikini bods and colourful sarongs are back in the hands of interested buyers as a lengthy pitch for iconic swimwear brand Tigerlily hits inboxes just in time for summer. Deloitte was appointed to sell the business by private equity owner Crescent Capital in October, three…
The National Company Law Tribunal (NCLT), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be initiated against a company struck off by Registrar of Company (RoC) and the power…
The National Company Law Appellate Tribunal (NCLAT), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
The liquidation of a council-run energy company is due to complete more than a year after it was taken in-house. Enviroenergy had operated as a separate company, providing heating for around 5,000 homes and 70 businesses including the city’s Motorpoint Arena. A decision was made by Nottingham City Council in 2021 to bring it in-house…