The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in M/s Tata International Limited v M/s Trident Sugars Ltd., has rejected a petition under Section 9 of IBC since the creditor failed to serve the Demand…
Goli Vada Pav The National Company Law Tribunal (NCLT) has admitted Mumbai-based fast-food restaurant chain Goli Vada Pav Private Limited to the corporate insolvency resolution process following its alleged failure to pay a debt of Rs 3.56 crore. The Mumbai bench of NCLT passed the order on September 5 on a plea of Vista Processed…
A bankruptcy court has admitted Mumbai-based quick service restaurant (QSR) chain Goli Vada Pav Pvt. Ltd. under the corporate insolvency resolution process (CIRP) and has appointed Vinod Radhakrishnan Nair as the resolution professional of the company. Goli Vada Pav was taken to the Mumbai bench of the National Company Law Tribunal (NCLT) by Vista Processed…
As part of the ongoing bankruptcy process of coffee chain firm Cafe Coffee Day (CCD), an application has been filed against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC). According to a regulatory filing by Coffee Day Enterprises to the stock exchanges September 8, the application is filed by IDBI Trusteeship…
It looks like theres a revival coming for Fenton & Fenton. The eclectic Melbourne-based interiors label which went into liquidation in early August has been acquired by the Berkowitz Furniture group and is set to resume trading before the end of the year. Under the deal, founder Lucy Fenton will stay on as creative director…
Overseas companies entering the Indian market through the wholly owned subsidiary route do so with hope and expectation. While the majority of ventures have worked out well, there have been instances where the subsidiary failed to take off or encountered operational issues requiring hard decisions on its operations in India. When faced with such challenges,…
A failed Australian furniture retailer has been saved at the last minute in a white knight rescue that will see customer orders honoured. Last month, news.com.au reported that Fenton & Fenton, a Melbourne-based homewares boutique, had entered into liquidation. News of its collapse sparked concern from customers who were worried they wouldnt receive the furniture…
Nourish Foods has entered voluntary administration after an investment deal with a major retailer collapsed. The healthy snack company had stalled its third equity raise to pursue the agreement. Nourish Foods co-founder and CEO Monica Meldrum. In a letter to investors, founder and CEO Monica Meldrum said, After 18 years of trading and leading the…
Judgment creditors should be aware that the English Court of Appeal has given guidance on the proper construction of s423 Insolvency Act 1986 (transactions defrauding creditors)1. This guidance will be relevant where it is alleged that a debtor has transferred assets through corporate structures in order to defeat the claims of creditors, including judgment creditors.…
Wodens The Melrose apartment complex construction was initially impacted by PBS Building ACT going into voluntary administration. Photo: Ian Bushnell. Creditors of the five under-administration PBS Building companies have voted to wind up four companies including two construction arms in the ACT and Queensland but have given the NSW building company a lifeline. The majority…