Customers of a Victorian builder will pay more to have their home builds completed, as part of efforts to help the financially pressured company avoid liquidation. Key points: Victorian home builder Harmac Homes was placed in voluntary administration in late August A majority of creditors and customers have voted to have the directors take back control of…
Insolvency and Bankruptcy Code, 2016 (IBC) does not provides for remedies against third party, though section 66 of IBC deals with fraudulent trading or wrongful trading done in the course of corporate insolvency resolution process or any liquidation proceedings. Section 66 of IBC specifically provides for fraudulent trading or wrongful trading. It provides as follows:…
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday deferred hearing in a plea in the insolvency case of SREI Infrastructure to 4 October after the company sought time to submit a rejoinder to a response by the Reserve Bank of India (RBI). Adisri Commercial, former promoter of SREI Infrastructure, had appealed to…
Despite progress towards a banking union in the EU, European banks continue to be confronted with a highly divergent application of insolvency laws. A recent survey of European banks conducted by the European Banking Authority (2020) shows that this divergence has given rise to widely varying loan resolution outcomes. To eliminate the variation in the…
With a number of building and construction companies facing solvency issues due to supply shortages and increasing prices, the Victorian government has acknowledged the tough position this may put property owners into. They advised that builders who do go into voluntary administration but not liquidation may continue to provide services to clients. The government recommends…
Under the Insolvency and Bankruptcy Code, 2016 (IBC), Section 7 deals with initiation of Corporate Insolvency Resolution Process (CIRP) by a Financial Creditor (FC). Accordingly, a financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,…
The Insolvency and Bankruptcy Board of India, on 18.09.2023, made the amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023, vide Notification No. IBBI/2023-24/GN/REG 106, dated 18.09.2023. Major changes in the process of corporate insolvency resolution process have been brought through this amendment. Details of debt…
In a challenging economic environment, like the one many businesses currently find themselves in, its an unfortunate truth that the number of corporate insolvencies spikes. Scottish Government figures show that there were 1,132 corporate insolvencies of all types during 2022/23. This was up 32.6% for the same reporting period the year before, and a rise…
New Delhi: Naveen Jindal-promoted Jindal Power Ltd. has approached the National Company Law Appellate Tribunal (NCLAT) seeking permission to submit a fresh resolution plan for the bankrupt Tuticorin Coal Terminal Pvt. Ltd. This comes after the company’s earlier proposal was refused submission by the Mumbai bench of the National Company Law Tribunal (NCLT) in…
The number of insolvent businesses in England and Wales has risen by over a third (33.6%) to hit a four-year high, with company directors heavily impacted by a mixture of long-term economic issues, director fatigue and creditor pressure. This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics…