In a first for the country’s bankruptcy resolution regime, the insolvency regulator has prepared a “common panel” of 400 insolvency professionals (IPs) from those registered with it. The Insolvency and Bankruptcy Board of India (IBBI) will share the list with the adjudicating authority to choose from to oversee cases of resolution or liquidation from July…
Member Article Highest Corporate Insolvency Figures In Over Four Years Shows ‘Economic Turmoil Taking A Real Toll’ The impact of the economic turmoil of the last few years has been laid bare by the highest monthly number of corporate insolvencies for England and Wales since the beginning of 2019 Thats the view of the North…
Subscription craft gins startup Gintonica has been placed in voluntary administration, 5.5 years after its launch. The drinks business, best known for its Australian craft gin Advent calendars, was put up for sale by founder David Box in early May, but last week he handed the keys and books to David Ross of Sydney firm…
The National Company Law Tribunal (NCLT) has dismissed IDBI Trusteeship Services’ petition seeking Corporate Insolvency Resolution Process (CIRP) proceedings against Essel Group entity Cyquator Media Services for default in payment.In its petition against Cyquator Media, IDBI Trusteeship had invoked the provisions of Section 7 Insolvency and Bankruptcy Code read with Rule 4 of Insolvency &…
An online alcohol retailer that specialises in Australian craft gin has gone into administration just a month after announcing it was up for sale. According to the Australian Securities and Investments Commission (ASIC), Gintonica went into insolvency on June 21, with David Ross from I & R Advisory appointed as administrator. Gintonicas founder David Box…
The National Company Law Tribunal (NCLT) has dismissed IDBI Trusteeship Services’ petition seeking Corporate Insolvency Resolution Process (CIRP) proceedings against Essel Group entity Cyquator Media Services for default in payment. In its petition against Cyquator Media, IDBI Trusteeship had invoked the provisions of Section 7 Insolvency and Bankruptcy Code read with Rule 4 of Insolvency…
MUMBAI : The National Company Law Tribunal dismissed an application by IDBI Trusteeship to initiate corporate insolvency resolution of Cyquator Media Services, a promoter group company of Zee Entertainment Enterprises Ltd. Financial creditor IDBI Trusteeship filed a petition under Insolvency and Bankruptcy Code (IBC) for default in repayment of 600 crore. We are of the…
A popular Australian gym chain has collapsed after it was embroiled in a legal battle with three of its franchisees. Ultimate Franchising Group Pty Ltd, UFC Gym Prospect Pty Ltd and Ultimate Franchising Group Properties Pty Ltd the three parent companies behind UFC Gym Australia went into voluntary administration on May 23. The three companies…
The parent companies behind a major Australian gym chain have quietly collapsed into administration after becoming embroiled in a messy $5 million court case with several disgruntled franchisee owners. UFC Gym Australia, which at its peak had more than 10 fitness centres in Sydney, Melbourne, Perth and the Gold Coast, is a mixed martial arts…
In India, there was a need to enact a single statute encompassing provisions to resolve insolvency for companies, limited liability partnerships, partnership firms and individuals. In light of the same, the Insolvency & Bankruptcy Code, 2016 (Code) was passed and notified in the Gazette of India on 28 May 2016 thereby consolidating all of the…