The National Company Law Tribunal (NCLT) on Thursday granted two weeks to aircraft leasing company Aircastle (Ireland) to file a reply to Spicejet‘s application questioning the maintainability of the insolvency petition filed by the lessor.Aircastle (Ireland) had filed a petition under section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to start the corporate…
The NCLT has reportedly rejected the resolution plan of Anirudh Agro Farms for Viceroy Hotels following the expiry of bank guarantees and directed the continuation of the corporate insolvency resolution process (CIRP) and asked the resolution professional to call for fresh bids. According to MoneyControl.com, the tribunal found the plan to be in breach of…
Insolvency regulator, IBBI, proposes to stipulate mandatory audit of Insolvency Resolution Process Costs (IRPC) in resolution cases where the assets of the corporate debtor (CD) is in excess of 100 crore. This proposal forms part of the nine new measures that the Insolvency and Bankruptcy Board of India (IBBI) has mooted in a new discussion paper…
Food and drink businesses have been on the frontline of supply chain disruption, inflation and rising interest rates. These challenges have taken a toll on M&A in the sector but changed strategies are driving trade and private equity buyers. Nicholas Neveling reports. Few industries have been as directly impacted by inflation, rising interest rates, labour…
A prominent regional New South Wales winemaker has fallen into voluntary administration, citing significant financial losses brought about by COVID-19 pandemic, natural disasters and the Chinese government. Key points: Cassegrain Wines is the largest winemaker on the New South Wales Mid North Coast The family-run business says it has appointed voluntary administrators Administrators says operations will continue…
In this weeks TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient. Key…
The company behind Karen’s Diner, the restaurant that gained internet infamy for its deliberately bad service, has collapsed. Viral Ventures (Australia) Pty Ltd, which runs both Karen’s Diner and Broadway Diner, went into liquidation on May 30, announcing on June 5 that Chris Johnson and Andrew McCabe from Wexted Advisors have been appointed to wind…
The Supreme Courts 3 May judgment, in MK Rajagopalan v Dr Periasamy Palani Gounder & Anr, shows insolvency resolution plans must be approved by a committee of creditors before being put to an adjudicating authority. The court upheld an order by the National Company Law Appellate Tribunal (NCLAT) that the successful resolution applicant was ineligible…
The government will likely amend the insolvency law to enable “customised resolutions” of bankrupt residential real estate projects to ensure swift delivery of flats to homebuyers in stressed housing projects. The planned changes to the Insolvency and Bankruptcy Code (IBC) would allow resolution depending on the nature of the projects, instead of stipulating one rigid…
At todays Annual General Meeting (AGM), EFL Clubs voted to approve several changes to the EFL Regulations that will come into effect immediately. These include: OWNERS AND DIRECTORS TEST New disqualifying conditions have been added to the Owners and Directors Test (OADT) to ensure that the EFL and Premier Leagues tests remain aligned. The list…