Australian sustainable eco-friendly retailer Ecolateral has collapsed into voluntary administration after a challenging 12-month period. Jamie Stott, CEO of Ecolateral, said in a LinkedIn post that the current economic climate and future outlook have led to this heartbreaking decision to call in administrators. I regret to announce following the closure of our Blackwood store two…
The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT against Zee Entertainment Enterprise Ltd, claiming a default of Rs 211.41 crore, the media major said in a regulatory filing. However, Zee Entertainment Enterprise Ltd (ZEEL) added that it “will be filing its reply rejecting the claim on, inter alia, the ground…
Zee Entertainment Enterprises Ltd. has contested the maintainability of the insolvency process initiated by IndusInd Bank Ltd. before the National Company Law Tribunal. The company has claimed that the default in question occurred in October 2020, when the Insolvency Code was suspended, and so the bank’s application should be dismissed.In light of the Covid-19 pandemic,…
The bankruptcy court has admitted Marvel Realtors & Developers Ltd under the corporate insolvency resolution process (CIRP) and appointed Manoj Kumar Mishra as the interim resolution professional for the Pune-based realty firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the petition filed by companys lender IDFC First Bank to initiate the…
A multi-million-dollar project to improve ship loading capacity and export opportunities in regional Queensland remains on track, despite the contractor’s parent company plunging into financial turmoil. Key points: The contract was award to Clough Projects Queensland, but its parent company Clough went into voluntary administration earlier this month The project to build a multi-purpose bulk…
New Delhi: The government is proposing to make changes to Indias six-year-old Insolvency and Bankruptcy Code (IBC). Mint examines the relevance of the game-changing reform to the economy, and why the changes are necessary now. What was the intent behind framing IBC? The IBC, which was enacted in 2016, came at a time of mounting…
Corporate Insolvency Service Market Outlook 2030 According to a comprehensive research report by Stratagem Market Insights, “Corporate Insolvency Service Market Information by Type, Application, And Region – Forecast till 2030”, the market is estimated to grow at a significant CAGR by 2030. The report will provide one with an overall market analysis, statistics, various trends,…
Online furniture retailer Brosa is up for sale after the business was placed in voluntary administration this week. Richard Tucker and Michael Korda of KordaMentha were appointed Voluntary Administrators of the 8-year-old ecommerce company, which raised more than $7 million in venture capital from the likes of Airtree and ASX-listed Bailador Technology Investments. While Bailador…
A bankruptcy court has admitted the listed MT Educare, formerly known as Mahesh Tutorials, into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the companys operational creditor Connect Residuary to initiate…
New EU regulations mean directors of financially stressed companies must have regard to the interests of creditors, writes Ian Barrett, Managing Director in KPMG’s Restructuring Team. Recently, there has been much commentary on the prospect of a large increase in company insolvency arising from the Covid-19 pandemic, along with an increasingly turbulent macroeconomic environment. The…