The National Company Law Tribunal admitted a plea for corporate insolvency proceeding against Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd in April following the hotelier’s complaint. The National Company Law Appellate Tribunal (NCLAT) will pronounce the order in the Rakesh Yadav vs Anuj Tejpal of Oyo Hotels case on July 7. The court…
Unsecured creditors in formerly ASX-listed, failed Gold Coast-based dental company Smiles Inclusive have been dealt the final nail in the coffin of their dreams to recover investments, including joint venture partner (JVP) debt claims of close to $100 million. Following a creditor vote last Wednesday in favour of liquidating Smiles Inclusive’s Totally Smiles (TS) dental…
The number of corporate insolvencies recorded in the first six months of the year was down 38% compared to the first half of 2020, according to new figures from Deloitte. 169 corporate insolvencies were recorded between January and June, compared to 273 during the same period last year. In the second quarter of this year,…
The Autocare Services business unit has returned to LINX Cargo Care Group. This development follows Autocare Services exiting voluntary administration on 1 July 2021. The Voluntary Administration process for Autocare Services has completed following the implementation and effectuation of its creditor-endorsed Deed of Company Arrangement (DOCA) proposed by LINX CCG. The end of this process…
Date: 05.07.2021 Deed of company agreement gains creditor endorsement Simon Abela Car carrierAutocareServicesreturnsto parent company Linx Cargo Care Group, havingexitedvoluntary administration on July 1, the latter announces. It re-joins with a new operating model,leadershipteam, property footprint and structure that “places the business on sustainable footing into the future”, Linx notes in a statement. “TheVoluntary Administration…
The employees’ unions of two defunct units of, for which bidders have been invited to conduct an e-auction, urged liquidator to disclose valuation of oil reserves in the Cachar Paper Mills land area TopicsHPCL|oil reserves|valuation The employees’ unions of two defunct units of Hindustan Paper Mills Corporation Ltd, for which bidders have been invited to…
By Mariya Paliwala – On July 3, 2021 1:50 pm The Kerala High Court ruled that the High Courts should refrain from interfering with Corporate Insolvency Resolution Process as Insolvency and Bankruptcy Code, 2016 (IBC) is self contained Code. The petitioners, M/s Orlem Pharma Pvt. Ltd. and St. Antonys Medical Distributors challenge the Corporate Insolvency…
The ACT Health Minister has called on the federal government to reconsider cutting off Canberra from bulk-billing incentives, as 30,000 members of a key affordable healthcare provider face an uncertain future. However, Royal Australian College of General Practitioners president Karen Price said bulk billing wasn’t the answer and broader reform of the system was needed.…
Kavinda Herath/Stuff The Donald Buckley Photo & Frame store in Invercargill, and one in Gore, are closing their doors on Friday, after more than 40 years in business in Southland. A well-known Southland photography business has gone into liquidation and its stores in Invercargill and Gore are closing down, largely because locals didnt support it,…
Insolvency and Bankruptcy Code, 2016 is a comprehensive law that consolidates into its manifold both the consequential aspects of an economic collapse of a debtor rehabilitation and liquidation. The principal objective of the law is to restructure and resolve insolvency of corporate persons, partnership firms and individuals promptly for leveraging the maximum value of assets…