The Kerala GST Department issued Standard Operating Procedure (SOP) vide SGST/973/2023-LEGAL3 dated November 21, 2023, for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT). The Insolvency and Bankruptcy Code (IBC), 2016, was enacted to consolidate the fragmented laws pertaining to insolvency. The IBC handles the insolvency proceedings cases…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
Reuters. Eagle Group has successfully won the bid to acquire the debt-laden Sumeet Industries, with a majority of lenders, including Bank of Baroda and IDBI Bank approving the acquisition plan. The deal, valued at 231 crore, was sealed with a 74.90% affirmative vote from the creditors. The purchase agreement stipulates an upfront payment of 203…
Ms Yat Nam (April) Yuen, of Sydney, New South Wales, has been charged with aiding and abetting former stockbroking firm BBY Limited (BBY) to engage in dishonest conduct in relation to a financial service. Ms Yuen, who held various roles at BBY including Manager Strategy, is charged with two offences contrary to sections 1041G(1) and…
Members of the Bizpay team in 2022, including co-founder and former CEO David Price, third from right. Source: BizPay / Facebook BizPay, the Australian fintech offering buy now, pay later (BNPL) services for business-to-business invoices, has fallen into voluntary administration. BizPay Group Limited appointed Jonathon Keenan and Peter Krejci of BRI Ferrier as joint administrators…
Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. Citation: 2023 LiveLaw (SC) 1007 The Supreme Court bench comprising Justice Vikram Nath and Justice Ahsanuddin Amanullah, has set aside an order whereby the National Company Law Tribunal (NCLT) kept the approval of a resolution plan in abeyance while directing an Official Liquidator to conduct…
The National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), has upheld the order whereby the NCLT had initiated Corporate Insolvency Resolution Process (CIRP) against Birla Tyres Ltd. (Corporate Debtor). Background Facts Birla Tyres Ltd. is a part of B.K. Birla…
Today, Bioservo Technologies (BIOS), a company within wearable grip-strengthening systems for people in need of extra strength and endurance, announces that the board of directors will propose to the shareholders that the company enters into voluntary liquidation. Despite significant interest in Bioservo’s technology from companies in the industrial segment and numerous evaluation projects, the sales…
By Wayne Robinson | 24 November 2023 Peter Wagener has had to put all his display print companies in liquidation, but has vowed he will be back next month, after paying all his suppliers in full. Returning in December: Peter Wagener To cap a drama-filled week, which Wagener described as “ridiculous” the liquidation itself is…
NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid Australian Financial Complaints Authority (AFCA) determination. Following a hearing, a notice from ASIC stated that Joseph Loebenstein of Victoria-based Loebenstein Insolvency Services has been appointed as liquidator by order of the court. The firm is now in liquidation,…