The National Company Law Tribunal (NCLT), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be initiated against a company struck off by Registrar of Company (RoC) and the power…
The National Company Law Appellate Tribunal (NCLAT), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The…
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…
The liquidation of a council-run energy company is due to complete more than a year after it was taken in-house. Enviroenergy had operated as a separate company, providing heating for around 5,000 homes and 70 businesses including the city’s Motorpoint Arena. A decision was made by Nottingham City Council in 2021 to bring it in-house…
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the…
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…