Following the tribunals August 6 insolvency commencement order, Aditya Khaitan, promoter of the tea company, had appealed to the National Company Law Appellate Tribunal (NCLAT) for a stay on the CIRP initiation. NCLAT, however, hadnt granted a stay but admitted the plea. In a major relief to the financially-stressed Williamson Magor group, the National Company…
The Insolvency and Bankruptcy Code (IBC), which has now turned five, has helped rescue as many as 396 companies till June 30 this year this is from the 4,541 corporate insolvency cases that had commenced between December 1, 2016, and June 30, 2021, official data showed. A positive surprise Rescue essentially means the resolution plans…
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal’s Twin Star Technologies.Through an interim order on July 19, the appellate tribunal had stayed the implementation of the resolution plan for…
SKSi Scotland has hired four senior insolvency staff in Scotland as it prepares for an insolvency Armageddon following the end of two key government Covid-19 support schemes. Alistair Dickson, director and head of Scotland at the accountancy firm, is growing his team ahead of the the Furlough Scheme and the Corporate Insolvency and Governance Act…
Accountancy firm SKSi is beefing up its ranks in Scotland ahead of a potential insolvency Armageddon following the end of two key government Covid support schemes. Restructuring expert Alistair Dickson, head of SKSi Scotland, has recruited four new insolvency practitioners ahead of changes in legislation that will once again make business liable to liquidation for…
Serial entrepreneur C Sivasankaran, promoter of Siva Industries, has filed an appeal in the National Company Law Appellate Tribunal (NCLAT), Chennai, against the recent order of the National Company Law Tribunal (NCLT), Chennai, on liquidation of Siva Industries. The matter is listed for hearing on Monday. The NCLT, on August 12, ordered liquidation of Siva…
The insolvency regulator has called for public comments on a proposal to introduce a code of conduct for Committees of Creditors (CoC), of companies undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). We examine the need for a code of conduct for the CoC and key issues raised in the proposed policy. Newsletter…
Shortly after celebrating its 25th anniversary, Crumpler is filing for Voluntary Administration, citing the pandemic and ongoing lockdowns as the core reason for its collapse. The investment firm that owns the retailer, Crescent Capital Partners, has enlisted Jason Stone and Glenn Franklin from PKF Melbourne to handle the administration process. The retailer has undergone a…
Serial entrepreneur C Sivasankaran, promoter of Siva Industries, has filed an appeal in the National Company Law Appellate Tribunal (NCLAT), Chennai, against the recent order of the National Company Law Tribunal (NCLT), Chennai, on liquidation of Siva Industries. The matter is listed for hearing on Monday. The NCLT, on August 12, ordered liquidation of Siva…
The Bar & Bench Weekly IBC Diary aims to report crucial rulings of various courts and tribunals and important updates concerning the Insolvency & Bankruptcy Code (IBC), 2016. 1. SM Milkose Limited & Anr v. Parvinder Kumar Bhatt & Ors. (NCLAT, Delhi) Issue involved: Whether any amounts received by the corporate debtor during the currency…