In its first detailed order on the Insolvency and Bankruptcy Code, the Supreme Court has, via a series of observations, made it clear to managements of insolvent firms that their rule is over. The judgement was pronounced in the case of Innoventive Industries that had challenged an unfavorable order by the National Company Law Appellate…
DetailsProvisions of State enactments which hinder the country’s new bankruptcy law Insolvency and Bankruptcy Code (IBC) meant to protect the interests of shareholders, creditors and workmen against entrenched managements unable to dig their way out of their debts, will be declared void, the Supreme Court held. In a judgment heralding the IBC as an effective…
DetailsThe family of a teenager who took his own life believe online gambling debts were a factor in his death. Joey Rojas, 18, was found hanging at home by his younger brother. In a statement to his inquest today, his mother Joselyn said she believed he owned money to someone over gambling and had been…
DetailsThe next hearing will happen on September 12 at the Chennai bench of NCLT. There seems to be no end to legal battles for Homestays startup Stayzilla. Five months after co-founder Yogendra Vasupal was granted bail by Madras High Court, the company is now contesting a petition filed by vendor Jig Saw at the Chennai…
DetailsThe government’s introduction of a safe harbour to protect directors from insolvent trading liability will drive a culture change expected to prevent the premature collapse of companies, according to experts. Minister for Revenue and Financial Services Kelly O’Dwyer has rallied lawyers and turnaround professionals to back the government’s changes, saying they will be key to…
DetailsCREDITORS will decide the fate of a Gladstone and Calliope health service provider after they were placed in voluntary administration this week. Australian Securities and Investments Commission documents show the owner of Gladstone Valley and Calliope Medical Centres, Medifield, was placed in the hands hands of creditors on September 4. The filings were made ten…
DetailsRyanair may have bluster more than anyone else in the world, a senior executive for the airline acknowledged Wednesday, but it is serious about bidding for the short-haul operation of struggling Italian airline Alitalia and turning it into a separate division of Ryanair that might operate with a hybrid full-service, low-cost model. But Dublin-based Ryanair…
DetailsA pan-India home buyers’ pressure group, Fight For RERA, has reached out to Prime Minister Narendra Modi to seek an amendment to the Insolvency & Bankruptcy Code 2016 to prioritise homebuyers‘ interest in insolvency proceedings. The pressure group has appealed to the government to provide powers to realty regulators through the Real Estate (Regulation and…
DetailsCHENNAI: Homestay aggregator, Stayzilla is now fighting to stay alive, putting forth its strongest arguments on why it should not be liquidated. The next round of debate will happen on Thursday at the Chennai Bench of NCLT, where its vendor Jigsaw Solutions has initiated insolvency proceedings against Stayzilla. The advertising agency has filed a petition…
DetailsTelstra reseller, Interactive Telecoms, is likely to enter into liquidation today, following the closure of the business in early August. The companys joint administrator, Ian Purchas, told ARN that Telstra withheld a “significant payment” after terminating its licensing agreement with the reseller. The New South Wales-based company entered into voluntary administration on 2 August and…
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