News Muncher - category liquidation

5 days, 12 hours ago

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Live Law

The NCLAT bench of Justice Ashok Bhushan and Arun Baroka has observed that the maximum timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code is 330 days. Relying on the Supreme Court's judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr., the Tribunal observed that an order can only be recalled on limited grounds, …

Supreme Court Exceptional Circumstances Application Order Recall Auction Tribunal

1 week, 4 days ago

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the fee of the liquidator has to be paid within 90 days from the liquidation commencement date as provided under Regulation 21A of the Liquidation Regulations if the secured creditor opts to realise its security interest under section 52 of the code. Observations: …

Regulation Regulations Pay Case Respondent Fee Asset

2 weeks, 6 days ago

E-auction of sick business assets on dedicated platform may become compulsory

Live Mint

New Delhi: Auction of assets like land, buildings, plant and machinery belonging to businesses getting liquidated is likely to see a wider public participation, with the Insolvency and Bankruptcy Board of India planning to make these transactions more mainstream. After asking liquidators on 29 October to list all such assets of companies facing liquidation on the eBkray platform set up …

Assets Auction Platform Jain Portal Srivastava Ibc

3 weeks, 4 days ago

CoC recommends EY honcho as new liquidator in Go First case

Live Mint

New Delhi: The Committee of Creditors of the bankrupt airline Go First has voted to appoint Dinkar Venkatasubramanian as the liquidator for the airline’s liquidation proceedings. Third-party foreign funding In the case, the resolution professional had also requested the NCLT’s approval for third-party funding from a US-based entity to support Go First’s arbitration case against engine maker Pratt & Whitney …

India Arbitration Insolvency Funding Nclt Coc Liquidation

3 weeks, 4 days ago

Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai

Live Law

The NCLT Mumbai bench of Ms. Reeta Kohli and Ms. Madhu Sinha has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code. It is thus incumbent upon us to rely upon the law settled by the Hon'ble …

Corporate Sale Corporate Debtor Assets Statutory Nclt Going

4 weeks ago

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the Adjudicating Authority is not the right forum to decide whether closure of the factory was in accordance with law. Liquidator vide e-mail dated 25.02.2019 asked the Appellants to submit the proof of employment in the company in the period of two years …

Corporate Dispute Factory Closure Industrial Claims Appellants

1 month ago

Insolvency board moves to limit liquidators’ discretion

Live Mint

The Insolvency and Bankruptcy Board of India has sought to limit the discretion of officials authorized to liquidate insolvent companies and has said they must consult creditors compulsorily when rejecting the highest bids. In a proposal released for public feedback on Tuesday, the IBBI also said liquidators must verify the highest bidder for the assets of the company getting dissolved …

Bankruptcy Liquidator Creditors Liquidation Ibbi Voluntary Liquidation

1 month, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

Corporate Regulations Sale Corporate Debtor Process Tribunal Nclt

1 month, 1 week ago

Australian authors devastated after losing thousands to Shawline Publishing, now in liquidation

ABC

Liquidators for embattled Victorian publisher Shawline have confirmed hundreds of authors and the tax office are owed more than $800,000. Liquidators Adrian Hunter and Robyn Erskine, of Brooke Bird, said in a letter to creditors many authors had lost money, but there were "limited available funds" and it would not be possible for them to "work free of charge for …

Publishing Authors Book Mcbride Lot Mr Mcbride Shawline

1 month, 1 week ago

Jet Airways liquidation: Why India needs a new regime to save airlines

Live Mint

Learning by doing is about the only way to master swimming, cycling or yoga, but does it apply to harnessing India’s Insolvency and Bankruptcy Code as well, particularly in the case of airlines? After Go Air, it is now Jet Airways’s turn to go into liquidation after an insolvency resolution process under IBC failed to sell the business as a …

India Insolvency Aircraft Resolution Airlines Capital Crore

1 month, 2 weeks ago

Scathing TripAdvisor reviews Gary Neville and MasterChef star's restaurant received are revealed - as it goes into liquidation with £1m debts

Daily Mail

A restaurant owned by former footballer Gary Neville has gone into liquidation with £1million of debts after diners posted a series of negative reviews in its final months. One of the most unusual-looking dishes at The Man Behind The Curtain was denia red prawn served on a telephone - a play on the 'Lobster Telephone' created by Salvador Dali The …

Restaurant Michelin Man Manchester United Manchester Michael Leeds

1 month, 2 weeks ago

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

Hindustan Times

The 1.43 lakh retail shareholders of Jet Airways are now staring at a complete wipeout of their investments after the Supreme Court ordered the troubled airline's liquidation on Thursday, November 8, rejecting the Jalan Kalrock consortium’s takeover bid. Naresh Goyal, chairman of Jet Airways According to exchange data, retail investors currently own 19.29% of Jet Airways Ltd shares. This amounts …

Shareholders Naresh Goyal Airways Jet Jet Airways Court Liquidation

1 month, 2 weeks ago

Grounded, by process

Times of India

Times of India’s Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. As Supreme Court calls it curtains on Jet Airways, it’s another tragic tale of another short-lived star business and the challenges of sustaining airline ops in a competitive, high-cost environment. But the real concern is a …

India Case Process Nclt Jet Sbi Ibc

1 month, 2 weeks ago

Gary Neville and Masterchef star's restaurant goes into liquidation

Daily Mail

Gary Neville's Leeds restaurant has gone into liquidation with £1million debts including £519,000 owed in taxes. The restaurant, called Man Behind the Curtain, was launched in 2014 run and was run by chef Michael O'Hare, with Neville owning 50 per cent. Gary Neville 's Leeds restaurant has gone into liquidation with £1million debts including £519,000 owed in taxes Speaking at …

Restaurant Michelin Michael Leeds Neville Gary Neville

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Firstpost

Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways Supreme Court has ordered the liquidation of Jet Airways. The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways’ assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala …

Supreme Court Order Resolution Plan Nclat Airways Jet Jkc

1 month, 2 weeks ago

Supreme Court orders liquidation of debt-ridden Jet Airways

Hindustan Times

The Supreme Court on Thursday ordered the liquidation of Jet Airways while setting aside the National Company Law Appellate Tribunal ruling that upheld the transfer of the defunct airline’s ownership to the Jalan-Kalrock Consortium under an approved resolution plan. Represented by advocates Debmalya Banerjee, Kartik Bhatnagar and Karanjawala & Co, JKC said it incurred significant losses, exceeding ₹600 crore, due …

Resolution Nclat Airways Jet Jkc Jet Airways

1 month, 2 weeks ago

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

The Hindu

A three-judge Bench headed by Chief Justice of India D.Y. Justice J.B. Pardiwala, who authored the judgment, ordered the amount of ₹200 crore paid by Jalan Kalrock Consortium towards the initial tranche payment of ₹350 crore to the creditors to be forfeited. The court set aside the NCLAT direction to the lenders of Jet Airways to adjust the ₹150 crore …

Supreme Court Court Crore Nclat Jkc Liquidation Jet Airways

1 month, 2 weeks ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

India Supreme Court Court Insolvency Resolution Crore Airline

1 month, 2 weeks ago

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know

Live Mint

The Supreme Court ordered the liquidation of Jet Airways on Thursday, November 7, after it found that the successful bidder for the airline, Jalan-Kalrock Consortium, failed to comply with the revival plan. Top 10 things to know from the verdict Supreme Court Orders Jet Airways’ Liquidation The Supreme Court court found that the Jalan-Kalrock Consortium failed to meet key obligations …

India Supreme Court Court Plan Crore Airline Supreme

1 month, 2 weeks ago

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Live Law

The Supreme Court invoked its extraordinary powers under Article 142 of the Constitution to order the liquidation of Jet Airways in view of the "peculiar and alarming" circumstance that the resolution plan has not been implemented for five years.The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant. The Court …

Court Resolution Resolution Plan Plan Crores Supreme Airways

1 month, 2 weeks ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

India Supreme Court Court Supreme Nclat Airways Jet

2 months, 1 week ago

In deal to lower huge debt, B. Riley sells stake in its liquidation business

LA Times

B. Riley Financial, the Westwood-area financial services firm, said Monday that it has sold a majority stake in its Great American appraisal and liquidation business in a nearly $400 million deal — a move meant to lower its debt as it struggles with the fallout from a buyout that turned sour. “This transaction is an important step in our plan …

Financial Services Company Franchise Prophecy Million Group

2 months, 1 week ago

Café de Vili's goes into liquidation

Daily Mail

A much-loved cafe is the latest hospitality operator forced into liquidation as the cost of living crisis rages on. Café de Vili's became a household name in South Australia thanks to its parent company Villi's Family Bakery, which distributes pastries across the country. 'Café De Vili's and Vilis Family Bakery are aware that the company that independently owns and operates …

Family Location Company Elizabeth Blair Villi Athol

3 months, 3 weeks ago

ASX closes higher, NAB and ANZ bosses sound alarm on scams, Dion Lee Enterprise collapses into liquidation — as it happened

ABC

Mr Irvine has just provided a long list of ways to improve housing affordability in Australia. "I do want to emphasise with the committee that this is far and away a supply problem versus a demand problem, in terms of housing. "I do worry that if all we pull, as a country, are demand side levers and continue to make …

Housing Nab

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Articles for Liquidation

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

E-auction of sick business assets on dedicated platform may become compulsory

CoC recommends EY honcho as new liquidator in Go First case

Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT

Insolvency board moves to limit liquidators’ discretion

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Australian authors devastated after losing thousands to Shawline Publishing, now in liquidation

Jet Airways liquidation: Why India needs a new regime to save airlines

Scathing TripAdvisor reviews Gary Neville and MasterChef star's restaurant received are revealed - as it goes into liquidation with £1m debts

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

Grounded, by process

Gary Neville and Masterchef star's restaurant goes into liquidation

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Supreme Court orders liquidation of debt-ridden Jet Airways

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

Jet Airways liquidation: A wake-up call for India’s insolvency code

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Jet Airways grounded for good as Supreme Court orders liquidation

In deal to lower huge debt, B. Riley sells stake in its liquidation business

Café de Vili's goes into liquidation

ASX closes higher, NAB and ANZ bosses sound alarm on scams, Dion Lee Enterprise collapses into liquidation — as it happened