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Voluntary liquidation is becoming a preferred choice for promoters to close unviable businesses and avoid losses and compliance costs. Most companies opt for liquidation due to inactive operations (69%) or commercial inviability (17%). This trend reflects pragmatic corporate decision-making and regulatory compliance evolution, despite some promoters exploiting it to evade creditors. ....
The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as arbitrary , the court upheld the constitutionality of the Central government s office memoranda. The ruling nullified all LOCs issued by public sector banks. ....
Axis Finance drags Essel promoters to HC over unpaid dues : Rashtra News #Axis #Finance #drags #Essel #promoters #unpaid #dues Axis Finance, a subsidiary of Axis Bank, has moved the Bombay High Court against Essel Group promoter Subhash Chandra and his sons Punit and Amit, seeking recovery of ₹61.64 crore that it said was due ....
Bombay High Court denied Wadia Group s urgent relief against Bank of Baroda, related to a corporate guarantee for Go First Airlines. Nowrosjee Wadia & Sons Ltd sought an injunction due to a financial tie-up condition. ....
Lawyers believe mediation will reduce burden on NCLTs, resolve disputes between operational creditors and defaulting companies faster, especially benefiting manufacturing and real estate sectors. An expert committee recommended voluntary mediation framework under IBC, settling 26,000 applications with Rs 9.33 lakh crore debt before admission at NCLT. ....