The National Company Law Appellate Tribunal (New Delhi Bench) (“NCLAT”) in two recent judgments passed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. [Company Appeal (AT) (Insolvency) No. 1071 of 2023] and Aryan Mining & Trading Corpn Pvt. Ltd. vs Kail limited and Anr. [Company Appeal (AT) (Insolvency) No.
On 26 September 2023, our Insolvency and Asset Recovery team hosted a seminar explaining the emerging and developing types of disputes focussed on insolvent estate recoveries.
The Financial Conduct Authority (“the FCA”) issued a Final Notice against London Capital & Finance plc (“LCF”) for contravening regulatory requirements (pursuant to section 205 of the Financial Services and Markets Act 2000 (“the Act”)). The Final Notice contained a statement censuring LCF for failing to ensure that its financial promotions were fair, clear and not misleading.
In the matter of Mr. Shantanu Prakash vs. Mr. Mahendar Singh Khandelwal (resolution professional of Educomp Solutions Limited) and others, while disposing of an interim application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”), the New Delhi bench of the National Company Law Tribunal (“NCLT New Delhi”) held that a guarantor can question the valuation at which the security pledged by the borrower with its secured creditor is enforced.
Brief Facts
Introduction
The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Law) will enter into force on 1 November 2023.
In addition to introducing certain amendments to the existing insolvency framework, the Law implements EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks.
Scope
The Law applies to all types of commercial companies and traders (commerçants), including special limited partnerships.
INTRODUCTION:
In FamilyMart China Holding Co Ltd (Respondent) v Ting Chuan (Cayman Islands) Holding Corporation (Appellant) (Cayman Islands) [2023] UKPC 33, the Privy Council has provided useful guidance about the interplay between an arbitration agreement and exercise of the Cayman court’s powers and discretion to wind up a company on just and equitable grounds.
On Wednesday 27 September 2023, Mishcon de Reya hosted the first in a new series of Disputes Essentials breakfast seminars, which aim to provide the latest updates and practical insights on essential dispute-related topics.
Following the news of Birmingham City Council’s recent ‘bankruptcy’, it began a procedure under section 114 of the Local Government Finance Act 1988 which triggers an interim spending freeze whilst a mandatory review is carried out.
Those who transact with local authorities may be unsure of what the impact of such a notice means for their ongoing deals and existing contracts. This article aims to demystify the process and explain the potential impact on property transactions, including issues to consider for existing agreements with a local authority.