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.
Despite the said homebuyers’ claim being admitted during the Corporate Insolvency Resolution Process (CIRP), the resolution plan approved by the Committee of Creditors (CoC) granted them only 60% of their claim amount, with no entitlement to the apartment in question.
NCLT dismisses homebuyers plea against Monarch Brookefields LLP s resolution plan, granting 60% claim. CoC s authority emphasized, limiting challenges by individual creditors. Legal precedent supports plan s validity under the Insolvency and Bankruptcy Code.
The Sony Group s decision to call off its deal with Zee Entertainment Enterprises and seek a termination fee of $90 million is likely to trigger a messy legal war. Both companies can approach an arbitration tribunal or a high court for interim relief. Disputes relating to changes in the merger scheme can be challenged before the arbitral tribunal. Zee Entertainment can also invoke arbitration and seek interim measures as per the agreement.
Dentons Link Legal racks up its sixth lateral of the year, Chandhiok & Mahajan gets its fourth, with more hires for AKS Partners, Poovayya & Co, Bar & Brief Attorneys, ANM Global, and Saga Legal.