Though the paper talks about insolvency resolution for interconnected entities, it doesn’t provide for consolidation of assets and resolution as a whole, which is the essence of a group insolvency process. Srivastava said that it is pertinent that any amendments for introduction of group insolvency must include consolidation of assets and combination of creditors’ committees…
COLOMBO, Sri Lanka (AP) — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. The Indian Ocean island nation declared bankruptcy in April 2022 and said it was suspending repayment of its foreign debt. It reached an agreement…
Listen to the article 5 min This audio is auto-generated. Please let us know if you have feedback. California-based Prospect Medical Holdings filed for Chapter 11 bankruptcy on Saturday in the U.S. Bankruptcy Court for the Northern District of Texas, following years of financial difficulties and escalating pressure from state and federal regulators over its…
Source: Business Times Article Date: 05 Feb 2025 Author: Tay Peck Gek This comes after liquidators Cameron Duncan and David Kim got court sanction on an agreement to secure litigation funding. The liquidators of the insolvent Laguna National Golf…
An ex-banker who provided over $20 million in loans to eight companies and individuals through agreements crafted by his then attorney Jennifer Messado has been ordered by the Supreme Court to return over $12 million he collected as interest to the estate of the now bankrupt ex-attorney. The order was made last month by a…
The Delhi High Court has ruled that a Corporate Debtor that has undergone a successful resolution process under Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC), cannot be prosecuted for offences committed prior to the commencement of the Corporate Insolvency Resolution Process (CIRP). The Single Bench of Justice Manmeet Pritam Singh Arora made…
The National Company Law Appellate Tribunal (NCLAT) has ordered the National Company Law Tribunal (NCLT) to decide within a week whether the Board of Control for Cricket in India (BCCI) can withdraw its insolvency case against Byju’s. The NCLAT gave this order while dismissing an appeal filed by Riju Raveendran, who challenged the reinstatement of…
AD Photo: Kenton City Schools The Kenton Moose Lodge recently presented a donation to Kenton City School’s Lunch Debt Fund. Bryly Beaman and Dean Gammon of the Kenton Moose Family Center recently presented a check to KCS Director of Food Service Regina Comstock. The school stated that these funds will be used to relieve lunch…
Ippei Mizuhara, the former interpreter for Los Angeles Dodgers star Shohei Ohtani, has been sentenced to 57 months in federal prison after admitting to stealing nearly $17 million from the baseball superstar. The money was stolen to cover Mizuhara’s extensive gambling debts, which had accumulated over several years. In addition to his prison sentence, Mizuhara was ordered to pay…
The Delhi High Court has set aside the money laundering proceedings against erstwhile Bhushan Power and Steel Ltd. Justice Manmeet P S Arora, while dealing with a petition by BPSL, observed after having undergone a successful resolution process under the Insolvency and Bankruptcy Code, the company — now taken over by JSW Steel — should…