TOI correspondent from London: A consortium of Indian banks celebrated on Wednesday after the UK high court refused Indian tycoon Vijay Mallya permission to appeal his UK bankruptcy order and the amended bankruptcy petition.The State Bank of India-led consortium is trying to claw back a £1 billion debt from Kingfisher Airlines founder Vijay Mallya who…
HARRISBURG — An effort to spend a fraction of Pennsylvania’s annual budget to pay off medical debt for thousands of residents ended Wednesday in the state House. Democrats and Republicans on the House Health Committee voted in unison to eliminate the Medical Debt Relief Program initiative from a proposed bill that, when first introduced in…
As established in the Ghanaian landmark case Salomon v. Salomon , when a company is incorporated, it becomes a separate legal entity with perpetual succession. This means the company continues to exist even if its members or officers leave, due to death or other reasons. However, companies can face challenges and may need assistance to…
The National Company Law Appellate Tribunal (NCLAT) observed that Section 60(1) expressly provides for the NCLT to function as the Adjudicating Authority for Personal Guarantors to Corporate Debtors, thereby aligning such cases procedurally with corporate insolvency proceedings under Part II, even though the substantive provisions are rooted in Part III. The Appellate Tribunal clarified that…
He was referring to American business Arena, which loaned money for Wattle Park. The liquidators said the company owes $3.6m to Kiwibank as the first-ranking mortgagee and $1.09m to Inland Revenue. The IRD debt is unpaid GST on apartment sales, including interest and penalties being charged for outstanding amounts, they noted. Arena is the second-ranking…
A consortium of Indian banks, led by State Bank of India, on Wednesday won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines. High Court judge Anthony Mann ruled in favour of the banks…
Unruly Technologies, a company specializing in blockchain technology and digital currencies, has filed a request with the Tel Aviv District Court to initiate insolvency proceedings due to severe financial difficulties. The company, which developed the blockchain platform behind the digital currency Spacemesh, sought to offer an alternative to Bitcoin’s consensus mechanism. Its vision centered on…
With elevated interest rates and concerns over market uncertainty, some seniors may find credit card debt forgiveness worth exploring now. Erik Isakson If you’re coping with high-interest credit card debt and struggling to find ways to pay it down, it could be worth evaluating your debt relief options. But if you’re a senior or older…
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