PMLA vs IBC: Control over Corporate Assets

The ED has consistently argued that proceeds of crime never lawfully vest in the corporate debtor and therefore do not form part of the insolvency estate. Introduction The interface between the Prevention of Money-Laundering Act, 2002 (PMLA) and the Insolvency and Bankruptcy Code, 2016 (IBC) raises one of the most fundamental questions in contemporary Indian…

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Eleven public universities declared technically insolvent amid funding deficit

At least eleven (11) public universities are staring at a KSh100 billion funding shortfall that has left them technically insolvent, despite increased allocations under the student-centred financing model. Education officials told the National Assembly Committee on Education on Thursday that the gap has crippled operations, with some universities struggling to pay salaries, pensions, and meet…

Ssense founders secure buyout approval

The founders of Canadian luxury retailer Ssense have secured court approval for their buyout offer, blocking a deal by lenders pursuing a liquidation of the company. The Quebec Superior Court notified the company’s advisor, Ernst & Young, that the bid submitted by the founders – brothers Rami, Bassel and Firas Atallah – alongside their strategic…