India Plans New Insolvency Rules for Insurance Sector

The government is developing a specialized insolvency framework for insurance companies under the Insolvency and Bankruptcy Code. This initiative aims to enhance policyholder protection and provide a clearer resolution process for distressed insurers, replacing older mechanisms under the Insurance Act. The move seeks to define the regulatory roles of the IRDAI, IBBI, and NCLT in…

NBA star Malik Beasley indicted on federal gambling charges

Malik Beasley’s NBA career is up in flames as the former sharp-shooting guard has been indicted on charges for gambling related to a sports betting scheme. Beasley is expected to voluntarily surrender to authorities this week, his attorney, Steve Haney, told ESPN. The charges stem from illegal manipulation of sporting contests involving point shaving and…

Estoppel on Resolution Plans – Supreme Court Observer

Judgement K.V. VISWANATHAN, J 1. The present appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (for short, “the Code”) call in question the correctness of the judgment dated 29th October, 2024 passed by the National Company Law Appellate Tribunal New Delhi (for short, “the NCLAT”) in Company Appeal (AT)(INS) Nos. 1128, 1131…