The Supreme Court on Wednesday (July 8) refused to interfere with the National Company Law Appellate Tribunal (NCLAT) order rejecting an ₹85-crore insolvency petition against Essar Power Gujarat Ltd. on the ground that a pre-existing dispute exists between the parties. A partial court working days bench of Justice Nongmeikapam Kotiswar Singh and Justice K. Vinod…
Half a million Russians declared bankruptcy last year as the country’s banking institutions bear the brunt of the cost of the war in Ukraine, a European intelligence report says this week. As the war in Ukraine continues into its fifth year, Russia’s Ministry of Economic Development has cut its GDP forecast for 2026 from 1.3…
Ola Electric has rejected the insolvency petitions filed against its manufacturing arm, Ola Electric Technologies Pvt. Ltd., calling them a retaliatory legal tactic. The company dismissed the insolvency claims as a retaliatory legal tactic, asserting that the disputed amount of ₹40.6 crore is already the subject of pre-existing arbitration proceedings with Anevolve Mando E-Mobility and…
A new Insolvency Service taskforce will target ‘abusive phoenixism’ by company directors. The Insolvency Service will use AI to root out rogue directors who deliberately fold their companies to dodge tax and walk away from their debts. Phoenixism accounted for 22 per cent of the £3.8 billion in total tax losses in 2022-23, according to…
The National Company Law Tribunal (NCLT) at Kochi has recently dismissed an insolvency plea against consumer electronics company BPL Limited. It held that the Insolvency and Bankruptcy Code (IBC) cannot be invoked as an additional or parallel mechanism to recover the balance amount under an arbitral award after a creditor has already pursued execution proceedings.…
The number of corporate bankruptcies in Japan hit a 14-year high in the first half of 2026. The increase in failures continues a trend seen in the same period last year. Credit research firm Teikoku Databank says 5,335 businesses went under in the January-to-June period. That’s up 332 from last year and the highest since…
Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Brightline Florida’s day of reckoning with its lenders may be coming soon. The privately owned, 235-mile railroad connecting Miami and Orlando, Florida, faces a July 15 deadline to make a payment on $985 million in “commuter” bonds,…
Japanese payment processor’s collapse hits banks and restaurants The Japan Times Read the original article here
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