TEMPO.CO, Jakarta – Indonesia’s Financial Services Authority (OJK) has revoked the business permits of three banks in Indonesia, consisting of rural credit banks (BPR) and sharia rural credit banks (BPRS), as of August 2025. The banks were declared bankrupt after failing to implement recovery measures recommended by OJK. Most of the bankrupt institutions were BPRs, with…
In a landmark judgment with far-reaching implications for India’s real estate sector, the Supreme Court has firmly distinguished between genuine homebuyers and “speculative investors,” ruling that the Insolvency and Bankruptcy Code (IBC) cannot be misused as a recovery tool by those seeking lucrative returns without any intention of owning a home. A bench of Justices…
A victim of convicted paedophile Maurice Van Ryn says a legal loophole that prevents victims from receiving compensation from their abusers if they declare bankruptcy needs to be closed. Edan van Haren was 14 when repeated sexual abuse began in 2010 at the home of Van Ryn, the former Bega Cheese boss, on the far…
The National Company Law Tribunal ( NCLT) Cuttack Bench admitted the application filed by Canara Bank citing the default payment of a debt amount beyond Rs, 1 Crore as evident from the Form-C and Form-D of the NeSL certificate, from the loan account statement of the respondent maintained by the Financial Creditor and from the…
As my grandpa used to say, if something sounds too good to be true, it probably is. That’s what one man is learning the hard way after winning a Publishers Clearing House sweepstakes that he believed would set him up financially for life. Everyone over a certain age remembers those commercials — “You could win…
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NCLAT upholds NCLT order recalling insolvency case against Logix Infra, citing fraudulent debt claim and collusion between parties. New Delhi, Sep 13 (PTI) Appellate tribunal NCLAT has upheld the decision of the National Company Law Tribunal (NCLT) to recall a previous ruling for an insolvency case against real estate firm Logix Infrastructure after finding the…
The case involved four consolidated appeals relating to two real estate companies – Gayatri Infra Planner Private Limited and Antriksh Infratech Pvt. Ltd. Appellant Mansi Brar Fernandes had entered into a Memorandum of Understanding dated April 6, 2016, paying Rs. 35 lakh for four flats with a buyback clause that would return Rs. 1 crore…
Abu Dhabi: A man’s bid to be declared insolvent over debts of nearly Dh1.5 million has been dismissed by the Abu Dhabi Civil Family Court after judges ruled he failed to provide sufficient evidence of losing his assets. Court records show the petitioner sought insolvency proceedings, claiming he had ceased commercial activity, was unemployed, and…