With State Bank of India (SBI) putting its entire loan exposure in Essar Steel the company involved in one of the largest insolvency cases on the block, one message thats come through loud and clear is of a loss of confidence in the Insolvency and Bankruptcy Code (IBC). The move was just the cue…
An amendment in the Insolvency and Bankruptcy Code (IBC) last year to insert Section 12A which allowed withdrawal of cases admitted to the National Company Law Tribunal (NCLT) has slowly begun to make an impact. At the end of December 2018, two years after the IBC came into effect, 586 cases have been…
Kansas City advertising icon Bob Bernstein now has the inside track to buy several Beauty Brands stores out of the companys bankruptcy estate, court filings show. If successful, Bernstein will be back in control of the salon and spa retailer that he founded in 1995. … Read the full article at: https://www.kansascity.com/news/business/article224949830.html
Colin Coyle Allen working at home during her time as a crime reporterLEON FARRELL/PHOTOCALL IRELAND Liz Allen, a novelist and former journalist, has been declared bankrupt with debts of 3.7m after the High Court accepted she had no realistic prospect of repaying creditors. Allen, who became the Sunday Independent crime correspondent following the murder of…
Sir, Your article Master of High Court flattered after debt cases removed from remit (January 25th) repeats the sick joke claim by Edmund Honohan that the Abhaile scheme which serves to assist distressed mortgage borrowers was . . . .merely a voucher for 200 worth of legal advice before you go to the Circuit Court.…
The resolution professional would also have to attach the evidence of the performance security while submitting the resolution plan with NCLT for approval. Months after UK-based Liberty House failed to meet its payment commitment to acquire stressed Amtek Auto, the insolvency regulator has tightened regulations to mandate that successful resolution applicants will have to provide…
NEW YORK, Jan. 24, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of The Goldman Sachs Group, Inc., Nova LifeStyle, Inc., Yangtze River Port and Logistics Limited, and YRC Worldwide Inc. Stockholders have until the deadlines listed below to petition the…
The Supreme Court on January 25, 2019 upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC). A Bench headed by Justice R.F. Nariman upheld the constitutional validity of the code in its entirety. However, the apex court said that related parties in the Act should mean a person connected with the business. The…
The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier. Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000. Last year insurers paid out $64 million in trade credit claims, which…
The Supreme Court on Friday upheld the Insolvency and Bankruptcy Code (IBC) in its entirety, dismissing all petitions by operational creditors who had challenged the validity of the code. The only change, the top court said, would be that the definition of connected persons would now include persons connected only to the corporate debtor…