Category Archives: Bankruptcy

JSW’s takeover of Bhushan Power: Supreme Court’s reversal of its May decision, how it impacts ongoing IBC resolution plans | Explained News

In a boost to corporate resolutions under the Insolvency and Bankruptcy Code (IBC), the Supreme Court on Friday (September 26) approved Sajjan Jindal-led JSW Steel’s $2.3 billion acquisition of Bhushan Power and Steel (BPSL), reversing its earlier rejection of the deal. The court also dismissed creditors’ demand for an additional ₹6,100 crore, clearing the way…

Covid fraudster jailed after using £50,000 Bounce Back Loan funds to buy semi-detached house in Huddersfield

Mohammed Rashidzadeh obtained a £50,000 Bounce Back Loan for his business but almost immediately transferred the money from his company account to buy a house in Huddersfield  Rashidzadeh applied to close down Cozy Bed Ltd through Companies House within eight days of receiving the funds, while deliberately failing to notify the bank that lent him…

Liquidation of debt-ridden firm last option under Insolvency and Bankruptcy Code: SC – Press Trust of India

Liquidation of debt-ridden firm last option under Insolvency and Bankruptcy Code: SC  Press Trust of India Read the original article here

Vedanta’s ESL Unit 'Bleeding Cash, Heading Back to Insolvency': Viceroy Research Warns – Moneylife

Vedanta’s ESL Unit ‘Bleeding Cash, Heading Back to Insolvency’: Viceroy Research Warns  Moneylife Read the original article here

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Battery startup Moxion went bankrupt. Now its founder is back to ‘finish what we started.’

Just over a year ago, Moxion Power closed its doors, adding its name to a list of high-profile bankruptcies that roiled the climate tech world in 2024. The portable battery startup had raised more than $110 million in a bid to replace diesel generators at festivals and construction sites, but even that wasn’t enough to…

S. 37 Provincial Insolvency Act

The Supreme Court clarified the effect of annulment of insolvency proceedings on transactions carried out during the insolvency period. The case arose from a long-standing dispute over the shareholding in a partnership firm, M/s Gavisiddheshwara & Co., originally formed in 1963. After the death of one of the partners in 1975, his son (the appellant)…

United Insurance Company Liquidator Issues Notice

United Insurance Company Limited is finally set to go into liquidation following the appointment of the official liquidator of the company’s property. In an insolvency notice issued by Kamal Anantroy Bhatt through Anant Bhatt LLP on September 25, 2025, the liquidator officially announced the convening of a creditors’ meeting as part of the legal process…

Supreme Court upholds JSW’s resolution plan for Bhushan Power and Steel Ltd

The Supreme Court of India today reversed its recent decision quashing JSW Steel’s resolution plan for Bhushan Steel and Power Limited (BSPL). Last month, the court had reserved its verdict on the review petitions after days of sharp exchanges between Senior lawyers over the fate of nearly Rs. 6,000 crore in earnings before interest, taxes,…

Supreme Court approves JSW Steel’s takeover of Bhushan Power; reverses May ruling

In a win for JSW Steel Ltd, the Supreme Court has approved the company’s ₹19,700 crore plan to take over bankrupt Bhushan Power and Steel Ltd, marking the end of one of India’s longest-running insolvency battles. The court rejected a challenge from dissenting creditors, saying the decisions of the committee of creditors (CoC) must be…