All insolvency professionals appreciate that Section 236 of the Insolvency Act 1986 (“s236”) grants significant investigatory powers to office-holders into a company’s business dealings, affairs and director conducts, including the power to obtain third-party records and information. As technology now largely replaces a company’s paper-based records, and has become an integral part of business operations,…
JSW Steel Sinks 7% in Two Days after SC Exposes Legal Cracks in BPSL Acquisition: Here’s what its all about outlookbusiness.com Read the original article here
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Summary: The Supreme Court invalidated JSW Steel’s acquisition of Bhushan Power and Steel, citing violations of India’s insolvency laws and significant procedural lapses. Introduction The Supreme Court of India recently delivered a significant judgment invalidating JSW Steel’s acquisition of Bhushan Power and Steel Limited (BPSL). It was a takeover that was completed in 2021. This…
By Market Capitalisation.Net Sales.Net Profit.Total Assets.Excise.Other Income.Raw Materials.Power & Fuel.Employee Cost.PBDIT.Interest.Tax.EPS.Investments.Sundry Debtors.Cash/Bank.Inventory.Debt.Contingent Liabilities. Screen Crit AbrasivesAerospace & DefenceAgricultureAir ConditionersAirlinesAluminium & Aluminium ProductsAmusement Parks/Recreation/ClubAquacultureAuto AncillariesAuto… Read the original article here
Another Anil Ambani group firm – Reliance Home Finance – is staring at insolvency proceedings after a financial creditor, Invent Assets Securitisation & Reconstruction Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, the company said in an exchange filing on Monday. The petition was filed before the National…
Mitel Set to File for Bankruptcy, Reports CX Today Read the original article here
Turkish airline Atlasglobal’s bankruptcy finalized as court ends legal battle July 24, 2024 12:24 PM GMT+03:00 Atlasglobal, a prominent Turkish airline, declared bankruptcy in June 2021, officially confirmed by the Supreme Court. While this development marks the end of a significant chapter in Türkiye’s aviation industry, the process has been marked by numerous legal developments…
Global lessons show that an efficient corporate exit regime can recycle money, talent and investor confidence. Corporate exit regime: Companies are born, they grow—and, sometimes, they must bow out. Founders rarely plan for failure, yet a clean, predictable exit is as vital to capitalism as easy incorporation. When insolvency drags on, investment freezes, workers are…
Rejecting the company’s request not to overturn the National Company Appellate Tribunal’s (NCLAT) order since it had complied with the resolution plan, Justices Trivedi and Sharma remarked: “A situation of fait accompli cannot be permitted to be created in the court to frustrate the proceedings, more particularly when the corporate insolvency resolution (CIR) proceedings had…