Category Archives: Bankruptcy

Jindal Power Secures Rs 500 Crore Bhadreshwar Vidyut Bid Amid Insolvency Proceedings

The acquisition is expected to strengthen Jindal Power’s portfolio, which already includes a robust thermal power generation capacity exceeding 4.6 gigawatts. Jindal Power, part of the Naveen Jindal-led conglomerate, has successfully bid, estimated to be around Rs 500 crore, for Gujarat-based Bhadreshwar Vidyut, a thermal power producer currently undergoing insolvency proceedings. The company’s resolution professional,…

Calcutta High Court Upholds Gratuity Entitlement Despite Corporate Insolvency Proceedings

Calcutta High Court: A Single Judge Bench of Justice Shampa Dutt (Paul) dismissed a writ petition challenging an order directing the payment of gratuity to an employee. The court ruled that gratuity payments remain a statutory obligation even after a company undergoes Corporate Insolvency Resolution Process (CIRP). It held that Section 36(4)(a)(iii) of the Insolvency…

Southern insolvency figures may hint at North’s future – The Irish News

Since the beginning of the recovery from the Covid-19 pandemic, there have existed two different insolvency regimes on the island of Ireland. In 2024, there were 852 total insolvencies in the Republic, a 16% increase on 2023. Some 305 companies in Northern Ireland declared insolvency in 2024, an almost 40% increase. Of course, a portion…

Solar Company That Received $3 Billion Biden Loan Warns It Might Go Bankrupt

Sunnova Energy received the largest federal loan to a solar company in history President Biden in front of solar panels(nrel.gov) A politically connected solar company says it has “substantial doubt” it can stay in business, a little over a year after obtaining a $3 billion loan from the Biden administration. Sunnova Energy said on Monday…

Ansal API’s bankruptcy plea leaves plot owners in the lurch

Having waited in vain for a decade to get possession of their properties, plot owners have been left in the lurch by Ansal API’s bankruptcy application in the National Company Law Tribunal (NCLT). Many investors accused company officials of deceptive sales tactics (For representation only) Sharing his ordeal, an affected investor, Gagan Tandon, said he…

Luxembourg-linked Benko sells stake in New York’s Chrysler Building

Luxembourg-linked property tycoon René Benko’s insolvent Signa group has sold its shares in New York’s famous Chrysler Building, the insolvency administrator Christop Spaf announced on Monday. The Signa Group, owned by Austrian entrepreneur Benko, had acquired around half of the shares in the 319-metre-high skyscraper in 2019. This stake will now be held by Aby…

Construction boss jailed after moving £700,000 from failing companies into his own casino account

Wesley Grainger-Smith fraudulently removed more than £700,000 from four struggling construction companies between 2014 and 2017  Grainger-Smith was not the official director of any of the companies but acted in the capacity of a director and had significant influence over their affairs  All the company funds Grainger-Smith withdrew were transferred into his casino gaming account …