The National Company Law Tribunal (NCLT), Hyderabad Bench, on Wednesday initiated insolvency proceedings against GVK Energy Limited, a corporate guarantor for GVK Power (Goindwal Sahib) Ltd, following a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed GVK Energy’s objections, ruling that the default exceeded ₹1,106…
Nearly 1,000 Belgian businesses went bankrupt in April The Brussels Times Read the original article here
A man who refused to pay a measly $46 speeding fine has ended up racking thousands of dollars worth of debt. In 2016, Peter Prescott received a speeding ticket ordering him to pay $46 (translated to USD) for driving 64km/h in a 50km/h zone. However, he failed to pay the ticket and insisted that he…
A court in Palma has taken over the investigation into two alleged rapes of women, several months apart, committed by a former British tycoon at a five-star hotel in Portals Nous, Calvia. The suspect apparently contacted the victims through a luxury sex services website and both women travelled to the island after arranging to meet…
Animal rights activist Tash Peterson and her partner Jack Higgs have kissed their passports goodbye as the couple declared bankruptcy. The declaration comes after Bicton vet Kay McIntosh won bankruptcy orders against the pair in late April. The orders followed a messy defamation trial between the activist couple and Dr McIntosh, her husband Andrew and…
1. Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Until fairly recently, the Dutch jurisdiction was primarily creditor-friendly. The Dutch Bankruptcy Act (“DBA”) primarily aimed to satisfy creditors, rather than providing debtors with a reorganisation mechanism. However, the introduction of the Act on confirmation of private restructuring…
Court of Appeal halts insolvency petition against Old Mutual Holdings Business Daily Read the original article here
WeightWatchers has filed for bankruptcy in the US after 62 years. (Source: WW) · WW/Facebook Australian users of WeightWatchers (WW) have been assured the business is in a good position after the American wing of the company filed for bankruptcy. After helping people lose kilos all over the world for 62 years, the iconic brand…
“After the BPSL setback, JSW Steel may go back to the drawing board and rework its plans. The state government, on its part, must see that investor confidence is not impacted,” said an industry insider. Apart from new projects, JSW Steel had also planned expansion of BPSL from 4.5 MTPA to 10 MTPA and proposed…
New York CNN — This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19…