At the time, the company owed over Rs 47,000 crore to financial creditors and more than Rs 780 crore to operational creditors. Its financial woes were further exacerbated by a high-profile investigation by the Enforcement Directorate (ED) into alleged loan diversion of Rs 4,025 crore by its former promoters. In October 2019, the ED provisionally…
New Delhi, May 2 (PTI) In a significant verdict, the Supreme Court on Friday set aside a resolution plan submitted by JSW Steel Limited for Bhushan Steel and Power Limited (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma ordered…
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The National Law Company Tribunal (NCLT) in Bengaluru on Thursday once again deferred its order on a petition seeking the initiation of insolvency proceedings against hyperlocal delivery platform Dunzo, as per reports by Bar & Bench. This marks the third postponement by the Tribunal, despite the urgency outlined under India’s Insolvency and Bankruptcy Code (IBC).…
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails A bankrupt landlord has been handed a suspended sentence after he “took advantage” of a taxpayer-backed Covid loan scheme by…
Most creditors oppose restructuring, court to hear case in May British specialty steelmaker Liberty Specialty Steel UK may face bankruptcy proceedings after all Greensill’s creditors and more than three-quarters of other creditors voted against the company’s restructuring plan. This was reported by Argus.Media, citing sources in the company. The restructuring plan was considered at a…
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic Wright was subsequently declared bankrupt in early 2020 This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was…
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic Wright was subsequently declared bankrupt in early 2020 This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was…
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