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An improving insolvency framework is important for achieving 7-8 per cent economic growth over the next decade, the Economic Survey said on Friday and pitched for imposition of higher costs to prevent entities from filing frivolous applications during the resolution process. The suggestion also comes against the backdrop of long delays in the insolvency resolution…
The Economic Survey 2024-25 lavished praise on the Insolvency and Bankruptcy Code (IBC) for transforming the behaviour of distressed companies, highlighting that the law has acted as a deterrent, encouraging many firms to resolve their financial distress early in order to avoid the consequences of a resolution process. The survey notes, “Thousands of debtors are…
What now for Byju’s? Insolvency process faces fresh hurdles after NCLT order MSN Read the original article here
Israeli cybersecurity firm files for insolvency over debt Tech in Asia Read the original article here
What now for Byju’s? Insolvency process faces fresh hurdles after NCLT order MSN Read the original article here
IBBI chief Ravi Mital on Thursday said companies in India have not learnt how to use the insolvency law and pitched for efforts to ensure that more companies opt for the voluntary resolution process to increase productivity. The Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of stressed assets, came…
Edtech major Byju’s finds itself in yet another legal tangle. After its insolvency proceedings were reinstated in October last year, a new twist emerged when Resolution Professional (RP) Pankaj Srivastava removed two key creditors—Aditya Birla Finance and U.S.-based Glas Trust Company LLC—from the Committee of Creditors (CoC). The decision was swiftly challenged in the Supreme…
“The global rise in business insolvencies is a particular focus of concern, with companies and leaders exposed to potential claims from lenders seeking to recover funds, or from shareholders who allege breach of fiduciary duty,” said Maxwell. “At the same time, the litigation landscape and enforcement are increasingly stringent, and we are seeing regulatory bodies…
Bensons possibly insolvent as far back as 2023 The Australian Read the original article here