The gross non-performing assets of public sector banks (PSBs) stood at ₹3.16 lakh crore as of September 30, which is 3.09% of the outstanding loans, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said in the Rajya Sabha that as per provisional data of the Reserve Bank of India (RBI), gross…
To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a…
ATO lines up liquidation for mystified Perth Glory The Australian Read the original article here
A property company has been ordered to pay a former employee nearly £21,000 for unfair dismissal. But it is unclear how the award will be paid as the Scottish company went into liquidation last year and no longer trades, even though just two years ago it reported an turnover £11.4 million that had increased 33%…
As economic pressures continue to bear down on businesses, liquidations are reaching significant levels. Image: Supplied In a recent interview, PJ Veldhuizen, managing director of specialist commercial law firm Gillan & Veldhuizen Inc, highlighted that liquidations remain prevalent in the post-Covid landscape. “In January 2024 alone, there was a 34.6% increase in business liquidations compared…
Getty Images More than 25,000 company insolvencies were registered in 2023, the highest number since 1993, as firms struggled with rising costs and interest rates. Companies faced higher energy bills, while consumer spending was squeezed by the cost of living crisis. The new figures show one in 186 active firms went bust in 2023. Scotland…
The tribunal held that approval of the resolution plan cannot be subjected to the ongoing arbitral proceedings between the parties The National Company Law Tribunal (NCLT) of Bengaluru bench has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under Insolvency Bankruptcy Code…
Bankruptcy is the busiest federal court in the U.S. Last year, more than 200 companies with at least $50 million in liabilities filed for bankruptcy, according to Bloomberg. That’s the second most since just after the Great Recession in 2009. A new book argues that bankruptcy has become a “Swiss Army knife” or “escape hatch”…
Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls. However, Mantri…
A Rex Saab 340B, VH-SBA. (Image: Rex) The federal government has offered a financial lifeline to Rex as its administrators seek to extend their appointment. $80 million in financing will be provided to keep the business and its regional services afloat as EY Australia continues to search for a buyer, with the administrator applying to…