Latest annual data analysis by the Accountant in Bankruptcy has shown that there were 1,175 corporate insolvencies in the year 2024-2025. This was a slight increase of 0.6% from 2023-2024’s figure of 1,168, and an increase of 3.8% on 2022-2023’s figure of 1,132. Separate quarterly figures (fourth quarter 2024-25) showed that registered companies becoming insolvent…
New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company. The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The court…
The Supreme Court on Friday issued orders for the liquidation of debt-ridden Bhushan Power and Steel Limited (BPSL), after rejecting the resolution plan worth Rs 9,700 crore, proposed by JSW Steel Limited. Terming the resolution plan as unconstitutional, the Bench of Justice Bela Trivedi and Justice Satish Chandra Sharma ruled that the Committee of Creditors…
The ED had previously attached Bhushan Power’s assets under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA) because the former promoters of BPSL were accused of defrauding banks and diverting funds for personal gains. The Committee of Creditors (CoC) challenged the ED attachment during the corporate insolvency resolution process (CIRP), claiming it…
New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company. The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The court…
Section 410 of the Companies Act, 2013 created the National Company Law Appellate Tribunal (NCLAT) with effect from June 1, 2016, to consider appeals against the decisions of the National Company Law Tribunal(s) (NCLT). When it comes to appeals against NCLT(s) orders issued under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC), NCLAT…
The Supreme Court on May 2 struck down JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL), ordering the debt-laden company to be liquidated instead. The ruling cited two key reasons for its decision: JSW’s use of a mix of equity and optionally convertible debentures (OCDs) to complete the takeover—when it should…
Hemp Product of the Year Cannabiz Award for Innovation Best Use of Technology Best Education/Engagement Initiative Clinic of the Year Dispensary/Pharmacy of the Year Best Patient-Focused Initiative Environmental, Social and Governance Award Start-up/Launch of the Year Cultivator of the… Read the original article here
Nationally, Australia has committed to 70 per cent of plastic packaging being recycled by next year. The most recent figures suggest we are less than halfway there. The packaging and consumer goods industry has abandoned its long-held antipathy to government regulation, and has been calling for a mandatory scheme to ensure national consistency and that…
Jennyfer, a French fast-fashion chain catering to teens and young women, has filed for court-ordered liquidation after four decades in business. The ruling came on April 30 from the Bobigny commercial court, following a request from company management due to persistent financial hardship. The decision had already been shared with employee representatives the evening prior,…