Germany records highest company insolvencies since financial crisis – Reuters.com
Germany records highest company insolvencies since financial crisis Reuters.com Read the original article here
IBBI proposes ‘mini group insolvency’ to streamline resolution of interconnected entities
In a major step toward improving the insolvency resolution framework, the Insolvency and Bankruptcy Board of India (IBBI) has proposed a mechanism for better coordination of the Corporate Insolvency Resolution Process (CIRP) for interconnected entities. A discussion paper released by the regulator highlights the inefficiencies, escalated costs and conflicts arising from the absence of a…
Bankruptcy court directs to restart Lavasa insolvency process, excludes delayed timeline
A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the…
Delhi High Court Quashes PMLA Proceedings Against BPSL In ₹47,000 Crore Bank Fraud Case Due To Successful CIRP
The Delhi High Court recently quashed criminal proceedings against Bhushan Power & Steel Limited (BPSL) in relation to a complaint filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002 (PMLA) in view of Section 32A of the Insolvency and Bankruptcy Code (IBC). Noting that BPSL underwent a successful resolution under…
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IBBI amends insolvency process rules to ease homebuyers’ woes, ET RealEstate
NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing. The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing…
Delhi High Court quashes ED case against Bhushan Power & Steel
The case dates back to 2017, when the National Company Law Tribunal (NCLT) admitted an insolvency petition against BPSL filed by Punjab National Bank (PNB). During the CIRP, JSW Steel emerged as the successful resolution applicant, and its resolution plan was conditionally approved by the NCLT on September 5, 2019. However, prior to the resolution…
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Original craft beer brand once stocked at Sainsbury’s goes out of business and customers are devastated
CUSTOMERS have shared their devastation after a craft beer brand once stocked at Sainsbury’s has gone out of business. By the Horns has entered into liquidation, blaming the economy and rent hikes for some of the reasons for its collapse. 1 By the Horns has gone into administrationCredit: BY THE HORNS When a company goes…
Cumbria pub reveals new management company following liquidation
A pub near Carlisle has confirmed that it has been taken over by a new management company in the midst of a temporary closure caused by Storm Eowyn. The Fleece at Ruleholme, which is located on the A689 near Brampton, announced on Tuesday, January 28 that it would be closed until Wednesday, April 2 to carry…