Canara Bank has informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani’s loan account as ‘fraudulent’. This decision comes after Ambani’s Reliance Communications, along with its unit, was initially labelled as such due to allegations of misappropriating a Rs 1,050 crore loan, news agency PTI reported. The funds, sanctioned…
Canara Bank has informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani’s loan account as ‘fraudulent’. This decision comes after Ambani’s Reliance Communications, along with its unit, was initially labelled as such due to allegations of misappropriating a Rs 1,050 crore loan, news agency PTI reported. The funds, sanctioned…
Secured Creditor Is Obligated To Contribute Towards Workmen’s Dues When Security Interest Is Realised… Live Law Read the original article here
IBBI Tightens Insolvency Rules To Curb Asset Misuse BW Businessworld Read the original article here
The Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process (CIRP) against Gstaad Hotels Pvt Ltd following a petition by its financial creditor, Omkara Asset Reconstruction Pvt Ltd, owing to a default of Rs 665.74 crore. The debt, originally extended by Piramal Capital and Housing…
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On 2 May 2025, the Supreme Court delivered a far-reaching Judgement in the matter of Kalyani Transco v Bhushan Power and Steel Ltd. The Court was hearing appeals by a bunch of operational creditors who had challenged the Corporate Insolvency and Resolution Process (CIRP) of Bhushan Power and Steel Limited (BPSL). In 2019, the National…
Six thousand Australians who invested hundreds of millions of dollars of their super funds with First Guardian, which collapsed earlier this year, have been told by the fund’s liquidator the case will take at least a year to resolve and there may be insufficient funds to pay them back. Liquidators from FTI Consulting, Ross Blakeley…
Tile supplier’s assets to be sold after its collapse into liquidation Insider Media Ltd Read the original article here
Background On 22 September 2022, HMRC initiated a new voluntary process for insolvency practitioners to help HMRC to manage the tax impacts of directors’ loan accounts. The process was published by the insolvency regulators and is also set out at Dear IP chapter 8.46 found on the R3 website. Under the process, insolvency practitioners were…