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Introduction In 2023, a financial creditor of Compuage Infocom Limited (CIL)
initiated the Corporate Insolvency Resolution Process (CIRP) under
Section
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In 2023, a financial creditor of Compuage Infocom Limited (CIL)
initiated the Corporate Insolvency Resolution Process (CIRP) under
Section 7 of the Insolvency and Bankruptcy Code (IBC) before the
National Company Law Tribunal (NCLT), Mumbai. The CIRP was admitted
by the NCLT, and RP was appointed. CIL had assets and monies in
Singapore, and consequently, the RP sought the recognition of the
CIRP in Singapore to gain control over these assets and be
repatriated to India. This was the first time that the Singapore
High Court in Re Compuage Infocom Ltd.1 has
given recognition of an Indian CIRP in a foreign court under the
UNCITRAL Model Law on Cross-Border Insolvency (Model
Law).2 It also extended judicial…
Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation, said in a statement late Tuesday.
Chapter 11 bankruptcy allows companies to solve their financial problems by restructuring. “This process is meant to provide us with essential flexibility as we pursue strategic alternatives to…
A MUM has asked strangers online to help her pay off her £2,490 credit card debt by Father’s Day.
Mother Sara Callahan took to TikTok in a desperate attempt to clear the family’s credit card debt – also explaining how she cleverly uses the popular platform to make extra cash.
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Sara recently explained how combining keeping fit with posting content online has helped her clear some of the debt.Credit: tiktok/@sarac1409
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The mum told her followers that she also uses survey apps, such as SwagbucksCredit: tiktok/@sarac1409
Sara, from the US, embarked on the debt-free journey to surprise her husband and has since found several ways to rake in money, including side hustles and Door Dash.
So far, the mum – who posts under the username @sarac1409 -…
The court dismissed the company’s claims that with GVK Power’s resolution plan going through the debt had been extinguished.
| Photo Credit:
ANDREW KELLY
National Company Law Tribunal’s Hyderabad bench has permitted insolvency proceedings to be initiated against GVK Energy, following a petition filed by lender IDBI Bank.
GVK Energy, a subsidiary of GVK Power & Infrastructure, was corporate guarantor for debt incurred by GVK Power for a thermal power project in the Punjab.
As part of a consortium, IDBI had extended term loan of around ₹734 crore and working capital of ₹154 crore to GVK Power, which defaulted in repaying the loan and in 2018 the account…
