Corporate liquidation, also known as winding up, is a formal process through
which a company’s legal existence is brought to an end, whether due to
insolvency, inability to pay debts, or a voluntary decision by its stakeholders
(Insolvency and Bankruptcy Code, 2016) [1]. In India, the prominence of
corporate liquidation has increased significantly following the enactment of the
Insolvency and Bankruptcy Code, 2016 (IBC), which establishes a unified,
time-bound mechanism for the resolution or liquidation of corporate entities
(Insolvency and Bankruptcy Code, 2016) [1].

Liquidation is not merely a
cessation of business operations; it serves as a structured mechanism to
maximize asset realization, ensure equitable distribution of…

UNCITRAL Model Law on Cross-Border Insolvency, 1997

New Delhi, May 7 (PTI) Lenders to Bhushan Steel and Power Ltd (BSPL) will in next few days decide on options including seeking a review of the Supreme Court verdict to scrap sale of the company through insolvency process to JSW Steel, Punjab National Bank MD and CEO Ashok Chandra said on Wednesday.
     A group of lenders led by PNB had claimed Rs 47,204 crore as unpaid loan and following the default, lenders dragged BSPL to insolvency proceeding. JSW Steel emerged the successful bidder for BSPL, offering Rs 19,700 crore.
     As per the Supreme Court decision, BSPL has to be liquidated, which may potentially fetch lower value for the company.
     “We are in touch with member lenders and we are going to have meeting in the…

ALLY McCoist’s crash shame son has been declared bankrupt two years after being told to cover his victim’s £244,000 payout.

The court ruling means skint Argyll McCoist could dodge repaying the bulk of the cash handed to Stephan Murdoch — who was left with  a life-changing brain injury.

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We told how junior footballer McCoist, 26, was driving uninsured in  a flash sports car when he jumped a red light then ploughed into the call centre…

Chaos agent Christen Ager-Hanssen has been declared bankrupt in his homeland of Norway, the third country to poke holes in the self-proclaimed billionaire’s fantastical claims of entrepreneurial success.

Late last month, the District Court in the Norwegian city of Stavanger issued a bankruptcy judgment against Ager-Hanssen based on his unwillingness/inability to pay debts stemming from a judgment issued against him in the U.K. Ager-Hanssen has appealed the Stavanger ruling, even…

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In this era of globalisation, international trade has significantly increased, where companies have business in multiple jurisdictions. One of the aspects of globalisation is companies falling into insolvency, which leads to overlapping and conflicts of law between countries, creating chaos for the stakeholders.

The purpose of the Model Law is to eradicate the impediments and provide effective mechanisms for dealing with cases of cross-border insolvency.

Considering the growing significance of cross-border insolvencies, the International Monetary Fund encourages States to adopt the Model Law as it provides an effective mechanism for the recognition of foreign proceedings and cooperation among different courts and administrators.

The Model…

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By MS Sahoo Former chairperson, Insolvency and Bankruptcy Board of India

In a landmark ruling on May 2, the Supreme Court of India ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) while disposing of an appeal filed in 2020. The court found grave irregularities, some intentional and collusive, in the approval and implementation of the resolution plan, attributing lapses to the Resolution Professional (RP), the successful Resolution Applicant (RA), the Committee of Creditors (CoC), the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT).

The judgment has since dominated headlines and ignited an intense debate. Supporters have welcomed the verdict, asserting that the integrity of…

Revealed | 

Liquidators were appointed to the company last week