Insolvency Guardian Media Centre
The Supreme Court on Friday set aside the resolution plan submitted by JSW Steel Ltd for the Bhushan Steel and Power Ltd (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.
The top court criticised the conduct of all key stakeholders in the resolution process – the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) – for enabling what it termed a “flagrant violation” of the IBC.
JSW Steel Ltd, in a regulatory filing to National Stock…
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
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The National Company Tribunal (NCLT), Mumbai Bench comprising of Ms. Lakshmi Gurung (Member (Judicial) and Shri Anil Raj Chellan (Member (Technical) disposed a Section 60(5) application filed by the Applicant against the approval of the Resolution Plan, stating that the same lacked the desired voting percentage to be approved as a resolution plan.
Background
The following case has filed by the Applicant, who is the Shareholder and Suspended Director of the Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Applicant, namely, Mr. Rohit Jindal, is the suspended director of the Corporate Debtor (Shree Bhimeshwari Ispat Private Limited). Oriental Bank of Commerce filed a Section 7…
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“I am enrolled in SAVE, am 77 years old and earned my doctorate with student loans. I still owe $73,000 after being an adjunct college professor for more than 45 years. I also am a Vietnam-era veteran,” – Ricky, constituent of Rep. Kiley
“[Student] Debt affects every part of my life. I have faced housing insufficiency and homelessness. I am unable to purchase a home or car. I have been denied from specific jobs due to a credit check. Dealing with my student loan servicer has always been a hassle. I’m never sure who to communicate with since my loans have been transferred to other companies multiple times. My student loans now total $157,000. Help us,” – Jay’Riah T. constituent of Rep. Kiley
“My…
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New Delhi: The Supreme Court on Friday ordered the liquidation of cash-strapped Bhushan Power and Steel Limited (BPSL), holding that JSW Steel’s resolution plan for the bankrupt company was not in consonance with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
A bench of Justices Bela Trivedi and S.C. Sharma came down heavily on the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) for undermining the very objectives of the IBC, which includes time-bound resolution of insolvency and maximisation of asset value, and and its associated regulations.
The Justice Trivedi-led Bench ruled that JSW Steel’s resolution plan did not protect the interest of…
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- Around 1.2 million of the poorest households – including 700,000 with children – will keep an extra £420 a year on average, due to Universal Credit change.
- New Fair Repayment Rate – which comes into force today – caps Universal Credit deductions at 15%, down from 25%.
- Comes as part of the Government’s Plan for Change to make working people better off by helping them into jobs and extending support for low-income families.
More than one million households struggling with debt will get to keep an average £420 more of their benefits each year, under a change to Universal Credit coming into force today [Wednesday 30 April 2025].
The Fair Repayment Rate places a limit on how much people in debt can have taken…
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To restructure or not: Kenya’s debt dilemma The EastAfrican
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Sigma Finance Corporation – RNS Announcement Business Wire
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Sigma Finance set for dissolution after asset liquidation By Investing.com Investing.com India