Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
The National Company Law Tribunal (NCLT), Hyderabad Bench, on Wednesday initiated insolvency proceedings against GVK Energy Limited, a corporate guarantor
“I’ve been forced into bankruptcy as a result of a defamation case where I was found to be unsuccessful, owing a vet clinic $320,000 in damages,” Peterson said.
“And that doesn’t even include their legal costs, putting my debt to over half a million dollars.
“During the trial, I was forced to produce financial and bank statements because their lawyer was trying to claim that I did animal rights activism for financial gain.
“The judge denied this claim. The opposing lawyer also accused me of tax fraud, a serious allegation which again the judge found to be untrue.
“This accusation led to the Australian Tax Office auditing me for over two years worth of income and this lawyer is now being investigated by the WA Legal Board.”
When Sierra* escaped an abusive relationship in 2019, it cost her tens of thousands of pounds.
She had to move with her children four times in three months to escape her abuser – and when she suspected he had attached a tracker to her car, she had to spend thousands to buy another one.
“My ex ended up getting hold of my new address and it became impossible to get away from him,” she told The Independent.
“I had to move house four times in a matter of three months, and the children had to go to school every day, so I needed a car.”
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.
To enable cookies, follow the instructions for your browser below.
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. This can be done through the following steps:
1. Open the settings menu by clicking the hamburger menu in the top right
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…
Many Americans are in a tight spot: Average credit card debt has topped $7,300, and nearly two-thirds say it’s delaying major life decisions. One option is to prioritize paying off that debt over 401(k) contributions. But skipping 401(k) contributions means missing out on long-term growth and, for many, ‘free’ money from their employers.
So should you pay off credit card debt first or invest for the future? Below, we explain the tradeoffs and help you choose a strategy that fits your situation.
Key Takeaways
When your employer matches your 401(k) contributions, that “free” money, plus years or even decades of compounding, typically outweighs the cost of carrying an average credit card balance.
My wife and I have had decent jobs covering our comfortable lifestyles for over two decades of marriage. Our kids are getting older, however, nearing college, and one is heavily involved in sports. Between inflation, baseball tournaments, and other opportunities for our teens, lately, we’ve become buried in credit card debt.
My wife and I agree the situation isn’t tenable, but we disagree on what to do about it. She says we should tighten our belts and spend less; I think we both need to work part-time jobs to make more.
I have started driving for Grubhub and suggested she do the same, but she says she doesn’t have the time and it isn’t necessary. I feel like her attitude that “spending…
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by SNJ Synthetics Limited against an order by the National Company Law Tribunal (NCLT), Chandigarh Bench-I, in a case involving PepsiCo India Holdings Private Limited. The appeal challenged the NCLT’s decision to dismiss SNJ Synthetics’ application to initiate the Corporate Insolvency Resolution Process (CIRP) against PepsiCo.
SNJ Synthetics, an MSME engaged in manufacturing PET preforms and thermoplastics, had a business relationship with PepsiCo, formalized through a Supply Agreement dated October 9, 2018. Disputes arose over unpaid dues, which SNJ Synthetics claimed amounted to ₹1,96,80,953 as of February 28, 2021. SNJ Synthetics…
The National Company Law Tribunal (NCLT), Hyderabad Bench, on Wednesday initiated insolvency proceedings against GVK Energy Limited, a corporate guarantor for GVK Power (Goindwal Sahib) Ltd, following a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed GVK Energy’s objections, ruling that the default exceeded ₹1,106 crore and that the corporate guarantee remained enforceable despite the resolution of the principal borrower.
Key Details of the Case IDBI Bank, part of a lender consortium, had extended a term loan of ₹733.85 crore and working capital facilities of ₹153.75 crore to GVK Power for a thermal power project in Punjab. GVK Energy acted as a…
BECOME DEBT FREE IN AS
LITTLE AS 24-48 MONTHS
If you owe more than $10,000 in credit card or other
unsecured debt, see how National Debt Relief can help
resolve your debt for a fraction of what you owe.
ONE AFFORDABLE MONTHLY PAYMENT PROGRAM
We work with you to set up a monthly
payment that fits within your budget.
NO UPFRONT FEES
You won’t pay a penny
until your debt is resolved.
GUARANTEE
RESOLVE YOUR DEBT IN 24–48 MONTHS
We’ll resolve your debt as quickly as possible
so you can finally start living the life you want.
“
I am so happy with National Debt Relief. They just resolved
one account and saved me over $11,000. They keep me in
the loop and work with me to get...
At 1.17pm on 15 August 2018, Sam* logged in to his online betting account and gambled five days’ worth of wages. Already deep in debt – having taken out 13 loans over three years, and with his marriage under strain – he had been desperate to quit.
But Sky Betting & Gaming, operator of Sky Bet, Casino, and Vegas, had other ideas. Having labelled him a “high value” customer, and not realising he was at risk, it had sent him an email promising a £100 bonus if he spent £400 on a casino game. “Well done on making it past level 2. Can you make it even further this week?” it said. Soon after receiving it, Sam deposited £400.
At first glance, the promotion looked like any old junk email. Instead, it was the product of a…
