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English tax authority changes approach to restructuring plans Taylor Wessing
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The Supreme Court’s order on Bhushan Power and Steel’s (BPS) insolvency resolution has set back the country’s bankruptcy law. The country’s top court overturned JSW Steel’s bid for BPS six years after it was approved by the National Company Law Tribunal and four years after the National Company Law Appellate Tribunal gave its go-ahead. Meanwhile, its two most recent audited results show that BPS generated over Rs 20,000 crore in annual revenues, with a profit of over Rs 600 crore in 2023-24. The company has undertaken a massive capacity expansion, with plans to raise output by more than two-fifths to 5 million tonnes per annum. All of this now faces an unexpected uncertainty.
The Supreme Court has cited several reasons for…
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This is the story of the first Indian insolvency proceeding to be granted recognition by the Singapore Court under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”). This recognition, besides facilitating the challenging cross-border asset recovery, has also opened the doors for deeper insolvency cooperation between India and Singapore.
What prompted the Resolution Professional to knock on the doors of the Singapore Court and what does this decision mean for Indian businesses that may want to avail themselves of solutions offered by Singapore’s restructuring regime?
Compuage Infocom Limited (“CIL”), an Indian technology distribution company, incorporated under the Companies Act, 1956 (now Companies Act, 2013) of…
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Liquidators are investigating if a Christchurch restaurant operation owing Inland Revenue an estimated $800,000 has further debts.
Bikanervala Christchurch Limited, trading as Bikanervala, appears to have gone under as a result of difficult trading conditions.
A first liquidator’s report was put out on Monday, May 5 by Paul Vlasic and Derek Ah Sam from Rodgers Reidy (NZ) after they were appointed joint liquidators of the business on April 28.
Bikanervala began trading in December, 2017 with Thomas Shaji Kurian listed as a company director and Divya Bereddy, Padmakar Shevde and Shawn Kurian Thomas as shareholders.
The liquidators were advised the business and assets were sold last March with Mr Kurian informing them difficult…
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This article was produced for ProPublica’s Local Reporting Network in partnership with the Tennessee Lookout. Sign up for Dispatches to get stories like this one as soon as they are published.
We are continuing to report on flex loans. Have you been sued by Advance Financial, Harpeth Financial or another flex loan lender? To share your experience, call or text reporter Adam Friedman at 615-249-8509.
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In this blog, which is based on an article published in Tax Journal on 23 April 2025, we consider the appropriate mechanism to challenge decisions taken by HMRC’s debt management team.
Introduction
In Local Fuel Ltd v HMRC [2025] EWHC 390 (Ch), the High Court considered an application by HMRC to strike out Local Fuel Ltd’s (LFL) Part 8, Civil Procedure Rules (CPR) claim, as an abuse of process, on the basis that HMRC’s decision to enforce a debt constituted a public law decision which could only be challenged by way of judicial review proceedings, with the restrictive time limits and permission requirements that apply in such proceedings. The High Court dismissed HMRC’s application and…
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In today’s Finshots, we look at how a thousand of crores worth of a resolution plan was tossed out years later and why it could shake the very core of India’s insolvency law.
If I told you a steel company collapsed under ₹47,000 crores of debt, you might think it’s one of those classic tales from the pre-Insolvency and Bankruptcy Code (IBC) era – when companies borrowed like there was no tomorrow and banks dished out loans like wedding sweets.
And you’d be right.
But what if I told you that even after five long years… after the company resolution was approved, the buyer paid the full amount, the debt was written off, and everything seemed settled… India’s Supreme Court recently scrapped the whole…
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Former pub landlord failed to declare he was bankrupt when applying for Covid loan St Helens Star
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Taxation expert’s company won €4m action over UK firm misusing confidential information
Stock image
A firm controlled by high-profile Irish accountant and film financier Kieran Corrigan has petitioned to have a UK businessman declared bankrupt. The move comes after Mr Corrigan’s company was awarded £3.5m (€4.1m) in damages last year following a high court trial in London.
Mr Corrigan’s company had taken a case against Dominic Slattery, Bashir Timol, Timothy Johnson and OneE Group.
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The Supreme Court ruling quashing Bhushan Power & Steel’s (BPSL) resolution plan has upended JSW Steel’s ₹19,000 crore acquisition. Mint explains the recovery options—from a Supreme Court review to potential government intervention.
The Supreme Court ruling invalidating JSW Steel’s ₹19,700 crore acquisition of BPSL is a major blow to its growth ambitions, especially its 2030 target of achieving 50 million tonnes (mt) of steel capacity. JSW paid ₹19,350 crore to settle BPSL’s creditors. BPSL’s Odisha Jharsuguda plant contributed 13% to JSW’s total production and around 10-11% of Ebitda (earnings before interest, taxes, depreciation and…
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Public sector lenders led by Punjab National Bank (PNB) will soon file a review petition in the Supreme Court seeking a stay on the implementation of its recent judgement rejecting JSW Steel’s insolvency resolution plan for Bhushan Power and Steel (BPSL), and ordering the latter’s liquidation.
“Banks will file the review petition as public money is involved,” a senior official said on Tuesday, requesting not to be identified.
The lenders’ decision to lodge a review petition follows a prompt review of the court order by the government.
Besides PNB, the Committee of Creditors (CoC) for BPSL insolvency included State Bank of India, Bank of Baroda, Indian Bank, Canara Bank, and Indian Overseas Bank, among others.
Both the…
