Insolvency Guardian Media Centre
JSW Steel Sinks 7% in Two Days after SC Exposes Legal Cracks in BPSL Acquisition: Here’s what its all about outlookbusiness.com
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The thing about witnessing a 7-year-old having their hot lunch tray yanked away and replaced with a cold sandwich — what cafeteria workers in the biz euphemistically call an “alternative meal” — is not just the obvious cruelty of the public spectacle, though there’s plenty of that.
It’s the bizarre normalization of the whole affair, as if we’ve collectively agreed that fiscal responsibility is best taught through the ritual humiliation of second graders. It’s watching the adults in the room — ordinary, decent people who’d never dream of snatching food from a child in any other context — perform this strange ceremony with the mechanical resignation of DMV employees, while around them life continues uninterrupted,…
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Vinyl Me, Please has given an update on the future of the company.
The vinyl subscription service was launched in 2012, becoming a huge favourite with music fans. Running a number of themed monthly drops – from hip-hop to classic fare, via new releases – Vinyl Me, Please expanded quickly.
A proposed pressing plant seemed to cause financial issues, and last year fans started to report a delay in deliveries – often, nothing was getting through.
With a huge backlog of orders the company was profile by the Denver Post – Vinyl Me, Please is based in the city – and the paper spoke to a number of disgruntled subscribers.
Meanwhile, a Reddit user shared…
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Summary:
- The Supreme Court invalidated JSW Steel’s acquisition of Bhushan Power and Steel, citing violations of India’s insolvency laws and significant procedural lapses.
Introduction
The Supreme Court of India recently delivered a significant judgment invalidating JSW Steel’s acquisition of Bhushan Power and Steel Limited (BPSL). It was a takeover that was completed in 2021. This decision has far-reaching implications for the involved parties and the broader process of insolvency resolutions in India.
The apex court cited several critical reasons for its order. The judgemet was primarily focusing on violations of the Insolvency and Bankruptcy Code (IBC). Then there has also been…
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Part 1 of the 2023 edition of R+I In Brief explores restructuring and insolvency developments in Australia in FY22/23.
Overview
Despite the challenges flowing from increasing global inflation and supply chain disruptions, the Australian economy has to date remained resilient and a technical recession has been avoided in 2023. However, after many years of historically low interest rates, the Reserve Bank of Australia raised interest rates rapidly from April 2022 (12 rate rises and counting) as inflation became uncontrollable.
With consumer spending slowing, there remains a degree of uncertainty for Australia’s near-term economic outlook. Notwithstanding this tightening monetary environment,…
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Richmond’s heritage-listed Kingston Hotel has sunk into insolvency following an ATO wind-up order and rapid sale campaign.
Located only a few minutes from Melbourne’s CBD, the Kingston, one of the city’s most historic pubs, was established in the 1850s.
In the 1970s it was instrumental in the movement that saw inner-city pubs championing live music, playing host to big names, such as the Skyhooks. In the ‘80s it developed a reputation as a venue for gay women, under the guidance of the late Pat Longmore.
Like many, it closed during pandemic lockdowns, in early 2021. The De Fraga family took the opportunity for a comprehensive $1.5 million makeover, reopening mid-2022 with a revised interior and outdoor areas, and new restaurant…
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Given the recent spate of aid cuts for developing countries and rising tariffs, IMF downgraded its global growth forecast from 3.3 per cent (that was announced in January 2025) to 2.8 per cent for 2025.
IMF also projected that global public debt will increase by 2.8 per cent, reaching 95.1 per cent of global gross domestic product (GDP) in 2025. This is projected to reach 100 per cent of global GDP by 2030.
IMF’s Managing Director Kristalina Georgieva acknowledged the uncertainty around the global economy, while hoping that trade negotiations can provide some relief on the tariffs question. Indermit Gill, chief economist at the World Bank, highlighted how trade uncertainties are compounding rising debt and sluggish growth.
The…
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Another Anil Ambani group firm – Reliance Home Finance – is staring at insolvency proceedings after a financial creditor, Invent Assets Securitisation & Reconstruction Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, the company said in an exchange filing on Monday. The petition was filed before the National Company Law Tribunal (NCLT), Mumbai bench. The claim amount in the petition is Rs 7.80 crore (including interest).
Reliance Home Finance plans to seek legal advice and take appropriate steps to protect its interests in this matter. The financial implication on the company is currently uncertain and will depend on the final outcome of the proceedings and any subsequent…