The Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened with 6 amendments and 122 reforms, says Mr. Harsh Malhotra, the Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways before Rajya Sabha.

As per the Reserve Bank of India’s (RBI) Report on Trend and Progress of Banking in India (December 2024), IBC has become the most effective recovery mechanism for banks. It accounted for 48% of all recoveries in the financial year 2023-24, followed by the SARFAESI Act (32%), Debt Recovery Tribunals (17%), and Lok Adalats (3%),…

The National Company Law Tribunal (NCLT) Chennai has held that the threshold limit for initiating the Personal Insolvency Resolution Process (PIRP) under Sections 94 or 95 of the Insolvency and Bankruptcy Code, 2016 (Code), shall be the same as that for a Corporate Debtor under Section 4 of the Code, i.e., ₹1 crore.

Read More: Excise Duty not leviable by Student Almanac and Teacher Planner: CESTAT

In order to initiate the Insolvency Resolution Process against himself as the Personal Guarantor for SKV United…

CHICAGO — Chicagoans with tickets who have accrued late fees or additional penalties now have a chance to wipe clean their debt to the city if they pay the original fine under a new program.

Mayor Brandon Johnson’s administration is launching a ticket relief program for people with non-meter parking tickets and standing violations, speed camera and red light citations and “compliance violations” — such as expired registration, or missing city stickers and license plates — that were issued before 2024.

Anyone meeting that criteria has until June 30 to pay their tickets under the program.

More information about how to participate is here. The limited-time initiative does not cover tickets given for expired parking meter…

As part of its restructuring, Canadian department store Hudson’s Bay Co. will eliminate 200 corporate roles effective Friday. 

“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” a company spokesperson said in a statement. 

Impacted personnel were notified on March 28. The company did not respond to…

Hudson’s Bay Co. has informed some former senior executives that their pension payments will be cut, as the retailer continues to liquidate the majority of its stores and the future of the company hangs in the balance.

Last Friday, the retailer sent letters to participants in its “supplementary executive retirement plan” (SERP), saying that HBC is stopping all payments under the SERP. The trustee will now be initiating a wind-up of the plan, according to the letter, which was obtained by The Globe and Mail.

Hudson’s Bay sponsors two different pension plans, and the one affected by the cuts is a…

Imagine learning that your genetic data, which you thought you had deleted months ago, has been transferred to a company you have never heard of. Despite your careful attempts to remove your DNA profile, family health history and raw genetic data from a genetic testing service, it resurfaces during bankruptcy proceedings as a valuable asset. No further consent required. No real option to prevent the transfer. This nightmare scenario isn’t science fiction; it’s the potential reality facing millions when data-rich companies collapse.