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The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical)
Hollywood actor Michael Sheen, best known for his performances in Amadeus, Twilight, A Very Royal Scandal, and more, has paid off 900 people’s debt worth $1million. According to the BBC, the actor took the initiative to help people in his hometown in South Wales.
Michael Sheen writes off £1 million worth of debt of 900 people.
The people of Port Talbot were majorly affected when Tata Steels closed last remaining blast furnace in September last year. The decision was controversial as it is part of a restructuring plan at the UK’s largest steelworks that would result in the loss of 2,800 jobs.
A man who lost his son to gambling-related suicide has urged more people to seek help from a specialist clinic.
John Myers, whose 27-year-old son Ryan ran up gambling-related debts before his death in 2014, said he was passionate about helping others recover from addiction.
Mr Myers said the North West Gambling Service in Liverpool could provide support and treatment for those affected and their families.
“If I can stop one family from going through what we went through then I have done a good thing,” he said.
Mr Myers said: “When we started looking into it, [Ryan] spent his wages three times in one day, trying to get out of his debt.”
He said it was worrying that someone sitting quietly on their own in the corner of a pub could be “gambling…
Darts star and two-time Lakeside World Championship finalist Mervyn King has admitted he’s worried about losing his home after being declared bankrupt
Mervyn King has been declared bankrupt(Image: Getty Images)
Darts star Mervyn King is facing losing his home and his three dogs after being declared bankrupt.
King, 58, is a World Championship, Matchplay and UK Open semi-finalist and a two-time Lakeside World Championship finalist. However, he has admitted he owes “north of £500,000” to HMRC due to falling to pay his taxes.
The King was made insolvent at the High Court of Justice in London – and he’s now admitted that he and his partner Tracey are worried about their living arrangements.
The government is planning to give significant additional powers to the Committee of Creditors (CoC), the primary decision-making body once bankruptcy proceedings are initiated. A key change being considered is to make it mandatory for the CoC to constitute a “monitoring committee” (MC) to oversee the implementation of the resolution plan, according to official sources.
The government is also likely to constitute an “oversight committee” (OC) which would keep an eye on the CoC to ensure that its members follow the stipulated guidelines notified by the Insolvency and Bankruptcy Board of India (IBBI). The proposed OCs would likely be empowered to hold CoC members accountable for lapses, mismanagement, or any decision that may…
In a significant development, the National Company Law Tribunal (NCLT), Allahabad Bench, has directed Jaiprakash Associates Limited (JAL) to continue with the process of inviting Expression of Interest (EOI) for the company as a whole, setting aside the option of inviting EOIs for individual business clusters. The order, pronounced on March 6, 2025, comes in response to an application filed by Sunil Kumar Sharma, a suspended director of JAL, challenging the dual-option approach adopted by the Resolution Professional (RP).
Background
Jaiprakash Associates Limited, a prominent infrastructure company, has been undergoing Corporate Insolvency Resolution Process (CIRP) since June 2024. The RP had initially proposed two…
A Scottish mum faced financial crisis after her wages were seized to pay off council tax debt while she struggled with a gambling addiction in Angus.
Maureen – not her real name – was overwhelmed after accruing more than £12,000 in debt, including arrears on rent, utility bills, and consumer credit.
The mum-of-two was trying to pay off the debt working in a pharmacy but her wages were arrested to pay off a council tax debt of more than £1,800.
She said: “My life was in chaos. I felt as if I was working for nothing. It was awful. I was really down and felt that I would be better off on the dole.
“But I have always worked and did not want to be unemployed, sitting around the house – that’s just not me.”
Update Tuesday July 16, 2024:Dion Lee is on sale with between 40 per cent and 80 per cent off the entire collection both in-store and online. Prices start as low at $19.
Local designer label Dion Lee has entered voluntary administration, bowing to economic pressures.
Antony Resnick of insolvency firm DVT has been appointed as administrator. Speaking to the Sydney Morning Herald, Resnick said it was “too early to comment in any detail” but that “our intention at this time is to operate the brand as a going concern”.
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Cue, which acquired a major stake in the company in 2013, recently pulled its investment to focus on its other labels. The loss of…
The National Company Law Tribunal (NCLT) has admitted the application for commencement of corporate insolvency resolution process against AVIOM India Housing Finance. On January 27, the Reserve Bank had superseded the board of AVIOM owing to governance concerns and defaults in meeting various payment obligations, and appointed Ram Kumar, ex-CGM of Punjab National Bank, as its Administrator.
The action was taken basis recommendation of the National Housing Bank (NHB).
Later, it filed an application with the NCLT, New Delhi bench, for initiation of corporate insolvency resolution process (CIRP) against AVIOM India.
The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that the NCLT, which is the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC/ theCode) does not have the power to issue directions to the Directorate of Enforcement (ED) to defreeze the account of the Corporate Debtor when the account was frozen as per the directions of the Adjudicating Authority under Prevention of Money Laundering Act, 2002 (PMLA). The Tribunal held that the jurisdiction to deal with matters related to attachment and freezing of accounts under PMLA vests exclusively with the authorities designated under the PMLA.
The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines.
Brief Facts
The case involves the adjudication of four appeals filed by multiple appellants, primarily home buyers, who had invested in a real estate project named “Earth Iconic” developed by Earth Infrastructure Ltd. (EIL). The appellants had paid a substantial amount towards the purchase of units in the project….
