MicroStrategy is down over 55% from peak, fueling forced liquidation concerns MSN
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At the same time, CDEL’s subsidiary Coffee Day Global was battling another insolvency petition by IndusInd Bank over an alleged ₹94 crore default.
On July 20, 2024, the NCLT admitted Coffee Day Global to insolvency and appointed Shailendra Ajmera as the interim resolution professional to run the company’s operations.
However, this was later amicably settled with IndusInd Bank withdrawing its insolvency application after transferring the debt to ASREC (India) Ltd., an asset reconstruction company.
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Eni’s net profit drops sharply as disposals help to cut key debt ratio -February 27, 2025 at 02:34 am EST Marketscreener.com
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Australia is witnessing a significant rise in business insolvencies, (opens a new window) which has important ramifications for directors and officers (D&O) and the financial lines insurance sector.
This increase highlights the vulnerabilities present in the corporate landscape and emphasises the urgent need for robust D&O insurance policies to help safeguard business leaders against potential liabilities.
Rising insolvency rates in Australia
Recent data from the Australian Securities and Investments Commission (ASIC) indicates a sharp uptick in company insolvencies.
From 2023 to 2024, 7,742 businesses entered external administration, marking a 36.2% increase compared to the previous year.
Sectors such as construction, accommodation and…
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The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Café Coffee Day (CCD), dismissing a bankruptcy plea filed by IDBI Trusteeship over an alleged ₹228 crore default.
The ruling came in response to a petition by Malavika Hegde, a shareholder and director at CDEL, challenging the National Company Law Tribunal’s (NCLT) 8 August 2024 order, which had admitted IDBI Trusteeship’s insolvency plea against the company.
NCLAT had already provided interim relief by staying the proceedings on 14 August 2024. However, the proceedings had resumed as the NCLAT was unable to pass its final order within the Supreme Court’s deadline of…
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CPR Land Rights Initiative invites you to a talk on
Bailing Businesses, Boosting Banks: Understanding the Evolution of Insolvency and Bankruptcy Law in India
Friday, 28th February 2025, 3:30 PM – 5:00 PM IST
Speaker:
Ms. Misha, Partner, Shardul Amarchand Mangaldas & Co.
Moderator:
Dr. Namita Wahi, Senior Fellow, CPR & Founding Director, Land Rights Initiative
This is the ninth in a series of talks on “Legal History” as part of the Land Rights Initiative Speaker Series. This series is part of the Land Rights Initiative’s 10 year anniversary celebrations.
This event will be held in hybrid mode at the CPR Conference Room (Dharma Marg, New Delhi) and online over Zoom. Please register below to attend either in person or via…
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Elon Musk warns Trump Cabinet: ‘America will go bankrupt’ The Daily News Online
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When the owner of Petersham Nurseries was forced to close two London restaurants and a deli in February, the chain blamed several factors, from rising costs to Brexit, but also Rachel Reeves’ November budget.
Petersham (UK) Limited, which is owned by the Boglione family behind the Petersham Nurseries garden centre in Richmond, will not be alone in feeling the pinch from the UK chancellor’s move to increase the minimum wage and employers’ national insurance contributions from April.
In Europe and elsewhere there are fears of an uptick in corporate distress. And with a trade war looming and economic conditions faltering, many restructuring specialists expect a wave of work as companies struggle with further financial…
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ITSL had filed the insolvency petition against CDEL in September 2023 claiming that the latter had defaulted on a payment of over ₹228 crore.
As per the petition, IDBITSL the financial creditor (FC) in the case, and CDEL, the corporate debtor, entered into a Debenture Trust Deed in 2019. The FC agreed to subscribe to non-convertible debentures worth ₹200 crore and CDEL agreed to pay the FC in lieu of the subscription money raised. However, CDEL defaulted in payment of such money on four occasions between 2019 and 2020.
CDEL had argued before the NCLT that IDBITSL was a debenture holder and thus had no power to file any application seeking CIRP against the Corporate Debtor.
The NCLT, however, disagreed. It held that as per the…
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A LANDMARK ruling by Malaysia’s Federal Court has led to a tour agent’s unsuccessful attempt to recover RM6.7 million (approximately US$1.5 million) in gambling-related debt from a businessman, affirming that gambling debts cannot be enforced under the country’s laws.
New Straits Times reported today, in a unanimous decision, a three-judge panel at the Federal Court, headed by Tan Sri Abdul Rahman Sebli, the Chief Judge of Sabah and Sarawak, concluded that the credit extended by the…
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