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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Company collapses in Western Australia have surged 24 per cent, with more than 1200 businesses plunging into insolvency in 2024.
9News Perth and WAtoday can reveal new figures from the Australian Securities and Investments Commission, analysed and provided by WA Senator Dean Smith, which showed construction and hospitality companies were among the hardest hit.
Construction business insolvencies are impacting businesses higher up the chain.Credit: Eamon Gallagher
It was blamed, in part, on tightened consumer spending as the Reserve Bank embarked on the swiftest interest rate tightening cycle in a generation.
Nearly one third were building, accommodation or food, with 396 accounting for collapsed businesses between January and December 2024.
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The Calcutta High Court bench of Justice Shampa Dutt (Paul) has held that gratuity dues are statutorily protected under the Payment of Gratuity Act, 1972, and do not form part of the liquidation estate of the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 (IBC). The court held that gratuity payments are outside the waterfall mechanism under Section 53 of the IBC and must be paid in full, irrespective of the resolution plan. It further observed that Section 14 of the Payment of Gratuity Act has an overriding effect, ensuring that employees’ statutory rights are upheld even in insolvency proceedings.
Background Facts
The petitioner filed the writ petition challenging the order dated 11.11.2024 passed by the Assistant Labour…
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Governor JB Pritzker, along with other healthcare professionals and advocates, gathered at the University of Chicago Pritzker School of Medicine to reveal a new round of medical debt relief for families across Illinois Wednesday. WGN’s Andrea Medina reports on the story.
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Federal Court rules gambling debts unenforceable, tour agent unable to reclaim RM6.7mil New Straits Times
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SPRINGFIELD (25News Now) – Gov. JB Pritzker said since the Medical Debt Relief Program began last July, it has erased $345 million in medical debt for 270,000 people, with the goal of erasing $1 billion of debt.
Residents with a household income at or below 400% of the federal poverty level, or those with medical debt that takes up five percent or more of their income, are automatically qualified for the program. w
“The Kaiser Family Foundation estimates that nearly 10% of Illinois’s population, and 100 million people nationwide, struggle with medical debt,” said the nonprofit the Vice President of Government initiatives on Undue Medical Debt, Courtney Story.
Those whose debt has been forgiven so far will receive letters next week…
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Now Star is bleeding cash, desperate for funding and — by some analyst estimates — a 50-50 chance of collapsing.
The company’s demise is a sorry saga of financial malpractice, deception and cultural decay. Almost A$4 billion ($2.5 billion) has been wiped from Star’s market capitalization since late 2021, leaving the company valued at just A$387 million.
The trouble started in October 2021, when the Sydney Morning Herald reported…
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Report: Hong Kong considers legalising basketball betting to tackle debt crisis EGR Global
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Conor Benn has suggested that Chris Eubank Jr.’s motivation behind accepting a fight against him is due to him owing a large gambling debt to none other than football mega-star Neymar Jr., who currently plays for Santos F.C. in Brazil.
Eubank Jr. and Neymar have become good friends, with the pair both passionate poker players. According to Benn, ‘NextGen’ owes the footballer up to £4 million, and will use his fight purse from their scheduled clash on Apr. 26 to help pay off that debt.
‘The Destroyer’ shared his bold claims during the pre-fight press conference held on Feb. 25, where he said:
“No, but [Eubank Jr.] owes Neymar 4 million quid. That’s why he’s taking this fight. So don’t talk s**t. I said, he owes…
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PUTRAJAYA (Feb 27): There is nothing good or beneficial for the public if gambling activities are to be encouraged, said Federal Court judge Datuk Nordin Hassan.
The Federal Court judge said this in his judgement on Wednesday (Feb 26), allowing the appeal by Bintulu businessman Datuk Ting Ching Lee against promoter or junket tour agent Ting Siu Ha over the Court of Appeal’s (COA) decision that allowed Siu Ha’s counterclaim — to recover US$1.5 million credit and US$193,800 advance rolling rebate which had been given to Ching Lee for gambling sessions at Naga Casino, Cambodia.
Nordin said that was why the government took a clear stand when it voiced its view in Parliament to combat online or offline gambling.
“The intention of…
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Medical debt relief program update 25 News Now
