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The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Cubical Realty Pvt Ltd for Vidhant Realty Pvt Ltd, bringing an end to its corporate insolvency resolution process (CIRP). The plan was cleared with 100% approval from the Committee of Creditors (CoC).

The insolvency proceedings were initiated after Kausar Textile Pvt Ltd, a financial creditor, filed a Section 7 petition, leading to the admission of CIRP on September 25, 2023. Mr. Modilal Dhanraj Pamecha was appointed as the Resolution Professional (RP). Following a competitive bidding process, Cubical Realty was selected as the Successful Resolution Applicant (SRA).

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President Donald Trump and Elon Musk lashed out at government corruption, demanding “full transparency” in their fight against waste, fraud, and abuse. In an explosive interview with Sean Hannity, Musk revealed how DOGE.gov exposes every action taken under the new administration. Both warned that without urgent reforms, America faces financial ruin. #Trump #ElonMusk #FullTransparency #DOGE #Hannity #GovernmentWaste #USPolitics #BreakingNews #Corruption #AmericaFirst

Debt management platform CredCore has raised $16 million for its AI-powered solution.

The New York-based company’s Series A funding round, announced Thursday (Feb. 20), will help it expand its artificial intelligence (AI) capabilities, add staff and enhance its platform to support a wider range of credit market participants and deal types.

“CredCore is addressing a critical need in the enterprise credit industry, which transacts $5 trillion annually but has seen limited technological innovation,” the company said in a news release.”By focusing on domain-specific AI, CredCore accelerates deal throughput and empowers customers to scale their teams and assets under management.”

The release added that the CredCore…

When does a director first come under a duty to consider the interests of creditors (Creditor Duty)? How should the Creditor Duty be weighed up in a director’s decision on whether to authorise the repayment of shareholder loans and to declare dividends?

In the very recent decision of Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (Foo Kian Beng), the Singapore Court of Appeal (CA) sheds light on this important issue and gives practical guidance to directors. Prior to Foo Kian Beng, Singapore, English and Commonwealth courts had not been uniform in describing when the Creditor Duty is first engaged. Potentially confusing and ambiguous terms such as “financially parlous” and “on the verge of…

We may be just a couple of months into the new year, but there has already been plenty of bad news about debt levels in the U.S., signaling that the issues we saw in late 2024 are continuing into 2025. For example, the latest Quarterly Report on Household Debt and Credit from the Federal Reserve, which was released earlier this month, showed that credit card debt has hit a new record nationwide and is now sitting at $1.21 trillion. 

That’s not the only debt issue Americans are facing, either. Total…

Developing countries are in urgent need of debt relief. As of end of the 2024, 35 low-income countries were either in debt distress or at high risk of it. But even countries that are not in debt distress face mounting pressures, with rising debt service costs exacerbated due to the effects of the pandemic, the invasion of Ukraine, and the tightening of monetary policy that followed. The UN Trade and Development reports that many developing nations spend significantly more on debt repayment than on essential services like healthcare or education. The main reason is that they borrow at interest rates 2–4 times higher than those in developed countries, like the United States, and 6–12 times higher than in Germany. Such high…

If you came into 2025 feeling the strain of debt, you weren’t alone. By the end of 2024, consumers carried a record $18.4 trillion in debt, according to the Federal Reserve Bank of New York. 

Credit cards were responsible for $1.2 trillion of debt, up from the $1.17 trillion owed in the third quarter of 2024. Overall, consumer credit card debt was even more sobering when you consider that the average card interest rate near the end of last year was close to 23%.

The prognosis for that debt doesn’t look any better next…