Insolvency Guardian Media Centre
The recent Supreme Court ruling in Independent Sugar Corporation Ltd. (INSCO) v. Girish Sriram Juneja & Ors. has been hailed as a landmark judgment, fundamentally reshaping how insolvency and competition laws intersect in India. The verdict underscores the judiciary’s commitment to statutory compliance, reinforcing the principle that regulatory approvals must precede the approval of resolution plans under the Insolvency and Bankruptcy Code (IBC) and certain sections of the Competition Act, 2002. This decision sets a critical precedent that will guide future insolvency resolutions and protect market fairness.
Background and Legal Dispute
The case revolved around the insolvency resolution of Hindustan National Glass & Industries Ltd….
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Insolvency board IBBI issued a discussion paper to provide clarity on various operational aspects including those related to coordinated resolution of interconnected entities and streamlining of submission of resolution plans. The paper proposes several amendments to address operational challenges in the resolution framework.
The IBBI has invited public comments on the discussion paper till February 25 through its website. In the discussion paper, the Insolvency Bankruptcy Board of India (IBBI) said, one of the major proposals is to strengthen the Committee of Creditors (CoC) decision-making process by mandating regular review of operational expenses, particularly leased properties.
This resolution would be…
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NEW DELHI: The Hyderabad bench of the National Company Law Tribunal (NCLT) on Thursday approved the Rs 16,084 crore resolution plan submitted by JSW Energy Limited for KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power company.
The corporate insolvency resolution process against KSK Mahanadi Power Company Limited was initiated by Power Finance Corporation Limited in October 2019.
The Resolution Professional (RP) – Sumit Binani – received Rs 32,335 crore claims from different creditors including 19 banks and financial institutions.
In response to the Expression of Interest issued by the RP, a total of 10 Prospective Resolution Applicants (PRA) submitted the Resolution Plan, which includes NTPC Limited, Vedanta Ltd….
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National Company Law Tribunal, Hyderabad has approved JSW Energy Limited‘s ₹ 16,084 crore Resolution Plan for KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power company.
JSW Energy Limited submitted the resolution plan under the Corporate Insolvency Resolution Process of KSK Mahanadi Power Company Limited. “Pursuant to the Challenge Process undertaken by the Resolution Professional (RP), the Company’s financial proposal has been declared as the highest financial proposal received by the RP in the Challenge Process,” JSW Energy confirmed in their October 29, 2024 regulatory filing.
KSK Mahanadi Power Company Limited (KMPCL) was…
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Elon Musk raised the issue of the country’s gigantic budget deficit, which has surged to over USD 1.8 trillion in the last financial year.
Tesla CEO Elon Musk, the world’s richest man, who was appointed as the chief of the newly-formed Department of Government Efficiency (DOGE) by…
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“We have no reason to believe this will change in the foreseeable future,” the statement said.
“It is taking longer than anticipated to finalise our financial results due to extenuating circumstances related to the once-in-a-generation transition to the new Sydney Fish Market. We are finalising the accounts with the appropriate level of due diligence, and these will be lodged this quarter.”
The statement said the company and its technology partner had mutually agreed to end their collaboration on SFMBlue, and the trading pause was an opportunity to engage with customers and stakeholders.
“Presently, our priority remains on ensuring a seamless transition to the new, iconic Sydney Fish Market facility on Blackwattle Bay.”
Fish…
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A business which claimed to sell adult films has been shut down following concerns it was being used as a direct debit scam.
Drawntear Ltd was wound-up at a hearing of the High Court in Manchester.
The company, which said it was based in Hull before moving its registered office address to Kings Langley in Hertfordshire just last month, failed to co-operate with investigations by the Insolvency Service.
Investigators however found evidence that those behind the company were actually based in the Czech Republic and Monaco.
Complaints made to Action Fraud also indicated the company took unauthorised payments from members of the public.
David Usher, chief investigator at the Insolvency Service, said: “There was a complete…
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Insolvency: Renault’s H2 subsidiary Hyvia fights to stay afloat www.electrive.com
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U of A political scientist Fiona Nicoll says she has never seen anything like the viral spread of sports betting online.
“I feel like we’re looking down the barrel of an enormous wave (like a surfer),” says Nicoll, who is a former Research Chair in Gambling Policy and local research co-ordinator for the Alberta Gambling Research Institute, a consortium of the University of Calgary, the University of Alberta and the University of Lethbridge.
“The more educated we are about these new forms of gambling, the better we will be as a society, but also as individuals, to manage it.”
In the U.S., the statistics on sports gambling are staggering. Before 2018, sports betting was prohibited almost…
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Records show a state Lottery and Gaming Control Agency so intent on maximizing state revenue that it has closely aligned itself with the sportsbooks and casinos it regulates, and it is resisting proposed reforms in the General Assembly to reduce problem gambling.
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“By judgment dated 10 February 2025, the District Court of and in Luxembourg, sitting in commercial matters, declared bankrupt the limited liability company Boulevardpresse SARL, operating under the trade names Lëtzebuerg Privat and Promi Lëtzebuerg.”
The company that publishes the Luxembourg tabloid Privat, headed by Jean Nicolas, is therefore bankrupt, with the date of cessation of payments set at 10 August 2024. The same judgment appointed Brice Hellinckx, a judge, as official receiver and Max Mailliet, avocat à la cour residing in Luxembourg, as receiver. It orders creditors to file their claims before 10 August at the clerk’s office of the commercial court. The first verification of claims is set for 21 March at 2.30pm.
This…
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Tracey Lee Butler, 58, got away with stealing from her western Sydney police station for nearly five years with her colleagues failing to carry out regular audits.