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HighlightsThe Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation
MUMBAI: A blanket ban by the BMC on the use of charcoal tandoors in restaurants and hotels has put the livelihood of thousands of charcoal merchants in jeopardy. This move is set to impact around 1,000 businesses from Colaba to Dahisar and leave thousands of people jobless, especially as the 200 godowns operating from the British-era Sewri coal depot may be forced to shut down.
‘If BMC’s charcoal tandoor ban is enforced, we will go bankrupt’
July 8 is the deadline given by the BMC to all restaurants, eateries and dhabas to switch to electrical appliances and green fuels. However, Mumbai’s charcoal merchants are of the opinion that the BMC’s decision stems from a vague notification that equates the air pollution…
NEW DELHI: The National Company Law Tribunal (NCLT) has given a green light to JSW Energy‘s resolution plan for KSK Mahanadi Power Company under the Insolvency & Bankruptcy Code, which will result in an upfront cash recovery of around Rs 16,000 crore for financial creditors, which is around half their claim. Besides, the creditors will get a 26% stake in the company. While the resolution process had started in 2019 the plan was finalised in Nov 2024 and submitted around a month ago. The NCLT bench, comprising members Rajiv Bharadwaj and Sanjay Puri, decided on the issue within a month, sending a strong signal that the tribunal is not sitting on proposals, especially where the amount involved is large. In fact, NCLT, IBBI and govt have…
Insolvency regulator IBBI has highlighted a welcome trend of more companies being “resolved” under Insolvency and Bankruptcy Code (IBC) and the number of liquidations going down in recent years.
There is a consistent upward trend in corporate resolutions and a significant downward shift in the number of liquidations, starting from 2020-21, IBBI Chairman Ravi Mital said in latest quarterly newsletter of IBBI.
In 2017-18, for every corporate debtor (CD) that was resolved, five CDs would go into liquidation. However in 2024-25, for every CD that is resolved, 1.3 CDs go into liquidation.
SINGAPORE – Once Indonesia’s start-up darling, eFishery is eliminating more than 1,000 jobs, or about 90 per cent of the workforce as the agritech firm, hit by fraud allegations, weighs a potential liquidation.
The cuts began recently and more reductions are set to follow, people familiar with the matter said, asking not to be identified as the matter is private. The company’s total headcount stood in the region of 1,600 jobs.
The high-profile start-up, backed by investors including SoftBank Group and Temasek, is unraveling after a board investigation revealed it may have inflated its revenue and profit over several years. The company had raised hundreds of millions of dollars, and its demise would deal a blow to the local start-up…
(TNND) — A third of Americans have more credit card debt than emergency savings, according to a new Bankrate survey.
Over half of those surveyed have more emergency savings than credit card debt. And 13% have neither.
But Bankrate Chief Financial Analyst Greg McBride said the share of Americans with more debt than savings is significantly higher than a decade earlier.
Inflation has cooled from its peak in 2022, which McBride said has allowed more households to start building their emergency savings.
More Americans said their savings increased, rather than decreased, from last year. McBride said that’s a positive sign.
But Americans are still under-saved for emergencies, McBride said.
“Emergency savings has long been the Achilles’ heel…
(TNND) — A third of Americans have more credit card debt than emergency savings, according to a new Bankrate survey.
Over half of those surveyed have more emergency savings than credit card debt. And 13% have neither.
But Bankrate Chief Financial Analyst Greg McBride said the share of Americans with more debt than savings is significantly higher than a decade earlier.
Inflation has cooled from its peak in 2022, which McBride said has allowed more households to start building their emergency savings.
More Americans said their savings increased, rather than decreased, from last year. McBride said that’s a positive sign.
But Americans are still under-saved for emergencies, McBride said.
“Emergency savings has long been the Achilles’ heel…
The Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation and Voluntary Liquidation processes, which include changes to auction timelines and stricter eligibility verification for bidders.
Mandatory filing of a final report by liquidators when a scheme of compromise or arrangement is approved has been introduced, aimed at strengthening regulatory oversight and improving accountability in the liquidation process.
The amendments require detailed disclosure of tax deductions by liquidators prior to depositing unclaimed dividends and undistributed proceeds into the Corporate Liquidation Account…
The Hyderabad bench of the National Company Law Tribunal (NCLT) has officially approved the Rs 16,084-crore resolution plan proposed by JSW Energy Limited for the acquisition of KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power producer. This significant development marks a crucial step in resolving the financial distress faced by the company.
The corporate insolvency resolution process (CIRP) for KSK Mahanadi Power Company Limited commenced in October 2019, following an application filed by Power Finance Corporation Ltd. The Resolution Professional (RP), Sumit Binani, received claims amounting to Rs 32,335 crore from various creditors, including 19 banks and financial institutions, underlining the…
The Biden Administration put in the regulation to ban medical debt on credit reports, but the regulation is not popular with Republicans & the banking industry.
GREENSBORO, N.C. — All work at the Consumer Financial Protection Bureau is on pause right now and several leaders have already been fired or replaced while the Trump Administration looks at trimming down government agencies.
The worry is that a new regulation that prevents medical debt from being included on your credit report will disappear before it can go into effect in March, leaving folks with the debt but no help with future financial access.
The latest personal insolvency statistics indicated a total of 828 personal insolvencies for December last year, according toprovisional monthly statistics by the Australian Financial Security Authority.
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This was a substantial drop from the 955 personal insolvencies in November and the 1,009 personal insolvencies in October last year.
