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The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that when it becomes clear that revival is not a viable option, a decision taken by the CoC to liquidate the corporate debtor cannot be faulted.
Brief Facts:
Principal Borrower M/s Universal Textile Waterproof Company (India) (UTWC) was granted term loans and working capital facilities by SVC Cooperative Bank in which Shri Balaji Entertainments Pvt Ltd (corporate debtor) acted as a co-borrower and provided a corporate guarantee. An application under section 7 of the code was filed when the UTWC failed to repay the amount. Thereafter, the Adjudicating Authority…
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South African Finance Chief Rebuffs Transnet Debt-Relief Demand Bloomberg
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If you’re feeling overwhelmed by debts and don’t know what to do, or have been knocked for a loan because of your credit score, Credit Repair Australia can help.
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South African Finance Chief Rebuffs Transnet Debt-Relief Demand Bloomberg
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The Gujarat National Law University Centre for Corporate and Insolvency Laws (GCCIL), in collaboration with the Insolvency and Bankruptcy Board of India (IBBI) and Insolvency Law Academy (ILA) is organising a 2nd Edition of GCCIL National Mock CIRP Competition, 2025 from 6th – 8th March, 2025.
Gujarat National Law University (GNLU) is the statutory university established by the Govt. of Gujarat under the Gujarat National Law University Act, 2003. The University is recognized by the Bar Council of India (BCI) and the University Grants Commission (UGC) (2f & 12B). The University is also a member of the Association of Indian Universities (AIU), United Nations Academic Impact (UNAI),…
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The Finance Minister is expected to place the Union Budget in Parliament on February 1, 2025. While critical fiscal law reforms are likely, the government should take this opportunity to initiate deeper reforms to revigorated the Indian stressed assets markets.
The IBC was a radical structural reform when it was introduced in 2016. It has been instrumental in reducing NPA levels and increasing recovery for banks. Over the years, the practical working of the law threw up various challenges. The government as well as the judiciary were extremely proactive in addressing these challenges by continuously streamlining the law and the jurisprudence around it. Two problems, however, persisted.
Delays associated with IBC resolutions remain…
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New York behemoth Cerberus Capital Management is canvassing Star Entertainment’s lender syndicate to identify banks or credit funds willing to sell their debt, as the battered casino giant speeds towards an insolvency and breakup of its assets.
Street Talk can reveal Cerberus’ dealmakers have made it clear to Star’s lender group that they are interested in buying a slice of its debt, which tops $400 million and is held by Westpac, Barclays, Deutsche Bank and Soul Patts, among others. Sources said the smaller lenders, who’ve run out of confidence with CEO Steve McCann’s turnaround plan and just want out, are Cerberus’ best bet of wedging itself into Star’s capital structure.
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