Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
India’s expanding economy continues to attract foreign investment, necessitating a legal system that effectively safeguards these investments. This article explores
India’s expanding economy continues to attract foreign investment, necessitating a legal system that effectively safeguards these investments. This article explores and analyses the legal mechanisms available to foreign investors/creditors within the Indian judicial and insolvency framework. The dispute between Indian ed-tech giant Byju’s and its American creditor, GLAS Trust Company LLC (GLAS Trust), elucidates the complex enforcement landscape foreign investors encounter in India when tackling with insolvency and debt recovery proceedings.
Background of the Dispute
Byju’s, an Indian ed-tech company once valued at $22bn, raised $1.22bn through a Term Loan B (TLB) in 2021, with GLAS Trust acting as the collateral agent on behalf of…
A woman feels she is being taken advantage of by her sister who has just “won big” at a casino and has treated their mother to a brand new $30,000 car.
The woman turned to Reddit for outside opinions, revealing that her 35-year-old sister borrowed $5,000 last year during a financial struggle, promising to repay the amount within six months.
Debt Unpaid
However, despite repeated requests, the original poster (OP) compthrow1 has not received a single payment.
Their dispute escalated when the OP learned that her sister had won a large sum when gambling the previous week and used part of the winnings to buy their mom a new car while still failing to repay her debt.
As reported by CNBCTV 18, Busy Bee’s counsel, Apoorv Aggarwal, argues his client should be allowed to submit a new resolution plan and that it was in the national interest to revive Go First. He said allowing the liquidation to proceed would reduce competition and adversely impact Indian consumers. Aggarwal also said the administrator, referred to locally as the resolution professional, had failed to furnish his client with detailed…
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether.
Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by IBM. Costs can differ based on a number of factors, including regulatory compliance requirements, sensitivity or complexity of the data involved, and subsequent litigation.
The International Monetary Fund warned last year that cyberattacks have more than doubled since the onset of the pandemic, increasing the risk of “extreme losses” for companies that could cause funding problems “and even jeopardize…
The Tribunal emphasized that the CoC has the authority to decide to liquidate the Corporate Debtor at any point following its formation and prior to the resolution plan’s approval. In accordance with business acumen, it declined to impede the CoC’s decision.
The New Delhi Bench of the National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The tribunal upheld the decision by the Committee of Creditors to liquidate Go Airlines, which approved the liquidation with a 100% vote.
The NCLT filed a Corporate Insolvency Resolution Process under section 10 of the Code against M/s Go Airlines (India) Limited…
Did you know that according to the National Council on Problem Gambling, nearly 67% of all college students bet on sports?* This figure doesn’t even include those who also bet on the lottery, card games, mobile games or casinos.
If your student chooses to place bets during football season, here are some tips, strategies and resources they can use to avoid risky behaviors and find support if needed.
1. Evaluating habits
Gambling and sports betting are not inherently wrong or bad. However, it is important to remind your student that gambling sites, games and apps are all designed to keep them betting. Sites do this by stimulating the brain’s reward center, much like alcohol and other drugs do, which can lead to addictive…
We’ve all admired celebrities’ glamorous lifestyles, but behind the luxury, some are quietly battling bankruptcy.
In an unexpected revelation by the Insolvency Department (MDI), approximately 50 celebrities, including a well-known Datuk singer, are still grappling with bankruptcy despite their image as wealthy individuals.
Some of these figures have been unwilling to cooperate in paying the monthly contributions set by MDI after their bankruptcy cases were handled by the agency.
According to Berita Harian, MDI’s Director-General, Datuk M Bakri Abd Majid, highlighted the frustration faced by the agency as these celebrities refuse to meet with MDI officers to…
The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors’ plea seeking extension of deadline to complete the insolvency process, imposed a cost of Rs 55,000 on the Committee of Creditors (COC). This was challenged before NCLAT by COC through IDBI Bank, contending that there was not any laxity on the part of COC which decided to take Mudra Denim for liquidation on December 13, 2023, prior to the expiry of the CIRP (Corporate Insolvency Resolution Process) period.
