Once considered a “future trend,” mediation is now becoming a vital tool in managing all disputes. The Insolvency and Bankruptcy Code, 2016 (“the IBC”) lacks specific provisions for mediation in insolvency matters.

The Judicial forums including Hon’ble NCLAT, and Ld. NCLT on request of Parties to proceedings allow deferment of the proceedings for settlement. In the case of Parvinder Singh v. Intec Capital Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 968 of 2019, the Hon’ble NCLAT referred the matter for mediation to Hon’ble Mr. Justice (Retd.) A.K. Sikri. The NCLAT further stated that the settlement terms recorded by the mediator would…

New Delhi, Dec 27 (PTI) The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of Rs 1.85 crore.

As per provisions of the Insolvency & Bankruptcy Code (IBC), NCLT has appointed Bhoopesh Gupta as Interim Resolution Professional to run the company after suspending the board of Hero Electric.

Also Read | Odisha Police Constable Answer Key 2024 Released At odishapolice.gov.in, Objections Open Until December 30.

The Delhi-based bench of NCLT rejected the contentions of Hero Electric of a pre-existing dispute with the operational…

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States^[1]

The Bottom Line

Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or insolvency proceeding outside of the United States. Under Chapter 15, a foreign representative may file a petition for recognition of the foreign proceeding, thereby commencing an ancillary insolvency proceeding in the U.S. and enabling the foreign representative, foreign and domestic creditors, and other parties in interest to avail themselves of various forms of relief…

The Winsome Yarn Limited‘s Committee of Creditors (COC) has approved with the requisite majority, through e-voting, in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed by M/s Mohini Health & Hygiene Limited.

The Resolution Professional has applied for approval of the COC approved Resolution Plan with the National Company Law Tribunal, Chandigarh Bench (‘NCLT’).

The Corporate Resolution Insolvency Process was initiated after the insolvency plea was filed by Edelweiss Asset Reconstruction Company Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the…

Everyday people across the country skip medical care because of cost. Those who do seek medical help may end up with a balance they can’t pay off. That debt can hurt people’s credit scores, resulting in long-term financial burdens.

Starting Jan. 1, a new state law will prohibit health providers and debt collectors from reporting medical debt information to credit agencies. That means unpaid medical bills should no longer show up on people’s credit reports, which consumer advocacy groups say is a boon for patients with debt.

Here’s why: While the law will not forgive someone’s debt, by keeping it off credit reports, it might provide some reassurance that a hospital stay or trip to urgent care won’t later affect their credit…

Similar to the popular South Korean TV series Squid Game, fraudsters in China are eyeing people who are struggling financially amid a slumping economy by promising prize money, debt restructuring, and unusual schemes.

However, Chinese players are taking “self-discipline” challenges to not risk their lives, unlike the series Squid Game, which is set to return with a second season on Thursday.

According to courts, some participated in isolation challenges, paying hundreds of dollars to stay in a room for days. After this, participants followed prescribed rules with a promise to win as much as 1 million yuan, which is nearly $140,000. However, this is a scam. The regulators are warning people about such scams that promise debt relief,…

VATICAN CITY, Dec 25 — Pope Francis said the story of Jesus’ birth as a poor carpenter’s son should instil hope that all people can make an impact on the world, as the pontiff yesterday led the world’s Roman Catholics into Christmas.

Francis, celebrating the 12th Christmas of his pontificate, presided at a solemn Christmas Eve Mass in St. Peter’s Basilica and opened the 2025 Catholic Holy Year, which the Vatican expects will bring some 32 million…

Supportive fiscal acts to serve as crucial pillar to sustain robust recovery amid headwinds both at home and abroad

BEIJING — Just as a single decisive move can energize a chess game, China’s latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects of the world’s second-largest economy.

The move comes as China gears up to navigate economic headwinds both at home and abroad, with a supportive fiscal policy serving as a crucial pillar to sustain a steady and robust recovery.

Local governments, the linchpins of the country’s fiscal outlays, were stuck with high debts and falling revenues, bringing challenges to the efforts of…

SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday (Dec 27).

The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$3.5 billion (S$4.7 billion) being entered against them.

They said then that they did not have enough assets to pay all their claimants and would file for bankruptcy.

The bankruptcy order was made effective on Dec 19 and published in the government gazette on Friday.

They will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.

The decision to consent to the judgment came in the midst of a

Countries with lower credit ratings are increasingly utilizing debt-for-nature swaps to manage their financial liabilities while supporting environmental conservation initiatives. This trend is gaining traction with the backing of multilateral development banks and an expanding pool of diverse investors, according to Latin Finance.

Joan Prats, a principal financial specialist at the Inter-American Development Bank (IDB), has been at the forefront of structuring guarantees for these transactions in countries like Ecuador, Barbados, and The Bahamas. “We are having many conversations and there is a lot of interest in the region,” Prats noted. “Many countries are interested in doing these types of transactions. At the same time there…