Subsequently, when the matter was taken up on December 11, the ED filed an affidavit before the top court, stating that in view of the peculiar facts and circumstances of the case and without prejudice to the rights and contentions of the ED with regard to the investigation of the case registered against the promoters of Bhushan Power, JSW be permitted to take control of the attached properties.

The Court took into account the said submission and proceeded to direct the following:

“The Appellant-ED is directed to handover and the Respondent successful Resolution Applicant JSW is directed to take over the control of the properties of Corporate Debtor-Bhushan Power and Steel Ltd., provisionally attached vide the order dated 10.10.2019…

NEW DELHI: The Directorate of Enforcement (ED) handed over Bhushan Power and Steel Ltd (BPSL’s) assets worth Rs 4,025 crore to JSW, which successfully bid for BPSL under the insolvency resolution process. The restitution of the assets to JSW is result of a Supreme Court order on 11th December 2024.

The enforcement directorate had attached the properties of Bhushan Power and Steel Ltd after it found the company and its promoters diverted bank funds to private investments in the form of shares and properties. ED investigation also revealed that the books of accounts were fudged to show fake expenses/purchases/capital assets and thereby bank funds were taken out in the form of cash.

The diversion of funds resulted in financial distress of…

Pope Francis called for debt
relief for the poor countries of the South of the globe and the
universal abolition of the death penalty in his message for
World Peace Day 2025, which takes place on January 1.

   
“I would like once more to propose a concrete gesture that can
help foster the culture of life, namely the elimination of the
death penalty in all nations,” the Argentine pontiff said in the
message, which the Vatican released on Thursday. “This penalty
not only compromises the inviolability of life but eliminates
every human hope of forgiveness and rehabilitation”.
…

Thailand’s cabinet has approved a range of debt relief measures aimed at reducing the nation’s alarmingly high levels of household debt, the country’s Prime Minister Paetongtarn Shinawatra announced yesterday.

Speaking to reporters, the Thai leader said that the measures, which will include interest suspensions and reduced principal payments, aim to support retail borrowers and smaller businesses who are struggling with debt, Reuters reported.

The measures are part of the Pheu Thai-led government’s attempt to revive Thailand’s economy, which has struggled to emerge from the recession of the COVID-19 pandemic. One key objective is to reduce the country’s 16.3 trillion baht ($482 billion) in household debt, which, with a…

Australians with outstanding student loans will soon see their balances reduced, as the Labor government’s HECS-HELP debt relief began rolling in on Wednesday.

A total of $3 billion in student debt has been wiped, benefiting three million Australians ahead of the Christmas season— for some, the relief amounts to thousands of dollars.

For example, someone with an average HELP debt of around $27,000 will have roughly $1200 shaved off their loan.

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To see if your debt reduction has been applied, log into your Australian Taxation Office (ATO) account via MyGov.

The reform, backdated to June 2023, will also refund former students who repaid their student debt in 2023 or 2024.

The legislation,…

The creditors of failed Queensland vegetable processing business Bunny Bites are unlikely to be paid by the former owners, the Brent family.

Bunny Bites was owned by John Brent, and his brother Peter Leonard Brent, when the business went into liquidation in 2013 owing more than $3 million to vegetable growers, wholesalers, and other unsecured creditors.

With a case pending in the Supreme Court in Queensland, against John Brent’s children Sally and Matthew who had run Bunny Bites, alleging they had been trading insolvent, the pair has declared personal bankruptcy.

The largest creditor, Tasmanian onion grower Glenn Moore, won a court ruling last year ordering Peter Leonard Brent to pay $1.8 million, but Peter Brent declared bankruptcy last…

Mason Greenwood’s image rights company enters voluntary liquidation just over two years since last Manchester United apppearance.

The business behind alternative clothing, body piercing, and former bong retailer Off Ya Tree has fallen into liquidation, as the retail chain assures customers a dozen stores will remain operational.

Con Kokkinos of insolvency firm Worrells was appointed as liquidator for Thendro Pty. Ltd on Thursday, according to documents listed by the Australian Securities and Investments Commission (ASIC).

Thendro Pty. Ltd is listed as holding the Off Ya Tree business name, along with the Punktured body piercing and tattoo studios.

It is also listed as the corporate overseer of TBS Online, also known as The Bong Shop, an online retailer of smoking pipes, grinders, and related items.

While Off Ya Tree earned a reputation for selling bongs over its…