A young man, aged 22, was allegedly stabbed to death during a dispute over a mere Rs 100 linked to gambling in Pachpahara village, police reported today.

The confrontation erupted late Saturday between two groups, resulting in a violent attack that claimed the life of Nilesh, according to Superintendent of Police Palash Bansal.

In the wake of the incident, police have launched a manhunt, forming four teams to capture the four individuals suspected of involvement in the fatal confrontation. The victim’s body has been sent for a postmortem, and investigations are ongoing.

(With inputs from agencies.)

New Delhi: Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital on Saturday said a creditor-led resolution framework under the bankruptcy law is in the offing. The move aims to lower the workload of the adjudicating authority by enabling the committee of creditors (CoC) to take on greater responsibility and expedite the rescue of stressed firms, he said.

“We would be happy if less work goes before the NCLT (National Company Law Tribunal),” Mital said, conceding that the adjudicating authority is now over-burdened. He also rooted for a formal group insolvency framework.

Mital was speaking at an international conclave, organised by IBBI and INSOL India.

ET reported on September 18 that a creditor-led insolvency resolution…

BAKU, Azerbaijan, December 7. Azerbaijan’s
Micro Leasing and Factoring Limited Liability Company (LLC) has
announced its liquidation, Trend reports via the “Taxes” online newspaper of the
State Tax Service under the Ministry of Economy.

The creditors were required to contact the following address
within two months: AZ1122, Baku city, Yasamal district, Hasanbek
Zardabi Ave., building 103.

To note, the company was registered in Azerbaijan in 2022.

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A total of 3,347 eateries have been unable to pay their debts in the past two years to March 2023, according to data from the Insolvency Service and first reported by Sky News.

During the first three months of 2023, an average of six restaurants were affected every day.

Of those restaurant declared insolvent, 98% of cases have ended with the business being shut down.

Research by UKHospitality shows that the number of restaurants in Britain has declined by 3,415 since March 2020 – a fall of 18%.

“We’re really facing a perfect storm,” says UKHospitality CEO Kate Nicholls. “These businesses faced a challenge going through COVID, and as a result of that they’ve got very high levels of debt. So, interest rate rises have impacted on…

Since the pandemic, during which insolvency rates were low due to government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.

An increase in company insolvencies throughout 2023

Insolvency specialists ^{estimate that more than 47,000 businesses are near collapse in the UK at the start of 2024 and,…}

A small solar panel installing company owner says he and his staff are devastated by the failure of SolarZero.

The energy business announced its liquidation last Tuesday.

The board of the company owned by international investment firm BlackRock pulled the pin, blaming “unsustainable operating losses”.

Almost 600 businesses are owed close to $40 million by SolarZero.

Hundreds of employees are also owed more than $1.7m.

Josh’s company worked installing the systems and he is one of those unsecured creditors.

Josh, who did not want to give his last name, told Checkpoint it was a huge blow to him and his staff.

“This is massive. This is just…

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New Delhi: In a significant development in the Jet Airways insolvency case, the Supreme Court on Thursday ordered the liquidation of the grounded airline, forfeiting Rs 200 crore invested by the successful bidder, Jalan Kalrock Consortium (JKC), and allowing the lenders led by SBI to encash a Rs 150 crore performance bank guarantee (PBG).

Exercising its extraordinary powers under Article 142 of the Constitution, a bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra concluded the insolvency proceedings of the airline by overturning the decision of the National Company Law Appellate Tribunal (NCLAT). The bench criticised the NCLAT for…

Reserve Bank of India (RBI) Deputy Governor Rajeshwar Rao. File.
| Photo Credit: Reuters

Reserve Bank Deputy Governor M. Rajeshwar Rao on Saturday (December 7, 2024) pitched for an enforceable code of conduct for the Committee of Creditors (CoC) under the insolvency resolution process.

While emphasising that the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, Mr. Rao also said significant improvements are needed with respect to the area of CoC.

CoC has a key role in implementing the corporate insolvency resolution process under the IBC.

At a…

Mumbai: In a major relief to V Hotels (formerly M/s. Tulip Hospitality Services Ltd), the Bombay High Court has quashed an attachment order issued by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). This order followed a provisional attachment issued by the Enforcement Directorate (ED).

V Hotels had challenged the provisional attachment order dated April 25 by the ED and the subsequent complaint filed by the central agency on May 22 before the Adjudicating Authority. The adjudicating authority confirmed the attachment of 12 properties, including the V Hotel near Juhu Beach, on May 27.

The hospitality company contended that it had undergone a successful…

In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency. 

This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based on a plea by ICICI Bank.

Read this | Gautam Adani plans mega entry into Delhi-NCR with Jaypee real estate bid

The NCLAT bench, comprising chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, upheld the NCLT’s decision, saying, “After answering all the issues, we are of the view that no grounds have been made…