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The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated
The National Company Law Appellate Tribunal (NCLAT) on Friday (December 6, 2024) rejected Jaiprakash Associates Ltd's petition challenging the insolvency
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The World Bank’s top economist called on private lenders to shoulder some of the cost of debt forgiveness for the poorest countries, as record high repayments drain budgets that should be focused on health, education and infrastructure.
Interest payments alone by the lowest-income nations ballooned to a record $34.6 billion in 2023, quadrupling over the past decade, the bank said in its latest International Debt Report. Including principal, those 78 nations are paying $96.2 billion annually to service $1.1 trillion in debt.
More alarming, according to Chief Economist Indermit Gill, is that private lenders have pulled almost $13 billion more in service payments from those countries than they injected in new financing over the last two…
Kalaburagi: A student addicted to online gambling allegedly ended his life in the city on Thursday after taking hefty loans for it and being unable to repay them. Somanath Chidri, 23, a resident of Donagapur village in Bhalki taluk of Bidar district, was studying in the final year BSc in a city college. Somanath reportedly became addicted to online gambling and lost more than Rs 80 lakh. He borrowed some of the money at interest rates between 4% and 10%. Fed up with the harassment from loan sharks, he allegedly died by suicide by hanging himself from a tree near Veerashaiva Hostel, said police sources. Kalaburagi city police commissioner Sharanappa SD revealed that Somnath’s parents reported a loss ranging from Rs 70 lakh to Rs 80…
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Motions brought by boom-time developer Seán Dunne in an effort to dislodge officials overseeing his bankruptcy have been dismissed by the High Court.
Mr Justice Liam Kennedy said Mr Dunne (70) failed to bring new proceedings and instead took a procedurally incorrect route in seeking to challenge the validity of two officials’ appointments within the original bankruptcy case.
Mr Dunne was declared bankrupt in 2013, owing hundreds of millions of euro to the banks.
He recently issued motions alleging, among other claims, that the legislation used to appoint official assignees to his bankruptcy is unconstitutional.
A preliminary objection was raised by former official assignee Chris Lehane, his successor Ian Larkin, and…
The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company.
While upholding an earlier order, the appellate tribunal NCLAT observed mere pending of loan restructuring arrangement with the lender before NCLT does not debar the creditors to file insolvency proceedings under section 7 of Insolvency & Bankruptcy Code 2016.
A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the order passed by the National Company Law Tribunal (NCLT), which had directed initiating the Corporate Insolvency Resolution Process (CIRP) against the company.
The appellate tribunal said ”after answering all the issues, we…
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.
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 out to…
Worried that President-elect Donald Trump will curtail federal efforts to take on the nation’s medical debt problem, patient and consumer advocates are looking to states to help people who can’t afford their medical bills or pay down their debts.
“The election simply shifts our focus,” said Eva Stahl, who oversees public policy at Undue Medical Debt, a nonprofit that has worked closely with the Biden administration and state leaders on medical debt. “States are going to be the epicenter of policy change to mitigate the harms of medical debt.”
New state initiatives may not be enough to protect Americans from medical debt if the incoming Trump…
The National Company Law Appellate Tribunal (NCLAT) on Friday (December 6, 2024) rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company.
A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the company.
The appellate tribunal said “after answering all the issues, we are of the view that no grounds have been made out to interfere in order of NCLT”.
The order has been pronounced orally and a detailed order is yet to be uploaded.
On June 3 this year, the Allahabad bench of NCLT admitted the six-year-old insolvency…
Liz Purtell worked for Autograph for 27 years and feels she’s been treated badly by the company. Photo: Oliver Jacques.
Collapsed women’s clothing company Mosiac Brands owes creditors $250 million worldwide, with many Australian staff members still not paid their entitlements weeks after store closures.
In early October, Mosaic announced it would be winding up five of its brands – Autograph, Rockmans, Crossroads, W.Lane and BeMe – which meant it planned to close 200 stores nationwide.
At the time, Mosiac said it hoped to retain its other labels – Millers, Noni B, Rivers and Katies – but the company has since gone into voluntary administration, a process in which external consultants are called in to manage finances and try…
