Insolvency Guardian Media Centre
The Supreme Court on December 13 directed the Enforcement Directorate (ED) to handover to JSW Steel the debt-ridden Bhushan Power & Steel’s properties worth Rs 4,025 crore that were provisionally attached in 2019 in connection with a money laundering probe linked to an alleged bank loan fraud by the erstwhile management.
A bench presided by Justice Bela M Trivedi and Justice S C Sharma directed the release of the properties of the corporate debtor, Bhushan Power and Steel Ltd, which were provisionally attached by the Enforcement Directorate (ED).
The properties are now to be handed over to JSW Steel Ltd (JSW), the successful resolution applicant in the insolvency proceedings of Bhushan Power and Steel Ltd (BPSL).
The…
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The NCLAT New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member) has held that the amount deposited with the bank by the corporate debtor in pursuance of an One Time Proposal to show bonafides will remain assets of the corporate debtor and can be taken into custody by the RP under section 18 of the code when the said proposal is not materialised.
Brief Facts
The present appeal has been filed against an order passed on May 3, 2021 by which the appellant was directed to release Rs. 1 crore held in a No Line Account. The corporate debtor was admitted into insolvency on January 3, 2020 in pursuance of which the IRP initiated steps to manage the assets of the corporate debtor…
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Flying taxis could reduce an airport commute from 90 minutes to 7. They could better connect small towns to urban areas. Optimistic investors believe they’re the future of urban travel.
There’s a lot in the way of making that reality. It comes down to capital. And Lilium, despite raising $1.1 billion since 2021, has run out.
The Germany company plans to file for insolvency and apply for government-supervised restructuring, according to a filing with the U.S. Securities and Exchange Commission on Thursday.
That means that Lilium faces significant risk of going bankrupt or shutting down if it can’t raise additional funds.
“Despite its continuous and ongoing…
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New Delhi: The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday. JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP).
These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and “diversion” of those funds for personal investments. The Enforcement Directorate (ED) said the restitution…
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The management company that represents local comedians including Aaron Chen (ABC TV’s Fisk) and Sam Campbell (Taskmaster UK) has gone into administration, leaving dozens without representation — and, in some cases, owed money — four months before Australia’s leading comedy festival kicks off.
ABC Arts understands that on November 28 the director of Sydney-based management company The Junkyard, Craig Ivanoff, called some of his clients to tell them the company was insolvent and closing down, citing poor financial management. ABC Arts has contacted Ivanoff for comment.
On December 2, The Junkyard and Ivanoff’s production company, West Street Sports, appointed liquidator Andrew Spring from Jirsch Sutherland Insolvency Solutions to wind…
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Begbies Traynor jumps as increasing insolvencies boosts profits Proactive Investors Australia
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Ukwala Supermarket Announces Final Liquidation Meeting with Creditors MSN
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Embattled Crypto Exchange FTX Files for Bankruptcy (Published 2022) The New York Times
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The liquidation of Louis Liebenberg’s diamond dealing company is in the spotlight after findings from a SIU report were leaked.
A fracas has been unfolding about the integrity of the liquidation process of fraud-accused diamond dealer Louis Liebenberg’s company Tariomix.
This after it has come to light that the liquidators’ key legal advisor features in a Special Investigating Unit (SIU) report which has already landed on President Cyril Ramaphosa’s desk.
On Wednesday, the report’s findings pertaining to Advocate Kobus Senekal have been leaked on the Facebook group “Spotlight on Tariomix Liquidation”, casting a shadow over the liquidator collective headed by Vaughn Victor.
The investigation on which…
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ED restitutes assets worth Rs 4,025 crore in Bhushan Steel bank ‘fraud’ case Daily Excelsior
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New Delhi, Dec 14 (PTI) The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday.
JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP).
These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and “diversion” of those funds for personal investments.
The Enforcement…