Insolvency Guardian Media Centre
Directorate of Enforcement (ED), Delhi Zonal Office, conducted search operations on 04 December 2024 at 18 locations in Delhi, NCR and Mumbai belonging to Shilpi Cable Technologies Limited (SCTL), the then promoters/ directors Manish Goel, Vishal Goel and other companies related to them.
ED initiated investigations on the basis of FIR registered by CBI, New Delhi, against Shilpi Cable and its promoters for cheating Banks. As per the FIR, Shilpi Cable cheated banks to the tune of Rs 989 Crore. The company was engaged in the business of design and manufacturing of wires and cables in automobile and telecom segments. The FIR alleged that the said entity took loans from banks for business purposes and diverted the bank funds…
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The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Barun Mitra (Technical Member) has held that section 43 of the code can be attracted only when the transaction in question is made by the corporate debtor and not when it is made by the third party in pursuance of a statutory demand.
Brief Facts
The corporate debtor was admitted into the insolvency on June 21, 2019. When the moratorium was in operation, the Madhya Pradesh Commercial Tax Department issued a notice on July 3, 2019 in which VE Commercial Vehicles Ltd, was directed to pay ₹17,12,094 as VAT due on behalf of the corporate debtor.
Thereafter, the Resolution Professional filed an application under sections 43 and 60(5) of the code in…
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Highlights
- The National Company Law Appellate Tribunal upheld the order of the National Company Law Tribunal admitting Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process.
- The National Company Law Appellate Tribunal found that Jaiprakash Associates Limited had made a One Time Settlement offer and paid ₹ 200 Crores as an upfront amount.
- The appeals filed by a Suspended Director of Jaiprakash Associates Limited challenging the Corporate Insolvency Resolution Process were rejected by the National Company Law Appellate Tribunal.
The National…
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Eegee’s declared Chapter 11 bankruptcy on Friday. | Photo: Shutterstock.
Eegee’s, a 53-year-old chain out of Tucson, Arizona, declared Chapter 11 bankruptcy on Friday after closing a handful of stores in the region.
The fast-food sandwich concept listed both assets and liabilities of between $10 million and $50 million and says that it has between 100 and 199 creditors.
Local reports said that the company had closed five locations this week, leaving the brand with 25 restaurants. All the chain’s restaurants are in Arizona and are company operated. The company generated $27.9 million in system sales last year, according to data from Restaurant Business sister company Technomic. That was down 4.8% from the year before.
The…
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Billionaire tech CEO Elon Musk has in a post on social media platform X (formerly known as Twitter), expressed worry that the United States will go “bankrupt”.
“Overspending must stop or America will go bankrupt,” he wrote early on March 13. Musk was responding to a post by X user @WallStreetSilv who warned that over time 100 percent of US taxpayer monies would be used to pay interest on national debt.
“This is an amazing number to watch in the next few years. Individual income taxes are about 1/2 of the govt revenue. For February, the US govt collected $120 billion from individual income taxes. They had to spend $76 billion in February to pay interest on the national debt. We are not that far off from a day when 100% of individual income…
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- Chris Elle Dove, once bankrupt, is set to retire early with over $1.5 million net worth.
- She transitioned from earning $50,000 a year as a professor to investing full-time.
- Her strategy includes living minimally, investing in real estate, and keeping spending low.
Chris Elle Dove, 52, declared bankruptcy at age 29 in 2001 and survived off government benefits and side hustles to provide for her two kids. She had recently lost her husband and was struggling to be a good mom while finding more stable work.
Two decades later, she and her second husband have a total net worth of over $1.5 million and are set to retire early in their 50s.
After years of earning between $50,000 and $60,000 as a professor, Dove…
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Friday used to mean something.
Monday was for the blahs. Wednesday was hump day. Sunday—or Saturday, depending on your Lord—was God’s day. But Friday was your day, the bright-line demarcation between when your body belonged to The Man and when your body belonged to you. As Loverboy sang back in 1981, “Everybody’s working for the weekend.” But now everybody’s just working. The wired-all-the-time technological “innovations” of the past two decades mean that we never stop punching the clock. Now the clock punches us.
None of which augurs well for TGI Fridays, the original fern-bar-turned-mall-canteen-turned-ubiquitous-franchise, which filed for Chapter 11 bankruptcy this month. Why thank anyone that it’s Friday when…
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Exactech Inc., a maker of joint-replacement implants owned by TPG Capital, has filed bankruptcy after being accused in more than a thousand lawsuits of making defective hip and knee implants that hurt patients.
The Florida-based company sought court protection Tuesday in Delaware listing assets and liabilities each of between $100 million and $500 million on its Chapter 11 petition.
Exactech, which was taken private by TPG in 2018, signed restructuring and asset purchase agreements with a group of existing lenders backing the Chapter 11 case, according to a statement. The lender group has agreed to serve as a stalking horse bidder, meaning the offer to acquire the business out of bankruptcy is subject to better bids should any…
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One of Russia’s largest microchip factories declared bankrupt MSN
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In Switzerland, nearly half a million people are struggling with debt. This week, parliament discussed new measures that may offer relief to those unable to dig themselves out of insolvency, reported RTS.
In Switzerland, personal bankruptcy does not extinguish your debts in the same way as it does across much of the rest of world. Instead, once all your assets have been liquidated, any remaining creditors receive IOUs for any money still owed to them. And while it brings an immediate end to debt proceedings and allows you to spend all of your salary, any assets you inherit or accumulate post bankruptcy can still be claimed by creditors.
In addition, it is possible to inherit debt from an…
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From Old-Donor Debt Relief to Emerging Lenders in Africa OECD
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President Joe Biden made student loan forgiveness a central issue to his administration, rolling out efforts to forgive debt as well as to lower repayments for millions of borrowers. But with President-elect Donald Trump returning to the White House in January, the future of those efforts is now in question.
During the presidential debate with Vice President Kamala Harris, Trump described Mr. Biden’s efforts to forgive student borrowers as “a total catastrophe.” While he hasn’t explicitly addressed his plans for student loans, he’s called for eliminating the Department of Education, which manages the $1.6 trillion federal student loan portfolio.
It’s unclear which agency or group would manage those loans if the Education Department…