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South Africa will host the G20 summit this weekend, prioritizing debt relief for developing nations and efforts to reduce global inequality, while the United States boycotts the gathering. President Cyril Ramaphosa said Washington’s absence from the November 22–23 meeting is “their loss,” as tensions continue between the two countries over the summit’s agenda.
The US, the most influential member of the G20—which accounts for 85 percent of global GDP and about two-thirds of the world’s population—is skipping the event as part of President Donald Trump’s broader withdrawal from multilateral platforms. The boycott follows a similar move at the COP30 climate summit in Brazil, and comes amid US tariffs on several nations,…
The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Tuesday imposed a cost of Rs. 15 lakh on Astral Agro Ventures, a Prospective Resolution Applicant (PRA), for obstructing the Corporate Insolvency Resolution Process (CIRP) of Megi Agro Chem Ltd.
The tribunal observed that the insolvency resolution process “cannot be reduced to a Tom & Jerry show” where a PRA, who doesn’t have any right to challenge continuously seeks extensions only to derail the resolution.
The tribunal described the appellant’s conduct as “pretentious” and “loaded with well-concealed chicanery.”
A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka noted,
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The board of directors of medical technology company Chordate Medical has decided to propose that shareholders vote on a voluntary liquidation and delisting of the company’s shares at an extraordinary general meeting. This information was disclosed in a press release.
The board is making this proposal after concluding that there are no longer sufficient conditions to continue operations until a successful exit can be achieved.
“This is particularly due to the size of the company’s current working capital and the board’s assessment that there are no realistic prospects for the company to secure the additional capital increase required to continue operations while awaiting a successful exit,” the statement continues.
Mediation in India is an accepted non-adversarial alternative dispute resolution to settle disputes between parties. The introduction of it in the Indian insolvency regime for corporate insolvency or liquidation wherein complex commercial issues arise is the need of the hour in order to curtail litigation, promote entrepreneurship, enforce business relationship and ensure that there is least deterioration of assets. This essay attempts to explain how this could be achieved.
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Statement of affairs shows the multi-million pound debts of Colwyn Bay firm
Penrhyn Ltd was transferred land to the east of the old Civic centre in Colwyn Bay(Image: Google maps)
A property development company that has gone into liquidation owes millions of pounds to creditors – including nearly £500K to Conwy council.
Penrhyn Ltd, that was based in Colwyn Bay, was involved in property development – including homes and other schemes.
It was involved in the redevelopment of land around the Civic Hall in Colwyn Bay – with charges lodged against land to the east of the former council offices. A charge is a form of security a company gives a lender over its assets to secure a loan.
Conwy council vacated the Grade II Listed site and a number of…
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COLOMBO (News 1st); Sri Lanka has entered into a bilateral agreement with Denmark as part of its ongoing external debt restructuring process.
This milestone underscores Colombo’s unwavering commitment to achieving debt sustainability and revitalizing its economy.
The agreement follows extensive bilateral discussions after Sri Lanka concluded a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC). Under the terms, Denmark will extend a debt relief measure by rescheduling outstanding obligations amounting to USD 39 million.
The pact was formally signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, representing the Government of Sri Lanka, and Lars Løkke…
COLOMBO (News 1st); Sri Lanka has entered into a bilateral agreement with Denmark as part of its ongoing external debt restructuring process.
This milestone underscores Colombo’s unwavering commitment to achieving debt sustainability and revitalizing its economy.
The agreement follows extensive bilateral discussions after Sri Lanka concluded a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC). Under the terms, Denmark will extend a debt relief measure by rescheduling outstanding obligations amounting to USD 39 million.
The pact was formally signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, representing the Government of Sri Lanka, and Lars Løkke…
