This paradigm shifted with the introduction of the IBC, which provided a much-needed mechanism to address insolvency issues in a time-bound and efficient manner. Passed in May 2016, it has played a transformative role in the Indian economy.
At the time of its enactment, we were grappling with a twin balance sheet crisis, where banks’ non-performing assets (NPAs) were hovering close to 12%. This resulted in the choking of fresh credit, the jet fuel for any economy, stalling economic growth.
The IBC emerged as the lighthouse of a new era, resulting in what J. Nariman eloquently paraphrased John Milton to call a “defaulter’s Paradise Lost.”
It engendered…
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Curaçao regulator appoints trustee to ensure player payments in BC.GAME legal case EGR Global
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The Student Loan Forgiveness Saga: How the Litigation Played Out and What’s Next The Federalist Society
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Dutch investment firm acquires bankrupt e-bike brand Stella Bike Europe
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The Biden administration aims to provide debt relief to nearly 28 million Americans by next fall.
Andrew Caballero-Reynolds/AFP via Getty Images
Student loan borrowers and their advocates have urged the Biden administration in public comments to implement its final effort to provide student debt relief, fearing what could happen during the next Trump administration.
“Cancel all student debt before Trump reverses everything,” one commenter wrote.
This latest plan is geared toward people facing financial hardship. The Biden administration received more than 14,000 comments on the proposal before the comment period ended Monday, though fewer than…
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The newly launched Business Ready (B-READY) 2024 report offers a comprehensive analysis of the global business environment, highlighting both strengths and weaknesses across 50 economies.
In this blog, we offer guidance on how to effectively navigate and leverage B-READY data to enhance business environments.
B-READY’s Analytical Framework
B-READY’s analytical framework is based on three pillars: (1) Regulatory Framework, (2) Public Services, and (3) Operational Efficiency. These pillars encompass ten topics corresponding to various stages of a…
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1. In Commercial Tax Department v. Teena Saraswant Pandey, (Company Appeal (AT) (Ins.) No. 1265 of 2022), the NCLAT observed that commercial tax department could not be treated as ‘secured creditor’ in relation to the taxes owed by the corporate debtor under Madhya Pradesh VAT Act, 2002 (“MPVAT”). To arrive at the conclusion, NCLAT relied on its earlier decision in Zicom SaaS (where a claim of the State tax authority of Maharashtra was not treated as secured charge – which we have covered here) and observed that Section 37 of the Maharashtra VAT Act (MVAT) and Section 33 of the MPVAT Act appeared to be pari materia.
However, in our humble opinion, the two provisions are not pari materia. A charge under Section 37 of MVAT is…
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Guernsey-registered GBG Insurance Ltd was placed into administration by the Royal Court last December, pre-empting the collapse of the US-headquartered Global Benefits Group earlier this year.
Audited accounts showed that the business was in good health but directors discovered that declared assets representing more than $70m. did not exist. Efforts were made during 2023 to sell the business, and at several points it was thought that a deal could be achieved.
But a year ago the final potential purchaser backed out and the directors of GBG had no choice but to seek administration. The local firm of Teneo was appointed and has completed the administration process.
GBG, which was licensed by the Guernsey Financial Services Commission, had…
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Liquidator gives first glimpse of SolarZero’s collapse BusinessDesk
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A family in Johor have taken the heartbreaking decision to cut ties with their wayward relative after he racked up RM180,000 in gambling debts.
They held a press conference announcing their decision, with Johor MCA Youth public services and complaints bureau chief Henry Mok in attendance yesterday (Dec 3), reported China Press.
Family paid off RM200,000 debt back in 2018
The Chinese daily reported that the 27-year-old man named Hong Yongxing (transliteration) had accumulated a gambling debt of RM200,000 in 2018 and fled to a relative’s house in Kedah to evade his creditors.
In order to settle the debt, Hong’s mother surnamed Ong, was forced to sell off her deceased husband’s car and used the insurance payout…
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Savi is the leading social impact company helping student loan borrowers manage repayment and apply for federal programs. Programs like income-driven repayment and Public Service Loan Forgiveness are available to county employees. These programs can lower monthly payments and lead to substantial forgiveness, but the paperwork is complicated. The average Savi user saves more than $2,000 per year on their student loan payments and $40,000 in projected loan forgiveness.
Savi’s free assessment tool and digital application simplify work for members, while partners track impact and engagement data on a custom dashboard.
This webinar is brought to you by NACo EDGE, establishing people, purchasing, and performance cost-saving solutions…
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Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. 5918-5919 OF 2022, 2024 LiveLaw (SC) 858
STATE BANK OF INDIA AND ORS. Versus THE CONSORTIUM OF MR. MURARI LAL JALAN AND MR. FLORIAN FRITSCH AND ANR.| C.A. No. 5023-5024/2024 and Connected, 2024 LiveLaw (SC) 866
Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors., Company Appeal (AT) (Insolvency) No. 1803 of 2024
Sandip Narendrakumar Patel (Promotor/ExDirector) Yours Ethnic Foods Pvt. Ltd. vs. Svakarma Finance Pvt. Ltd. & Anr., Comp. App. (AT) (Ins) No. 1419 of 2023
Telecom Regulatory Authority of India v. Reliance Communication Ltd. & Ors., Company Appeal (AT) (Insolvency) No.355 of 2024
…
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