Insolvency Guardian Media Centre
Shares price of Adani Power rose as much as 2.24 per cent at Rs 689 per share on the BSE in Friday’s intraday deals. The Adani share price soared after the Hyderabad Bench of the National Company Law Tribunal (NCLT) approved Adani Power’s Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL).
The order, issued on August 21, 2024, was made available on the NCLT’s website the following day, the company said in an exchange filing.
“The object of the LAPL, being generation of power, is on the same line with the main line of business of the Company. Successful acquisition and implementation of the resolution plan for acquisition of LAPL will…
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By B Kishan Singh, Hubli EXPRESS News:
A recent incident in Hubballi has brought to light a disturbing network of illegal money lenders operating in the twin cities, specifically targeting minors. The case involves a ninth-grade student who borrowed money from a classmate in the tenth grade, who had obtained the funds from a private money lender. The situation escalated when the borrower stabbed his junior over a dispute regarding the repayment of the borrowed money. The injured student’s parents reported the incident to the Bendigeri police, leading to the arrest of the money lender and the apprehension of four juveniles involved in the illegal network. These minors were later produced before the Juvenile Justice Board.
As of now,…
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The recently announced guidelines by the Insolvency and Bankruptcy Board of India (IBBI) for the committee of creditors (CoC) are a step in the right direction, but Insolvency and Bankruptcy Code (IBC) experts feel that they will not be effective unless a monitoring mechanism is in place.
“There are no obligations for the CoC in these guidelines. They have not been issued under any law and are self-regulatory in nature. When the idea was conceptualised for the first time, IBBI was at least trying to get the Reserve Bank of India on board,” a senior IBC expert said.
Earlier
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Number of bankrupt firms is at highest level in six years – Insolvency Service report Insider Media
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In a society that normalizes debt, most people have multiple repayment responsibilities every month: credit cards, mortgages, car loans, student loans, lines of credit and personal loans.
Personal finance isn’t widely taught in schools, but managing your money is an essential life skill. Spreadsheets and apps are helpful as tools to add inputs but often fall short in providing tangible information. Could artificial intelligence help bridge the gap?
There’s a chasm between receiving no financial advice — due to debt shame or a lack of funds — and being able to hire a financial adviser, so I wanted to see if AI could help with how best to tackle your debt.
There’s been a proliferation of AI tools (check out CNET’s AI…
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Company insolvencies rise 17% on year in England and Wales Reuters UK
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How will the change work?
The government will make the change retrospective, once it passes legislation.
Given the wage price index up until September last year had been below 4 per cent, it means the indexation rate for June 1, 2023, will be slashed from 7.1 per cent to 3.2 per cent, and the rate for June 1 this year will be cut from 4.7 per cent to 4 per cent.
What that all means is once the legislation has passed, the government will apply a credit for the difference between the rates of indexation on all existing student loans.
Has HECS debt been wiped?
No.
The government is just giving some money back as part of a cost-of-living relief measure, and the change has not yet taken effect.
The government needs new legislation to make this…
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Debt payments by the 50 countries most vulnerable to the climate crisis have doubled since the start of the coronavirus pandemic and now stand at their highest level in more than three decades, campaigners have warned.
The Debt Justice charity said countries at the highest risk of being affected by global heating were paying 15.5% of government revenues to external creditors – up from less than 8% before Covid-19 and 4% at their lowest recent point in 2010.
Using data from the World Bank and the International Monetary Fund, the charity said its new report showed the urgent need for comprehensive debt relief so that poor countries could invest in measures to tackle the climate crisis.
“Record levels of debt are crushing the ability of…
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The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors (CoC) overseeing the corporate insolvency resolution process (CIRP) initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders.
By an order on August 14, the top court suspended the National Company Law Appellate Tribunal (NCLAT) order that allowed a settlement between the company and the Board of Control for…
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Adani Power announced on Thursday that the Hyderabad bench of the National Company Law Tribunal (NCLT) has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) with an upfront payment of ₹4,101 crore. LAPL is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, as stated in a filing with the BSE.
The acquisition is subject to the fulfillment of certain conditions outlined in the resolution plan. Upon completion, Adani Power will obtain 100% ownership of LAPL through a cash transaction.
LAPL operates a 2×300 MW (600 MW) thermal power plant (Phase-I) located in Pathadi Village, Korba District, Chhattisgarh.
The majority of the power generated from the Phase-I capacity…
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The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors (CoC) overseeing the corporate insolvency resolution process (CIRP) initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders.
By an order on August 14, the top court suspended the National Company Law Appellate Tribunal…
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Ilford taxi and delivery driver claimed £100,000 of Bounce Back Loans and failed to spend the money on his businesses
- Hafiz Saeed Ahmad, of Ilford, overstated the turnover for two businesses to falsely claim a total of £100,000 from the covid loan scheme
- Ahmad claimed the maximum loan of £50,000 each for his taxi and delivery businesses
- He failed to use the money for the economic support of the businesses
A taxi driver from Ilford in East London must abide by 11 years of tough bankruptcy restrictions after falsely claiming two Bounce Back Loans totalling £100,000 during the covid pandemic.
Hafiz Saeed Ahmad, 47, from Meath Road in Ilford, applied for two separate Bounce Back Loans for his delivery business, Sanwal…