Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Arrival, the electric vehicle startup that made significant commitments in the Charlotte region, is bankrupt after years of financial struggles.PREVIOUS:
The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10.
These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process (CIRP), and benefiting creditors and other stakeholders involved in the CIRP.
Discussion paper
In a discussion paper released on Wednesday, the IBBI proposed that the registered valuer should submit a comprehensive valuation report for the corporate debtor as a whole, rather than separate valuations for different asset classes.
This proposal seeks to eliminate inconsistencies between the CIRP…
The object of the LAPL, being the generation of power, is on the same line as the main line of the company’s business. Image: Bloomberg
2 min read Last Updated : Aug 22 2024 | 11:03 PM IST
Adani Power on Thursday said the NCLT Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) for an upfront payment of Rs 4,101 crore.
LAPL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, a BSE filing said.
According to the filing, the acquisition shall be subject to the satisfaction of conditions precedent mentioned under the resolution plan.
Adani Power will acquire 100 per cent shareholding in the LAPL for a cash consideration, the filing…
MUMBAI: In a widely expected step, Byju’s has moved the National Company Law Appellate Tribunal (NCLAT), challenging a court order which allowed insolvency proceedings to be initiated against the once high flying decacorn startup. Byju’s, sources said, has sought an urgent hearing on the matter. The Chennai bench of NCLAT may take up the matter as early as next week. Acting on a plea filed by the Board of Control for Cricket in India (BCCI) against the company over non-payment of dues amounting to Rs 159 crore, the Bengaluru bench of the National Company Law Tribunal (NCLT) earlier this week admitted Byju’s parent Think & Learn to the corporate insolvency resolution process. The order essentially means that the startup’s founder…
Local authorities are at risk of bankruptcy if funding from the Scottish government is not improved, council leaders have said.
Cosla issued the warning in a briefing paper ahead of the Scottish budget on 19 December.
The local government body said councils need nearly £14.4bn in the budget just to “stand still”.
The Scottish government said it had given councils a real-terms increase of £376m, or 3%, this year.
Both authorities have issued Section 114 notices, which prevent spending on virtually everything apart from statutory services.
In its briefing paper, Cosla stated: “There is a risk this becomes the reality for Scottish councils if the funding by Scottish government does not match growing cost pressures.”
New Delhi: The Supreme Court on Thursday refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against embattled ed-tech firm Byju’s. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, however, said it will accord the final hearing in the matter on August 27.
The bench said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor Glas Trust Company LLC against the judgment of the insolvency body — National Company Law Appellate Tribunal (NCLAT).
At the outset, senior advocate Abhishek Singhvi, appearing for Byju’s, and…
Want to read spiked without any pesky adverts or pop-ups? Then join , our online donor community.
For just £5 a month you can enjoy ad-free reading, access to our comments section, free online events and many more exclusive perks. It’s the best way to support our journalism.
Glenn Armstrong gave false and misleading information to obtain £273,000 from four individuals after a creditor applied to make him bankrupt in April 2018
Creditors lost hundreds of thousands of pounds because of transfers Armstrong made following the presentation of the bankruptcy petition
The Bankruptcy Restrictions Order (BRO) places a number of restrictions on Armstrong until March 2036
A property developer who misled four individuals and deprived creditors of hundreds of thousands of pounds has had tough bankruptcy restrictions imposed on him.
Glenn Armstrong was handed a Bankruptcy Restrictions Order lasting 12 years at the High Court on Thursday 7 March after investigations by the Insolvency Service.
The Polish infrastructure minister, Dariusz Klimczak, maintains that PKP Cargo will not go bankrupt. The company is “too important”, he says. The minister already sees improvements at the company.
“I would like to reassure all those who are worried about the PKP Cargo company. The company has no right to go bankrupt and will not go bankrupt. It is too important, the legal conditions do not allow for such a situation to occur. Quite the opposite, the company is on the right track”, Klimczak said.
The minister also states that the company is on the right track. It has started a restructuring procedure to alleviate the financial crisis it finds itself in. Much like the new supervisory board of the company, the minister seems to…
 "Adani Enterprises, Adani group")
