Insolvency Guardian Media Centre
Our wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL) had submitted a resolution plan for Asian Colour Coated Ispat Limited (ACCIL), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code). The Committee of Creditors of ACCIL has issued a Letter of Intent (LOI) dated 6th July, 2019 to JSWSCPL
Pdf Link:
Jsw Steel Ltd. – Corporate Insolvency Resolution Process (CIRP)-Public Announcement
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/jsw-steel-ltd-corporate-insolvency-resolution-process-cirp-public-announcement/article28304539.ece
By the end of fourth quarter 2018, total household debt in the United States reached a new high of $13.54 trillion.
A new Economic Inquiry study found that nonprofit credit counselingwhich reaches millions of consumers a year and provides financial education, individualized financial counseling, and debt restructuring servicescan be an effective strategy for addressing consumer debt issues.
For the study, researchers analyzed the credit of counseled
individuals versus a matched comparison group of noncounseled
individuals. Individuals who underwent credit counseling experienced a
substantial decline in debt relative to the comparison group, and credit
counseling was also associated with an increase in credit scores for
consumers with the…
Read the full article at: https://www.eurasiareview.com/06072019-credit-counseling-may-help-reduce-consumer-debt/
By Allan Sloan,
With the Fourth of July just passed, this seems like a good time to bring some independent thought to bear on how to liberate millions of Americans from one of our countrys major problems.
And to suggest a few ways to do this without setting off divisive disputes.
The problem Im talking about is student loans. The numbers, as you likely know, are staggering. According to the Congressional Research Service, nearly 43 million U.S. adults one in six of us have federal student debt, totaling about $1.4 trillion. That includes not only students, but also parents who took out loans to help their kids.
About $150 billion of those loans are in arrears or in default, and untold millions of borrowers are struggling …
Read the full article at: https://www.washingtonpost.com/business/economy/canceling-all-student-debt-is-a-bad-idea/2019/07/05/09b3d11a-9dc4-11e9-85d6-5211733f92c7_story.html
Clearly the cross-border insolvency law, consistent with the UNCITRAL Model with least intrusion into each countrys domestic insolvency laws, is imminently likely to be introduced as new law. The framework law for group insolvency and cross-border insolvency of group companies cannot be far behind, to tackle the realities of global insolvency. Personal insolvency, partnership insolvency, personal guarantor insolvency have several social complexities and the odium attached to a diwaliya will open a Pandoras box. But that has not precluded the governments desire to plug the gaping holes in the laws.
Shardul Shroff
The recognition of disputed tax claims mired in litigation from …
Read the full article at: https://www.business-standard.com/budget/article/budget-2019-welcome-changes-in-fiscal-laws-says-shardul-shroff-119070501713_1.html
Would millennials want to work for a company that paid off their student loans?
For plenty of college grads with heavy debt loads, the answer is a resounding yes.
PwC, formerly known as PricewaterhouseCoopers, has a popular loan-offset program for employees: PwC pays part of their student loans as a benefit, offering $100 a month in loan payments for up to six years. That can cut loan principal and interest by as much as $10,000 and shorten employees debt-payoff period by up to three years. About 8,700 PwC staffers are currently signed up for the benefit and 8,069 are receiving payments. Since launching the program in 2016, PwC among the first large companies to tackle the student debt issue via loan repayment has paid off $25.9 m…
Read the full article at: https://www.seattletimes.com/explore/careers/saddled-with-big-student-loans-these-companies-help-employees-pay-off-school-debt/
UK business secretary Greg Clark has travelled to India and China over the past two weeks to meet companies viewed as potential bidders for British Steel, as efforts intensify to rescue the ailing business and save thousands of jobs.
In the past few days, the cabinet minister met JSW, one of Indias largest steel manufacturers, according to two people briefed on the matter, and other businesses. This followed a trip last week to China, whose Baowu has been linked with a move for British Steel.
The international visits suggest a concerted push by Mr Clark to find an investor to rescue the UKs second-largest steelmaker, whose future is hanging in the balance following its collapse into insolvency after owner Greybull Capital had a reques…
Read the full article at: https://www.ft.com/content/245d1cd4-9f08-11e9-9c06-a4640c9feebb
Sub.:- Update on National Company Law Appellate Tribunal (NCLAT), New Delhi Order
We would like to inform you that appeal filed by Saravana Global Holdings Limited against the Order dated 1st February, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai in MA/71/2019 in CP/682/IB/CB/2017 with National Company Law Appellate Tribunal (NCLAT), New Delhi has been dismissed.
Please find attached National Company Law Appellate Tribunal (NCLAT), New Delhi Order dismissing appeal filed by Saravana Global Holdings Limited.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bafna-pharmaceuticals-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article28295045.ece
Debt consolidation is the process of combining multiple debts into one. Typically, when you employ this strategy you take out a new lower-interest loan and use it to pay off the balances on multiple high-interest accounts.
Consolidating pricey debt into one, easy-to-manage account and payment can make sense for a lot of reasons. The most obvious plus of debt consolidation is that it has the potential to save you money. It can also help you to get out of debt faster and might even have a positive impact on your credit scores.
Thinking about simplifying your debt and (hopefully) saving money? Heres a breakdown of three of the most common types of debts you can consolidate along with the benefits of doing so.
Cr…
Read the full article at: https://www.bankrate.com/personal-finance/debt/types-of-debt-you-can-consolidate/
NUR-SULTAN Approximately 105 billion tenge (US$274.32 million) will be required to execute President Kassym-Jomart Tokayevs decree to provide debt relief to some of the countrys most vulnerable groups, said First Deputy Prime Minister and Minister of Finance Alikhan Smailov at a recent press conference.
Gulshara Abdykalikova. Photo credit: kazpravda.kz.
Of that figure, approximately 88 billion tenge (US$229.9 million) will be drawn from the national budget and 17 billion tenge (US$44.41 million) from bonds issued from the Troubled Loans Fund.
The Presidents one-time action calls for the government to take measures to repay unsecured consumer loans in second-tier banks and microfinance organisations for certain segments of the populatio…
Read the full article at: https://astanatimes.com/2019/07/executing-debt-relief-for-approximately-500000-kazakhstan-citizens-to-cost-274-million-over-two-months-say-ministers/
“If I made a mistake, it was probably not putting a residential requirement in the legislation,” he said.
“It seemed to me wrong somehow that if someone had been visiting the territory and took ill in some way and was in a bed with the same conditions as a Territorian, one entitled to voluntary euthanasia … and the person in the bed next to them not.
Former Northern Territory chief minister Marshall Perron says people are dying slow deaths from “terminal sedation”.Credit:Brendan Esposito
“If the basis of this legislation is compassion, then it should apply to anyone who is in the Northern Territory.
“I think that fact probably aggravated opponents in Canberra more than anything, it was stated that you have legislated for the whole of Austr…
Read the full article at: https://www.smh.com.au/politics/queensland/why-voluntary-euthanasia-was-doomed-to-fail-former-chief-minister-20190705-p524g9.html
Shona Godefroy has been appointed managing partner of Thomas Westcott, the southwest-based firm of chartered accountants and business advisers. She takes over the leadership of the practice from chairman Richard Thomas, who founded the firm in 1985 and is stepping down after 34 years. Godefroy joined Thomas Westcott in 2007 from Big Four firm EY and has more than 25 years experience. Formerly deputy managing partner, she is head of the firms audit and assurance team. She is also a trustee of the Theatre Royal Plymouth and chair of governors at a local primary school.
Grant Thornton UK LLP has appointed forensics partner Michael Radcliffe to lead its disputes advisory practice, focusing on growing the existing business and expanding into …
Read the full article at: https://www.accountancydaily.co/people-news-thomas-westcott-grant-thornton-dte-mazars-float
The National Company Law Appellate Tribunal on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittals 42,000-crore bid for the acquisition of bankrupt Essar Steel.
Resolution plan tweaked
The tribunal, however, modified the Resolution Plan submitted by ArcelorMittal to safeguard the rights of the operational creditors and other financial creditors of Essar Steel. It said the proceeds of the sale were to be shared among the creditors.
A Corporate Insolvency Resolution Process was initiated in 2017 against debt-ridden Essar Steel Limited to recover 54,547 crore of unpaid dues to financial lenders and operational creditors. The tribunal also clarified that any profits of Essar Steel generated during the pendency of the insolvency pr…
Read the full article at: https://www.thehindu.com/business/arcelormittal-bid-for-essar-steel-okayed/article28286629.ece