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The Insolvency and Bankruptcy Board of India (IBBI) and Enforcement Directorate (ED) have mutually devised a mechanism, allowing insolvency professionals
Myleene Klass's 'restaurant-quality' meal-kit company has gone into liquidation with nearly £350,000 of debt.The TV presenter co-founded My Supper Hero in
New Delhi: India’s bankruptcy regulator has stepped in to break a gridlock between insolvency and money-laundering laws that has often stalled revival of companies. The Insolvency and Bankruptcy Board of India (IBBI) has offered guidance on how administrators of bankrupt firms could go about reviving the company when its assets are attached by the Directorate of Enforcement (ED) for financial crimes.
In an order issued on Tuesday, the bankruptcy rule maker said resolution professionals running bankrupt businesses have to move the special courts handling Prevention of Money Laundering Act (PMLA), rather than the National Company Law Tribunal (NCLT) dealing with bankruptcy cases, to unfreeze those assets for debt resolution. Reviving…
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The appellate tribunal NCLAT has set aside an appeal filed by Reliance Realty, a step-down entity of debt-ridden Reliance Communications, seeking recovery of rental and assets from Independent TV, a firm which was in the DTH business and is now facing liquidation.
The National Company Law Appellate Tribunal (NCLAT) has upheld the earlier order passed by the Mumbai bench of NCLT, which had declined Reliance Realty’s plea and said the liquidation process of Independent TV (formally known as Reliance Big TV) has to be completed in a time-bound manner and in the shortest possible time.
A two-member bench said the liquidation process should…
The Insolvency and Bankruptcy Board of India (IBBI) and Enforcement Directorate (ED) have mutually devised a mechanism, allowing insolvency professionals (IPs) to bring assets of corporate debtors attached by the Enforcement Directorate (ED) back into the resolution pool. Such restitution of the assets is expected to give a fillip to the resolution process, by reducing the chances of the prosecution process against errant promoters for their past wrong deeds undermining the value of the assets being salvaged.
A conflict between the Insolvency Bankruptcy Code, 2016 (IBC) and the Prevention of Money Laundering Act 2002, which most ED actions are based on, have engaged the courts for the last many years. This is despite the IBC…
ED Raids 8 Locations In Mumbai In Money Laundering Probe Linked To Drug Network | File Pic
The Enforcement Directorate (ED) has taken steps to expedite the resolution of companies under the Insolvency and Bankruptcy Code (IBC) by allowing the release of assets previously attached under the Prevention of Money Laundering Act (PMLA). The move is aimed at maximizing value for creditors, including banks and homebuyers, the central agency said on Wednesday.
In several insolvency cases, assets of corporate debtors remained under PMLA attachment, restricting their use in the resolution process. To address this challenge, the ED held multiple coordination meetings with the Insolvency and…
THERE has been a mixed reaction to the eThekwini Municipality’s decision to reinstate its Special Debt Relief Programme, which offers residents and businesses a 50 percent write-off on arrears.
While some hail it as a victory for struggling residents, others criticise it as inadequate and failing to address root causes of the debt crisis
During a full council meeting last Thursday, a decision was taken to run the programme from November 1 to January 31, 2026, offering a write-off on arrears accrued up to January 31, 2025.
The municipality, in a statement, said customers who are unable to pay their arrears in full may do so through instalment plans, provided the debt was fully settled by January 31, 2026.
