Credit card debt has been climbing steadily over the last several months, with Americans adding another $27 billion to their credit card balances in the second quarter of 2025 alone. In total, cardholders now owe a staggering $1.21 trillion in credit card debt — a new record-high. That represents an uptick of 2.3% from the first quarter of 2025 and a rise of nearly 6% compared to the second quarter of…

The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP).

Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process.

Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity.

The proposed amendment to CIRP norms will require such…

The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP). Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process.

Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity.

The proposed amendment to CIRP norms will require such…

The Supreme Court of India, on August 11, 2025, reserved its judgment in the ongoing legal battle surrounding JSW Steel’s resolution plan for Bhushan Power and Steel Limited (BPSL). The bench, led by the Chief Justice, heard final arguments from all parties involved in a batch of appeals stemming from the Corporate Insolvency Resolution Process (CIRP).

The hearing followed a significant order from the Supreme Court on July 31, 2025, which had allowed review petitions and recalled an earlier directive to send Bhushan Power and Steel Ltd into liquidation. This decision was a setback to the arguments that JSW Steel had been responsible for the alleged delays in implementing the resolution plan.

Key Arguments

A central…

The Supreme Court today (August 11) reserved its decision in the batch of appeals challenging the resolution plan of JSW Steel for Bhushan Power and Steel Ltd (BPSL).

The bench of CJI BR Gavai and Justices SC Sharma and K Vinod Chandran heard the matter. Previously, the bench, in exercise of review power, had recalled the May 2 judgment, which had rejected JSW’s resolution plan and decided to hear the matter afresh. In the May 2 judgment, the bench of Justices Bela Trivedi and SC Sharma set aside the resolution plan on 5 main grounds and directed the liquidation of BPSL.

Key Arguments Raised By Different Stakeholders During The Proceedings

Solicitor General Tushar Mehta, appearing for the CoC, submitted that a CoC constituted once under…

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China South City on Monday became the first state-backed property developer to get a liquidation order from the Hong Kong High Court since the Chinese property sector tipped into a debt crisis in 2021.

The news, announced by the company on Monday, comes more than a year after a group of its creditors filed a lawsuit in the Hong Kong court to recover at least $1.4 billion from China South City.

The world’s most indebted property developer, China Evergrande Group 3333, along with a handful of peers have also been ordered to liquidate since 2021 as they failed to come up with viable restructuring plans or gain enough creditor support for their plans.

China’s property market, once a key growth driver for the world’s second-largest…

According to Newscorp papers liquidators are scrutinizing a company run by the children of a collapsed truck repair group.

Gold Coast business, Truck Repair Group (TRG) went into voluntary liquidation in December last year (see original Paint & Panel article here) owing money to a host of suppliers and contractors.

Scott Hunter was director of the company and its sole shareholder was Natalie Hunter of the same address.

The assets of the original Group were sold to a new company directed by the Hunters’ children, Jasmine and Joshua.

The new business continues to operate from the same locations and still uses the original website. It employs more than 100 staff.

The liquidator, Nick Combis of Vincents, said the sale price of the…

A Hong Kong High Court has issued a liquidation order for China South City Holdings Ltd., marking the largest Chinese construction company by assets to face winding up since China Evergrande Group.This court decision exemplifies the ongoing impact of China’s property sector crisis on major real estate firms. Despite governmental support measures, residential sales remain subdued, suggesting a delayed recovery. UBS Group AG has revised its earlier optimistic outlook, now anticipating a postponed revival unless Beijing implements additional economic support.Judge Linda Chan delivered the verdict after the petitioner…

New Delhi, Aug 11 (PTI) The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP).
     Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process.
     Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity.
     The proposed…