Insolvency Guardian Media Centre
The National Company Law Appellate Tribunal (NCLAT), Principal Bench in New Delhi, has dismissed a plea filed by the SREI Multiple Asset Investment Trust (SMAIT), which sought to be impleaded in an ongoing insolvency appeal tied to a hefty ₹1300 crore CorporateInsolvency Resolution Process (CIRP) cost dispute. The Trust, which claimed to have held a 69.80% equity stake in Odisha Slurry Pipeline Infrastructure Ltd. (OSPIL) before it went into insolvency, had filed Interlocutory Application No. 705 of 2022, arguing that it should be heard in the matter.
The case arose from the insolvency proceedings of Essar Steel India Ltd. and OSPIL. After both companies went through successful resolution processes, each approved by the…
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The recent Supreme Court ruling in JSW Steel Ltd. v. Pratishtha Thakur Haritwal & Ors. has sent shockwaves through India’s corporate and legal landscapes. The Court’s decision to quash demand notices issued against JSW Steel by government authorities marks a pivotal moment in enforcing the finality of insolvency resolution plans under the Insolvency and Bankruptcy Code (IBC). This ruling not only clears a significant financial hurdle for JSW but also sets a precedent that could reshape how legacy debts are handled in corporate takeovers.
The Case: A Clash Between Legacy Liabilities and Legal Finality
The dispute arose after JSW Steel acquired control of Monnet Ispat and Energy Limited (MIEL) in 2018 via an IBC…
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The National Company Law Appellate Tribunal (NCLAT) has upheld the National Company Law Tribunal’s (NCLT) decision dismissing an insolvency application filed under Section 9 of the Insolvencyand Bankruptcy Code, 2016 (IBC) by Morex Corporation Limited against Jindal Poly Films Ltd. The appellate tribunal found the existence of a genuine pre-existing dispute between the parties regarding an aborted export transaction during the COVID-19 lockdown period.
The appellant, Morex Corporation Ltd., had filed the application seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Jindal Poly Films, alleging non-refund of advance payment totaling ₹3 crores for a consignment of non-woven fabric. The …
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About judgment debt
If you owe money to someone (called a creditor), they can apply to the Magistrates’ Court for an order that the debt must be paid, for debts of up to $100,000. If a judgment has been made against you by a magistrate ordering that you pay a creditor an amount of money (called a judgment debt), interest will accrue at the penalty interest rate on top of the original debt. As of June 2023, the interest rate is 10 per cent per annum, but this is subject to change.
If a judgment has been entered against you and the debt remains unpaid, the creditor has the right to enforce payment of the debt. A judgment will only be enforced at the request of the creditor. Common forms of enforcement include:
- summons for oral…
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Popular mattress retailer files Chapter 7 bankruptcy liquidation TheStreet
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‘I need assets returned to me’
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Debt collection and the law
Debt collectors must obey the law when recovering debts. This means they must not:
- use physical force or intimidation towards you, any member of your family or anyone associated with you
- harass you
- mislead or deceive you, or try to do so – for example, sending letters that look like court documents
- take unfair advantage of any vulnerability, disability or other similar circumstance affecting you. This is called ‘unconscionable behaviour’.
Harassment
You do not have to accept harassment from creditors or debt collectors. Get help immediately.
The worst tactics include:
- phone calls, day and night, at work and home
- calls to your employer, revealing details you might consider private
- calls…
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A Slice of HECS – 20 percent cut to HECS-HELP passes Parliament Woroni
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Small business owner says her company went bankrupt because of Tesla’s unpaid bills Live 5 News
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Feldmuehle announces that the company “has implemented all necessary steps to maintain business operations during the preliminary proceedings”.
On 01.08.2025, the insolvency proceedings under self-administration will commence as
planned. As in the preliminary self-administration proceedings, the management will continue to be responsible for all operational processes, including financial management, under the supervision of the court-appointed administrator Andreas Romey.
“In recent weeks, management has reached reliable agreements with our stakeholders, including energy suppliers, insurance companies, suppliers of raw and auxiliary materials, and service providers. Just-in-time delivery is running smoothly, enabling us to…