The Bombay High Court has allowed a group of banks, led by Punjab National Bank (PNB), to move a long-running legal case against Gili India Limited to the National Company Law Tribunal (NCLT). Gili India Limited is owned by Mehul Choksi, a citizen of Antigua and Barbuda.
Choksi, a diamond trader wanted by Indian authorities for serious charges like criminal conspiracy, cheating, and money laundering, has citizenship in Antigua and Barbuda through investment.
The court’s decision, rooted in the belief that reviving the company is essential for the benefit of its stakeholders, emphasizes a proactive approach to corporate recovery.
Justice Sharmila U Deshmukh highlighted that opting for revival under the Insolvency and Bankruptcy Code…
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Former Boston Celtics forward Marcus Morris Sr. found himself in handcuffs at a Florida airport over the weekend, facing fraud charges that have sent shockwaves through the basketball community. The 35-year-old veteran, who earned more than $108 million during his NBA career, was detained on a felony charge related to insufficient funds.
Airport detention surprises basketball world
The arrest occurred when Morris was apprehended at an undisclosed Florida airport on charges stemming from another state. According to booking records, the former NBA standout faces accusations of writing a check without adequate funds to cover the amount. The incident has drawn significant attention given Morris’s substantial career earnings and public…
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The Supreme Court will hear JSW Steel Ltd’s review petition on 29 July, challenging its 2 May judgment that quashed the company’s ₹19,350 crore acquisition of Bhushan Power & Steel Ltd (BPSL) and ordered the firm’s liquidation.
A special bench led by Chief Justice B.R. Gavai and Justice Satish Chandra Sharma will take up the matter.
Justice Sharma, along with Justice Bela M. Trivedi, was part of the two-judge bench that delivered the May verdict.
However, following Justice Trivedi’s retirement in June, a reconstituted bench will now hear the review plea.
The review will be heard in chambers. Review petitions are typically heard behind…
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The National Company Law Tribunal (NCLT) New Delhi bench of Shri Manni Sankariah Shanmuga Sundaram (Judicial Member) and Shri Atul Chaturvedi (Technical Member) has held that when a demand notice under section 8 of the IBC is returned unserved with the endorsement “the addressee has left without instructions” and the Operational Creditor fails to effect the delivery again by any other alternate modes, the petition under section 9 of the IBC cannot be entertained.
The present application has been filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The issue for consideration before the Tribunal was…
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Consumers grappling with debt often turn to so-called “debt relief” services, hoping for a way out. Unfortunately, some providers have been exposed for deceptive practices—and even fined by regulators. These stories serve as cautionary tales about aggressive promises, hidden fees, and misleading claims.
Examining eight services that faced enforcement actions reveals recurring patterns: upfront fees, false impersonation of government or banks, failure to deliver relief, and targeting vulnerable people.
1. ACRO Services
This company was sued by the FTC for running a deceptive credit card debt relief scheme under multiple names. Consumers were charged large upfront fees and told to stop paying their creditors but saw no real…
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Marcus Morris Sr. Arrested in Florida Over Alleged Las Vegas Casino Debt Casino.org
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Aussie mum sues Tabcorp after racking up almost $1m in debt The New Daily
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Maryland Student Loan Debt Relief Tax Credit Program Now Accepting Applications Eye On Annapolis
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‘You’re a warrior princess’: Dave Ramsey builds battle plan for Orlando single mom living in a shelter who’s behind on her son’s medical bills — and urges her to keep fighting moneywise.com
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There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
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World Bank Chief Says Zimbabwe Needs G-20 Help to Exit Debt Trap Bloomberg.com
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Even as the Punjab government asserts it is taking proactive steps to manage its debt obligations, economic experts have raised concern that the State is increasingly relying on additional loans, driven by “competitive political populism”, leading to a significant rise in debt liability.
Earlier this month, Punjab Finance Minister Harpal Singh Cheema stated that the government would borrow ₹8,500 crore in the second quarter of the current financial year to meet redemption obligations of over ₹3,500 crore for ‘legacy debt’ incurred during the previous Shiromani Akali Dal–Bharatiya Janata Party and Congress governments.
A recently published academic paper titled Walking with Punjab’s Economy, authored by economist Ranjit…
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