Insolvency Guardian Media Centre
The National Company Law Appellate Tribunal (NCLAT) dismissed a plea by the Himachal Pradesh GST Department seeking to recall an approved resolution plan, citing belated claims worth ₹13.6 crore.
The Appellate Tribunal held that allowing such late-stage claims, especially after the resolution plan has already been implemented, would not only derail the Corporate Insolvency Resolution Process (CIRP) but also undermine the objectives of the IBC framework.
The Corporate Debtor, Radiant Castings Private Limited, a manufacturing company undergoing insolvency proceedings, had its resolution plan approved by the Committee of Creditors (CoC) in May 2023, with over 70% voting in favour. The National Company Law Tribunal…
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New analysis reveals the devastating truth behind Australians’ poker machine losses The Australia Institute
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Facebook App: Open links in External Browser
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:
1. Open the settings menu by clicking the hamburger menu in the top right
2. Choose “App Settings” from the menu
3. Turn on the option “Links Open Externally” (This will use…
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Performance Report
Chief Executive’s Foreword
Our customers are at the heart of everything we do
As the Interim Chief Executive of the Insolvency Service, I am proud to present our Annual Report and Accounts for the year 2024-25. Our agency supports businesses and citizens, aligning our efforts with the UK Government’s mission to kickstart economic growth, deliver economic stability, and improve prosperity in the UK. This year’s Annual Report highlights our dedication to enhancing the customer experience, demonstrating how our initiatives are designed to benefit those we serve while maintaining our commitment to excellence.
Over the past year, we have made significant strides in improving our services and delivering value to…
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ASIC targets credit “repairers” after customers left bankrupt The Advertiser
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ASIC will launch a review into the debt management and credit repair sector, as part of its continued focus on protecting consumers, particularly those experiencing financial hardship.
ASIC Commissioner Alan Kirkland said: ‘We are concerned some licensees may be failing to engage in credit activities efficiently, honestly and fairly, leaving financially vulnerable consumers worse-off as a result.
ASIC’s surveillance will review how the sector, comprised of around 100 licensees, complies with the law. It will seek to understand the varying debt management and credit repair business models in operation.
ASIC will review instances where debt management firms may have failed consumers by not meeting the terms of their debt management…
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One of Australia’s financial watchdogs is cracking down on dodgy debt managers following a string of incidents targeting vulnerable customers, including one woman who was told to declare bankruptcy for no reason.
The Australian Securities and Investments Commission (ASIC) announced today it is launching a review of the debt management and credit repair sector to better protect consumers experiencing financial hardships.
It said it had received a number of “disturbing” stories of illegal and unfair practices from licensed professionals.
“In one instance, we heard that a woman could not get an answer on why…
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The National Company Law Tribunal (NCLT), Chandigarh Bench of Justice Harnam Singh Thakur, (Judicial Member) and Sh. Shishir Agarwal (Technical Member) has held that the claim of an allottee cannot be rejected solely on the ground of being a speculative investor. An allottee does not cease to be a financial creditor merely because they qualify as a speculative investor.
The present application has been filed under section 60(5) read with section 21 of the Insolvency and Bankruptcy Code, 2016 (IBC) to exclude the Respondents from the Committee of Creditors (CoC) as they are not financial creditors or allottees but business/services providers and speculative investors.
The Applicant submitted that the Respondent no(s) 2…
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ASIC targets credit “repairers” after customers left bankrupt Herald Sun
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Personal insolvencies up as inflation bites The Australian
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The Insolvency and Bankruptcy Code, 2016 (IBC) provides a market mechanism for reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is one of the deepest economic reforms of India in the recent years.
The Insolvency and Bankruptcy Board of India (IBBI) is a key pillar of the ecosystem responsible for implementation of the IBC. It is responsible for development and regulation of insolvency professionals and other service providers. It regulates various processes, namely, corporate insolvency …
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Pakistan’s Deputy Prime Minister Ishaq Dar made a bold pitch at the United Nations, warning that only 35% of the global Sustainable Development Goals (SDGs) are on track, and the rest are sinking under the weight of debt, climate disasters, and inequality. At the High-Level Political Forum on Sustainable Development in New York, Dar urged for deep reform of the global financial system, calling for concessional financing, meaningful debt relief, and urgent climate funds to bridge a staggering $4 trillion SDG funding gap. With Pakistan reeling from economic strain and deadly monsoons, Dar said his country is aiming for 60% renewable energy by 2030 and has undertaken fiscal reforms. His speech echoed the new Compromiso de Seville global…