Insolvency Guardian Media Centre
Canara Bank has informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani’s loan account as ‘fraudulent’. This decision comes after Ambani’s Reliance Communications, along with its unit, was initially labelled as such due to allegations of misappropriating a Rs 1,050 crore loan, news agency PTI reported. The funds, sanctioned in 2017 for capital expenditure and debt repayment, were alleged to have been misused, resulting in the November 2024 fraud classification. Ambani challenged this move in court, asserting that the bank had bypassed necessary procedures.
The contention revolved around the Bank’s compliance with the Reserve Bank of India’s master circular on fraudulent accounts….
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There are few phrases in the modern lexicon more accursed than “software-based car,” and yet, this is how the failed EV maker Fisker billed its products, which retailed for $40–70k in the few short years before the company collapsed, shut down its servers, and degraded all those “software-based cars”:
https://insideevs.com/news/723669/fisker-inc-bankruptcy-chapter-11-official/
Fisker billed itself as a “capital light” manufacturer, meaning that it didn’t particularly make anything — rather, it “designed” cars that other companies built, allowing Fisker to focus on “experience,” which is where the “software-based car” comes in. Virtually every subsystem in a Fisker car needs (or rather, needed) to periodically…
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GAC Fiat Chrysler Automobiles joint venture declared bankrupt MSN
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Three years after announcing its withdrawal from the Chinese market, GAC Fiat Chrysler Automobiles (GAC-FCA) has officially succumbed to its financial woes. On July 8, the joint venture announced its inability to reorganise, leading its administrator to file for bankruptcy with the Changsha Intermediate People’s Court in Hunan Province, a move supported by creditors.
GAC-FCA’s predecessor, GAC Fiat, was established on March 9, 2010, as a 50:50 joint investment between GAC Group and Stellantis Group (formerly Fiat Chrysler Automobiles), with a total investment of approximately 17 billion yuan.
Initially, GAC-FCA primarily produced Fiat brand models such as the Viaggio, Freemont, and Bravo. In June 2012, the…
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This toolkit has been developed by the Fairness Group, led by the Government Debt Management Function (GDMF), with representatives from government organisations, the debt advice sector and other support organisations.
This toolkit is intended to enable frontline staff to identify and help customers who may need additional support (sometimes called ‘vulnerable customers’) in a debt management context. It is designed to be easy-to-use, including while interacting with customers, to provide prompts and guidance.
You can work through this toolkit at your own pace or if you know what you’re looking for, you can use the ‘quick links’ on the next page to quickly navigate to the information you need.
When using tools like those…
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Money that could help address the teacher shortage is often the first to get cut in pursuit of keeping up with government pension debt. Supporting Illinois teachers will require constitutional pension reform and protecting Tier 2 cost savings.
Teachers unions claim Illinois needs to improve teacher pensions to attract more educators, but new survey data shows the opposite is true.
National research from EdWeek and the Equable Institute showed 1-in-3 board members and administrators surveyed said increased expenses as a result of pension debt have led their district to reduce non-retirement related expenses. Funds that could go toward teacher recruitment, support and compensation were the most likely to be…
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The Mumbai Bench of the National Company Law Tribunal (NCLT) has delivered an order initiating the Corporate Insolvency Resolution Process (CIRP) against Gstaad Hotels Private Limited. The ruling, made on July 8, 2025, by Justice Virendrasingh G Bisht (Retd.), Member (Judicial), and Prabhat Kumar, Member (Technical), stems from a significant financial default.
The insolvency petition, CP (IB) No. 291 of 2023, was filed on March 9, 2023, by Omkara Asset Reconstruction Private Limited, the Financial Creditor. The petitioner claimed a total defaulted amount of Rs 666 croreas on February 27, 2023.
Omkara Asset Reconstruction Private Limited acquired the rights to these outstanding amounts from Piramal Capital and Housing…
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Restart Energy One, a Romanian independent energy supplier and renewable project developer, has proposed repaying just 17% of the face value of its bond debt as part of a restructuring plan submitted under a pre-insolvency procedure. The company published the proposal in a report to the Bucharest Stock Exchange on July 9.
The plan allocates RON 5.62 million to bondholders against total outstanding bond obligations amounting to RON 16.4 million and EUR 3.35 million, or approximately RON 33 million, Ziarul Financiar reported.
The restructuring proposal applies to bonds issued in 2021 and 2024. According to the company, coupon payments will also be calculated and disbursed in line with the original transaction memoranda.
Restart…
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Pa. nursing home operator Genesis enters bankruptcy with $58 million tax debt to state penncapital-star.com
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New Zealander gets two years in prison for $1 million theft to cover gambling debts ReadWrite