In a significant judgement addressing the limitation framework under the Insolvency and Bankruptcy Code, 2016, the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Extol Industries Ltd. under Section 7 of the IBC. The Ld. Tribunal clarified that when a financial liability is repeatedly carried forward in a corporate debtor’s balance sheets over successive financial years, without evidence of fresh borrowings, such entries constitute a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963, even if the financial creditor is not expressly named in each instance.
The judgment arose from an appeal challenging the…

Mumbai, Jul 2 (PTI) The National Company Law Tribunal (NCLT) has approved the resolution plans of Adani Properties for two HDIL assets, including Project BKC in Bandra Kurla Complex and Shahad Maharal Lands in Thane district as part of its insolvency process.
    This was part of the corporate insolvency resolution process (CIRP), with Adani Properties being the sole bidder meeting the Insolvency and Bankruptcy Code (IBC) requirements for the two assets of Housing Development and Infrastructure Limited (HDIL).
    The Mumbai bench of NCLT approved the resolution plans under Section 31 of the IBC, 2016, on June 27.
    The committee of creditors (CoC) had cleared both plans, which are valued at over Rs 2,000 crore, with a 66.08…

Malik Beasley seems to be in some deep water.

Amid a federal investigation into gambling allegations made earlier this week, it has now been revealed that the NBA free agent with nearly $60 million in contract earnings across his nine-year career is facing financial woes that include multiple debts and lawsuits against him.

It was reported Tuesday that Beasley is being sued by his former marketing agency for failing to repay in full a $650,000 advance. Then, The Detroit News reported Tuesday evening the sharpshooter has incurred debts to a celebrity barber, a dentist, a landlord and a lender — all in addition to the New York-based marketing firm.

Introduction

The major emphasis of this financial analysis report will be to determine whether ABC Office Solutions should move from a partnership firm into Limited by Guarantee Company followed with an investment appraisal of a manufacturing facility and aspects relating equity finance. Calculations and recommendations are offered to help strategic decisions in the dynamic business environment.

Part 1: Meeting with the Partners

a. Explanation of Inability to Recover £10,000

In the case of ABC Office Solutions, Ali, Brenda, and Clive are unable to recover the amount of £10,000 from the shareholders of the bankrupt firm as a result of the laws that control these kinds of organizations. In this sense, an incorporated company that…

There have been 173 insolvencies in the broad services sector, while there have been 66 in the hospitality sector.

While the hospitality sector saw a 14% drop in insolvencies year-on-year, Deloitte said the sector continued to face a high level of insolvencies.

The firm said hospitality had the highest number of insolvencies of any…

Thailand’s Cabinet has approved a significant expansion of the “You Fight, We Help” debt relief programme, extending assistance to an additional 1.8 million people across approximately 2 million loan accounts worth 310 billion baht in outstanding credit.

The enhanced scheme, announced on Tuesday, broadens eligibility criteria and increases settlement limits whilst extending the registration deadline until 30th September 2025

Deputy Finance Minister Paopoom Rojanasakul confirmed the Cabinet’s decision, emphasising the government’s commitment to making financial assistance more accessible through three revised measures.

Expanded “Pay on Time, Keep Assets” Programme

The flagship measure now includes borrowers…

NBA Player Malik Beasley’s Mounting Debt To Barber, Dentist & Sports Agency Revealed As He’s The Subject Of Federal Gambling Investigation

Court documents reveal that Malik Beasley owes tens and thousands of dollars to a celebrity barber, dentist and his former sports agency.

He was first sued by Cairo Cuts, based in Milwaukee when he played for the Bucks. The barbershop won a $26,827 judgment against Beasley in January.

He also owes Dr. Hassan Alshehabi of Delicate Smiles in Minnesota $34,390 after a default judgment. Beasley previously played for the Timberwolves as well.

Alshehabi had already begun garnishing Beasley’s wages from his income with the Pistons, however, the debt still remains unpaid, court docs say.

In…

The Congress of South African Trade Unions (COSATU) presented its submission on the 2025/6 Budget’s Appropriation (allocations to national government) and Eskom Debt Relief Amendment Bills to Parliament’s Standing Committee: Appropriations. 

The Federation welcomes the positive increase in funding for critical and economic infrastructure, with an additional R34 billion bringing total infrastructure investments over the next three years to a total of R1.03 trillion.  This includes roads (R402bn), water (R156bn), plus investments in rail, ports, and four new hospitals in Limpopo and the Westen Cape and 13 000 university beds.  The R12.7 billion investments in Metro Rail will be a boost to 10 million workers across the…

SINGAPORE – The daughter of bankrupt former Hin Leong Trading director Lim Chee Meng failed in a bid to shield three AIA Singapore insurance policies worth over half a million dollars from being part of Mr Lim’s bankruptcy estate.

Ms Michelle Lim Yan Yi, the granddaughter of Hin Leong founder Lim Oon Kuin sought a High Court declaration that the three policies, worth over $521,000, should be ring-fenced from creditors’ reach because they were held on trust for her benefit by her father, who was declared bankrupt in December 2024.

The three policies are part of a set of eight insurance policies with AIA that Mr Lim Chee Meng had taken out when Ms Lim was a minor, under which he was the policy owner and she was the named insured.