News Muncher - searching for creditors

4 hours, 18 minutes ago

Celebrity-Backed Nail Salon Glosslab Files Bankruptcy

-- Glosslab LLC, a New York City-based nail salon chain that experimented with a membership-based business model and attracted celebrity investors, has filed bankruptcy. Glosslab CEO Rachel Apfel Glass said in a court filing that the business struggled after a rapid expansion, as well as the March publication of a New York Post article detailing financial problems and a legal …

Business New York York Glass Glosslab

10 hours, 50 minutes ago

Chile’s WOM Cleared to Exit Chapter 11 Bankruptcy Proceedings

Live Mint

-- Chile’s WOM won court approval to exit bankruptcy proceedings after it agreed to a takeover and restructuring bid from a group of creditors, eight months after filing for Chapter 11. The decision is a “landmark in the Chapter 11 process and the efforts we have made as a team to financially restructure the company,” said Martín Vaca Narvaja, WOM’s …

Company Chapter 11 Chile Wom

19 hours, 18 minutes ago

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'

Live Law

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey has held that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not maintainable as the transaction in question constituted an 'operational debt' and was not covered under Section 5 but was governed by Section 5 and Section 21 …

Financial Court Corporate Debtor Application Debt Tribunal Code

21 hours, 24 minutes ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed

2 days, 14 hours ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed

3 days, 2 hours ago

Several buyers in talks to restart bankrupt Blokker; Retailers debts top €92 million

NL Times

Bankruptcy administrators of the bankrupt retail chain Blokker are still in talks with “several” potential buyers about a restart for the company. Blokker went bankrupt last month after continuous losses and troubles with paying off debts at the Dutch Tax Authority. It was reported in the bankruptcy report that the finance company Gordon Brothers is owed 26.7 million from Blokker. …

Bankruptcy Report Bankrupt Blokker

3 days, 20 hours ago

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?

Live Law

The valuation of Indian real estate sector has witnessed a surge like none other. While the defaults have been recovered, it implies the grave danger posed by unethical practices in Indian real estate sector. IBBI also plans to streamline real estate insolvency processes by making the CoC meeting minutes for real estate projects accessible to all creditors through a secure …

Real Estate Legal Insolvency Cases Indian Estate Real

5 days, 2 hours ago

Explained: Why SpiceJet share price jumped nearly 8% today

India Today

SpiceJet shares jumped nearly 8% on Thursday after the airline announced a settlement with aircraft lessor Genesis, resolving a $16 million dispute. Under the agreement, SpiceJet will pay Genesis $6 million, while the lessor will acquire $4 million worth of SpiceJet equity at Rs 100 per share. In a statement, Ajay Singh, Chairman and Managing Director of SpiceJet, said, “This …

Genesis Spicejet

6 days, 11 hours ago

Creditors in High Court row over Thames Water restructuring plans

The Independent

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But this is opposed by a secondary group of …

High Court Court Hearing Class Group Mr Smith Thames Water

6 days, 18 hours ago

Oaktree, Sona Seek Early Repayment of Essity Bonds in Court

Live Mint

-- A group of Essity AB bondholders, including Oaktree Capital Management and Sona Asset Management, sued the firm in UK courts, escalating a dispute over claims that an event of default occurred on its debt. The noteholders have previously told the company that they were entitled to early repayment because of the sale of its 51.6% stake in tissue maker …

Company Early Bonds Oaktree Repayment Early Repayment Essity

1 week ago

Pan Brothers Closes In on $537 Million Debt Restructuring

Live Mint

-- Distressed textile giant PT Pan Brothers is closing in on its debt restructuring after seven months of negotiation with creditors, according to people familiar with the matter, as it works to avoid becoming the second Indonesian clothesmaker to be declared bankrupt this year. The revised proposal came after Coordinating Minister of Economic Affairs Airlangga Hartarto summoned representatives of the …

Indonesia According Pan Indonesian Bloomberg News Lowy Hartarto

1 week ago

IBC: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs

New Indian Express

Calling for significant improvements with respect to the area of CoCs, Rao said even when the resolution plan is agreed upon, there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange among the members. "It is in the larger interest of the creditors that issues related to the conduct are …

Rao Coc

1 week, 2 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

Properties Assets Crore Banks Ibc Jsw Cirp

1 week, 4 days ago

Maintenance Right Of Wife & Children Overrides Creditors' Claims Under SARFAESI/IBC On Husband's Assets : Supreme Court

Live Law

While giving precedence to the maintenance rights of a man's wife and children over the rights of creditors under recovery proceedings, the Supreme Court recently observed that right to maintenance is equivalent to a fundamental right and shall have an overriding effect over statutory rights of creditors, etc. In appeal, the Gujarat High Court enhanced the amounts, granting the respondent-wife …

Children Supreme Court Court Maintenance Order Right High

What happens next with Alex Jones’ Infowars? No certainty yet after sale to The Onion is rejected

Associated Press

The Onion’s rejected purchase of Infowars in an auction bid supported by families of the Sandy Hook Elementary shooting dealt them a new setback Wednesday and clouded the future of Alex Jones’ conspiracy theory platform, which will remain in his control for at least the near future. What’s next for Infowars and the Sandy Hook families’ long-sought efforts to hold …

Families Judge Process Houston Murray Bid Onion

1 week, 6 days ago

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports

Deccan Chronicle

New Delhi: The gross non-performing assets of public sector banks stood at Rs 3.16 lakh crore as of September 30, which is 3.09 per cent of the outstanding loans, while gross NPAs as percentage of outstanding loan is 1.86 per cent in private sector banks, the government said on Tuesday. Informing to the Parliament, minister of state for finance Pankaj …

India Crore Sector Banks Gross Outstanding Npas

1 week, 6 days ago

Credit Score: How multiple loan inquiries impact your score and how to protect it

Live Mint

Credit score is a three digit score which is given to you by credit bureaus which acts as a reflection of your credit profile and your creditworthiness to your creditors. Multiple loan inquiries to different creditors can negatively affect credit score. Let us understand how multiple loan enquiries affect your credit score and discuss the ways through which you can …

Impact Loan Credit Score Credit Report Score Your Credit Score Hard

2 weeks, 1 day ago

When Amitabh Bachchan revealed he went bankrupt: 'There was a debt of Rs 90 crore, about 55 legal cases'

Firstpost

In an interview with Vir Sanghvi, the actor revealed, “There were creditors on the door every day, very embarrassing, very humiliating.” Amitabh Bachchan went through his worst personal and professional phase in the 90s when he went bankrupt. In an interview with Vir Sanghvi, the actor revealed, “There were creditors on the door every day, very embarrassing, very humiliating.” Bachchan …

Bachchan Legal Cases

2 weeks, 2 days ago

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Live Mint

New Delhi, Dec 7 Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. Even when the resolution plan is agreed upon, Rao said there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange …

Insolvency Resolution Rao Coc Ibc Deputy Governor Enforceable Code

2 weeks, 2 days ago

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that approval of Resolution Plan by the Committee Of Creditors cannot be interfered with unless it is violative of section 30 of the Code. It further argued that SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority therefore this …

Corporate Resolution Resolution Plan Tribunal Plan Code Authority

2 weeks, 6 days ago

Establishing “Pre-Existence Disputes” Under The IBC Regime

Live Law

The Insolvency and Bankruptcy Code was enacted to facilitate timely resolution to insolvency proceedings, maximisation of value of assets of the debtors, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. However, the section has been liberally interpreted by the Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, wherein it has …

Corporate Dispute Insolvency Operational Disputes Tribunal Notice

3 weeks ago

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

Live Law

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has affirmed that the decision to consolidate, or not, rests with the CoCs, who are not only better equipped to make such determinations but also have a vested interest in the outcome, and whose commercial wisdom is paramount in insolvency matters and beyond judicial review Brief Facts This …

Corporate Director Resolution Case Consolidation Tribunal Nclt

3 weeks, 1 day ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Law India Insolvency Settlements Claims Bankruptcy Nclt

3 weeks, 2 days ago

Turning steel into fool’s gold: The reverse alchemy of Sanjay Singal

Live Mint

Before Nirav Modi became the face of bank fraud in India, Sanjay Singal at Bhushan Power and Steel Limited had seemingly perfected the art of turning steel into fool's gold. The sheer numbers in the case filed against him by several investigative agencies are staggering – 157 shell companies and 33 banks duped of ₹47,700 crore in total. Combined with …

India Delhi Fraud Companies Steel Company Banks

Filters

Search results for creditors

Celebrity-Backed Nail Salon Glosslab Files Bankruptcy

Chile’s WOM Cleared to Exit Chapter 11 Bankruptcy Proceedings

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

Several buyers in talks to restart bankrupt Blokker; Retailers debts top €92 million

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?

Explained: Why SpiceJet share price jumped nearly 8% today

Creditors in High Court row over Thames Water restructuring plans

Oaktree, Sona Seek Early Repayment of Essity Bonds in Court

Pan Brothers Closes In on $537 Million Debt Restructuring

IBC: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

Maintenance Right Of Wife & Children Overrides Creditors' Claims Under SARFAESI/IBC On Husband's Assets : Supreme Court

What happens next with Alex Jones’ Infowars? No certainty yet after sale to The Onion is rejected

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports

Credit Score: How multiple loan inquiries impact your score and how to protect it

When Amitabh Bachchan revealed he went bankrupt: 'There was a debt of Rs 90 crore, about 55 legal cases'

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

Establishing “Pre-Existence Disputes” Under The IBC Regime

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Turning steel into fool’s gold: The reverse alchemy of Sanjay Singal