Articles for Debt Default

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 days, 12 hours ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law  

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

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House approves the Biden-McCarthy debt ceiling bill as default deadline looms
1 year, 6 months ago

House approves the Biden-McCarthy debt ceiling bill as default deadline looms

NPR  

House approves the Biden-McCarthy debt ceiling bill as default deadline looms Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images House lawmakers have passed a piece of compromise legislation brokered between President Biden and House Speaker Kevin McCarthy to avoid an unprecedented debt default with just days to spare. But sitting with one House, with a Democratic Senate …

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Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default
1 year, 6 months ago

Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. Biden called the agreement “good news for the American people, because it prevents what could …

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'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?
1 year, 7 months ago

'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?

ABP News  

US President Joe Biden and Republican House Speaker Kevin McCarthy have called their latest round of negotiations on the debt ceiling “productive”, but they still haven’t reached a deal to avoid looming debt default. The US Treasury departments websites say that the debt limit is the total amount of money that the United States government is authorised to borrow to …

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Debt ceiling worries deepen as early June US default reinforced
1 year, 7 months ago

Debt ceiling worries deepen as early June US default reinforced

Al Jazeera  

The CBO warned a default could come as early as June 1 and there was ‘significant risk’ the US could not pay its dues. The Washington standoff over raising the United States government’s $31.4 trillion borrowing limit is adding to global economic worries, as a new non-partisan congressional report has cited a “significant risk” of a historic default within the …

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White House warns of recession as debt limit fight drags on
1 year, 7 months ago

White House warns of recession as debt limit fight drags on

India Today  

White House economists on Wednesday warned of “severe damage” to the US economy in the event of a debt default, warning that a prolonged default could cause 8.3 million job losses and the stock market to tumble 45%. The White House analysis warned that a protracted default could cost more than 8 million jobs in the third quarter of 2023, …

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What’s behind the looming ‘x-date’ on the US debt limit?
1 year, 8 months ago

What’s behind the looming ‘x-date’ on the US debt limit?

Associated Press  

WASHINGTON — In January, the U.S. government ran up against its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid missing payments on its bills. That started speculation about the “x-date” — the date when those measures would be exhausted and the government might actually default if the limit on federal borrowing is …

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The U.S. could run out of cash to pay its bills between July and September
1 year, 10 months ago

The U.S. could run out of cash to pay its bills between July and September

NPR  

The U.S. could run out of cash to pay its bills between July and September Enlarge this image toggle caption Anna Moneymaker/Getty Images Anna Moneymaker/Getty Images The U.S. government will run out of cash to pay its bills sometime between July and September unless Congress raises the nation's $31.4 trillion debt ceiling, the nonpartisan Congressional Budget Office projected Wednesday. The …

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India surrounded by economic turmoil in neighbourhood
2 years, 4 months ago

India surrounded by economic turmoil in neighbourhood

Hindustan Times  

The Ukraine war leading to economic instability has cast its shadow over Indian sub-continent with Pakistan, Sri Lanka and now Bangladesh all approaching Bretton Woods institution for bailouts with Islamabad following Colombo and facing a risk of debt default due to dwindling foreign exchange reserves. Pak Army Chief Gen Bajwa called US Deputy Secretary of State Wendy Sherman to seek …

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Limitation Is Refreshed Each Year When Corporate Debtor Admits Debt In Its Financial Statements: NCLT Kolkata Initiates CIRP Against GIT Textiles
2 years, 5 months ago

Limitation Is Refreshed Each Year When Corporate Debtor Admits Debt In Its Financial Statements: NCLT Kolkata Initiates CIRP Against GIT Textiles

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating an application filed in UCO Bank v GIT Textiles Manufacturing Limited, has initiated Corporate Insolvency Resolution Process against GIT Textiles Manufacturing Ltd. for a default that had occurred in 2012 and has held that limitation refreshed each subsequent year when the …

Corporate Corporate Debtor Limitation Held Bench Default Irp
Sri Lanka to suspend foreign debt payments
2 years, 8 months ago

Sri Lanka to suspend foreign debt payments

Al Jazeera  

Colombo has taken the step as foreign reserves needed to pay for imports of essentials like medicines and food dwindle. Sri Lanka will temporarily suspend foreign debt payments to avoid a hard default, the governor of its central bank has said, pointing to the country’s limited foreign reserves that it needs to keep for imports of essentials such as fuel. …

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What happens if Russia defaults on its debt?
2 years, 9 months ago

What happens if Russia defaults on its debt?

Al Jazeera  

Moscow must pay $117m in interest by Wednesday or risk defaulting on its debt. Russia’s economy is in dire straits and on Wednesday it faces its first payment on US dollar bonds since it invaded Ukraine last month. Russia’s default on its external debt would be its first since the Bolsheviks failed to recognize the Tsar’s debt following the 1917 …

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Yellen: Urgent action needed on debt limit, rejects $1T coin
3 years, 2 months ago

Yellen: Urgent action needed on debt limit, rejects $1T coin

Associated Press  

WASHINGTON — U.S. Treasury Secretary Janet Yellen said Tuesday that Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nation’s debt without congressional action to raise the debt limit. Appearing on CNBC Yellen said that if a default were to occur “I fully expect it would cause a …

Debt Debt Limit
Powell, Yellen warn of ‘devastating’ impact of US debt default
3 years, 2 months ago

Powell, Yellen warn of ‘devastating’ impact of US debt default

Al Jazeera  

US Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testified before lawmakers on Tuesday to urge them to avoid the ‘devastating’ consequences of a government shutdown and debt default. The full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession as a result.” Raising the …

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