The Supreme Court on Thursday allowed banks to launch insolvency proceedings under the Insolvency and Bankruptcy Code or IBC against those who had furnished personal guarantees for loans taken by companies that have defaulted. This ruling, a blow to many promoters, is significant more so because it again signals a shift in favour of Indian…
Jindal (India), which is part of the BC Jindal Group, has emerged as the sole bidder for Kishore Biyani’s Future Enterprises Limited (FEL). According to a report in Economic Times, Kolkata-based steel tubes and pipes maker Jindal’s plan was the only one that was submitted to the creditors till last week. November 10 was the…
When independent supermarket startup Supie went bust last month, the companys 120 employees were told they wouldnt be paid for their last two weeks of work, or receive any of their owed annual leave pay. The subsequent appointment of voluntary administrators again highlighted New Zealands limited protection for employees when their employer becomes insolvent. Supies…
In most situations it is the company which contracts for, procures, and facilitates the provision of D&O insurance for its directors and officers, but in the case of a corporate insolvency the company cannot fulfil this function. SAIFElimits addresses a number of significant consequences of this change, optimising coverage and liability protection and preserving limits…
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. Also read: Future Retail RP files plea with NCLT for avoidance transactions worth over 1,000 crore As the Committee of Creditors (CoC) rejected the sole resolution…
The company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant. Overnight, Thailand-based JKN Global Group submitted a petition for business rehabilitation into a Thai court. Thats the nations equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the…
NEW DELHI: The Supreme Court on Thursday upheld the constitutional validity of various provisions of Insolvency and Bankruptcy Code (IBC), including Section 95, which allows creditors to initiate insolvency proceedings against personal guarantors.A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Mishra rejected a plea against the provisions of…
Paul Sanger: I am Paul Sanger for the Finance News Network, and today I’m talking with Joe Hayes, manager, director of Wexted Advisors. Wexted Advisors is an independent and specialized restructuring advisory firm that assists clients facing or exposed to business challenges, or confronting complex transactions or situations. Joe is also an ex-partner of KPMG and…
Introduction The New Law applies to all traders (commerants), craftsmen, commercial companies (including socits en commandite spciale) and civil companies, with certain specific exceptions relating to investment firms, insurance and reinsurance companies, undertaking for collective investments, specialized investment funds, venture capital investment companies, pension funds and RAIF. The main objective of the New Law is…
The commercial office leasing business WeWork declared bankruptcy this week. It reported $19 billion in debts against $15 billion in assets. Prolific investors like SoftBank Group Corp. and the Vision Fund are set to incur substantial additional losses on the venture. The filing also disclosed a $432 million loan from SoftBank to co-founder Adam Neumann,…