Written by Karunjit Singh , Edited by Explained Desk | New Delhi | Updated: July 28, 2021 4:28:08 pm The Insolvency and Bankruptcy Code (Amendment Bill), 2021 that was passed in Lok Sabha on Monday replaces the IBC Amendment Ordinance 2021 promulgated in April, which introduced pre-packs as an insolvency resolution mechanism for Micro, Small…
by French Press Agency – AFP Jul 28, 2021 1:18 pm A private equity company that owns the NSO Group, the Israeli firm at the center of the Pegasus spyware scandal, is being liquidated, a source shared. London-based Novalpina Capital, which bought the NSO Group in 2019, is being dissolved after a dispute between its…
The Biden Administration continues to take steps to safeguard U.S. critical infrastructure from growing, persistent, and sophisticated cyber threats. Recent high-profile attacks on critical infrastructure around the world, including the ransomware attacks on the Colonial Pipeline and JBS Foods in the United States, demonstrate that significant cyber vulnerabilities exist across U.S. critical infrastructure, which is…
Five years ago, the Insolvency and Bankruptcy Code (IBC) was passed by the Parliament, bringing about a structural change in the framework that governs the corporate insolvency resolution process in India. The IBC provides for a time-bound resolution of firms, addressing the vexed problem of firm exit in India. It has strengthened the hands of…
THE renowned Lorne Hotel in the west end of Glasgow has been put up for sale as administrators take steps to liquidateits owning company. Thirty staff were made redundant in May when administrators at Interpath Advisory, the former restructuring arm of KPMG, were appointed to Bellhill Limited, reports our sister title The Herald. The hotel,…
Public and private sector banks, non-banking financial institutions, and other financial lenders to companies undergoing corporate insolvency resolution process (CIRP) have taken a cumulative haircut of Rs 3.22 lakh crore or 61.2 per cent of their admitted claims since the Insolvency and Bankruptcy Code (IBC) regime was rolled out five years ago, data analysed by…
New Delhi: The government on Monday introduced a Bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government…
Article 0 Comments Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation. The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed Micro, Small and Medium Enterprises (MSMEs). The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for the initiation of pre-packaged…
Law360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation. Chief U.S. District Judge Freda…