A general view of the business district in Colombo, Sri Lanka, Sept 9, 2020. REUTERS/Dinuka Liyanawatte COLOMBO Sri Lanka has been informed that a debt-restructuring agreement with creditor nations has been reached but is yet to receive a letter of confirmation from the official creditor committee, a government source told Reuters on Wednesday. Sri Lanka,…
DetailsThe National Company Law Tribunal (NCLT), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be initiated against a company struck off by Registrar of Company (RoC) and the power…
DetailsTOKYO, Nov 29 (Reuters) – A group of Sri Lanka’s creditor nations are likely to reach an agreement on debt relief and an extension of repayment deadlines for the South Asian nation, Japan’s Jiji News reported on Wednesday, without naming a source or giving any details. Japan co-chairs this group, together with France and India.…
DetailsThe National Company Law Appellate Tribunal (NCLAT), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The…
DetailsDefunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
DetailsThe liquidation of a council-run energy company is due to complete more than a year after it was taken in-house. Enviroenergy had operated as a separate company, providing heating for around 5,000 homes and 70 businesses including the city’s Motorpoint Arena. A decision was made by Nottingham City Council in 2021 to bring it in-house…
DetailsBy Ben Zigterman (November 28, 2023, 6:55 PM EST) — Joint trustees in England for the bankruptcy estate of Henry Gabay, a co-founder of the defunct global asset manager Duet Group, filed a Chapter 15 bankruptcy petition on Monday in New York seeking recognition of Gabay’s personal insolvency in the United Kingdom…. Read the full…
DetailsIn this State of the Economy podcast, businessLines KR Srivats, Senior Deputy Editor, discusses the recent landmark Supreme Court judgement on personal guarantors insolvency in India with Dhananjay Kumar, Partner, Cyril Amarchand & Mangaldas, a leading law firm. By upholding the constitutional validity of Insolvency and Bankruptcy Code (IBC) provisions related to personal guarantors insolvency…
DetailsMichael was just 17 when he placed his first bet on a horse race. Key points: The federal government is considering reforms to online gambling A parliamentary inquiry has recommended a complete ban on gambling advertising within three years A regional Queensland man says the accessibility of gambling through apps and advertising make it difficult for people…
DetailsByju’s, a leading player in the edtech sector, is undergoing significant changes in its leadership and structure. Anil Goel, who has been serving as the Chief Technology Officer (CTO) of Byju’s, is set to leave the company. This move is part of a larger restructuring process that the Bengaluru-based startup is currently implementing to streamline…
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