‘Creditor’ snubbed for filing unnecessary insolvency application against ONGC arm
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has pulled up a contractor for unnecessarily filing insolvency application...
Having security interest over corporate debtor’s asset alone does not qualify one as financial creditor: SC
The Supreme Court of India has once again reiterated that a person having only security interest over the assets of...
US bankruptcy filings in January drops to a 15-yr low
US bankruptcy filings in January experienced the lowest monthly number of across all chapters since February 2006 (26,617 filings) with...
ED attaches Rs 14.45 cr assets of Mehul Chowksi, Gitanjali Group in PNB loan fraud case
The Enforcement Directorate (ED) has issued a provisional attachment order attaching assets worth Rs 14.45 crores of Gitanjali Group of...
Only 5% of mid and emerging cos opted for RBI’s restructuring facility: India Ratings
Have various government measures and faster demand recovery in the domestic market saved companies from much expected financial distress? Unexpectedly...
Financial creditors cease to be related party to avoid exclusion should also be barred from CoC: SC
In a landmark judgment on 1 February 2021, the Supreme Court of India in Phoenix ARC Vs Spade Financial Services...
83% of default cases getting resolved before going into CIRP: Economic Survey
The Insolvency and Bankruptcy Code (IBC) has brought about significant behavioural changes among the creditors and debtors thereby redefining debtor-creditor...
Relaxed regulations resulted in higher lending to firms with poor fundamentals: Economic Survey Report
Regulatory forbearance has resulted in increased lending to firms with poor fundamentals and higher lending to inefficient projects, says the...
IMF financial stability report hints at increasing corporate defaults, insolvencies
The latest Global Financial Stability Report of the International Monetary Fund (IMF) has hinted at higher default and insolvency risks...
UK court orders winding up of retail giant Debenhams
A UK court has passed a winding up order against Debenhams PLC on 25 January 2021 and appointed the official...