INTRODUCTION The recent judgment passed in the case of Vidarbha Industries Power Limited v. Axis Bank Limited by the Supreme Court addressed the issue of whether Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016, (IBC) which pertains to the initiation of the Corporate Insolvency Resolution Process (CIRP) by a financial creditor, is a mandatory
The Parliament in the year 2016 introduced the much awaited reformed and an exhaustive law on matters specially limited to Insolvency and Bankruptcy. The Act was designed in order to give a more of a procedural aspect to the whole concept and hence it is in form of a code and not provisions. The preamble
The SARFAESI Act was introduced in the year 2002 mainly with the intention to assist the Banks in their recovery proceedings and to overcome the shortcomings in the Debts Due to Banks and Financial Institute Act which as such did not provide for any regulated and speedy recovery of debts due to the Banks and
Christopher Grant, the company’s chief executive officer, admits mistakes were made A $3-million third hangar built by Springer Aerospace two years ago is large enough to hold two Boeing 737s. A court-appointed monitor says the company expanded too quickly without a proper strategic plan.Stock image by Max Walter/ Pexels The COVID-19 pandemic played a part
From huge multi-million pound operations to small limited companies the construction sector has been battered by inflation and Covid Building firm Pollard was constructing the eight-storey Teesra House in Plymouth for Mount Wise (Devon) Ltd (Image: Matt Gilley) More than a dozen Plymouth construction firms have gone bust in the past two years as the
The Great Insolvency Façade with Caroline Di Russo In this episode, we are joined by Caroline Di Russo of The Daily Luxe, to discuss what’s happening and likely to happen in insolvencies, as well as the luxury goods market. Caroline is a lawyer with 15 years of experience in commercial litigation and corporate insolvency. Agenda:
Careful contract negotiation can limit the potential damage from insolvency in a construction firm’s supply chain The construction industry suffered the highest number of company insolvencies in the first half of 2022, with 2,083 firms entering an insolvency process. This represents a failure rate of just under 1% of total construction companies in the first
The crypto market is in the red zone today after crypto entrepreneurs Justin Sun and Vitalik Buterin joined the insider joke of wrapped Ethereum’s (wETH) insolvency that went viral over the weekend. The wETH Insolvency Joke On Sunday, November 27th, blockchain and ERC-721A developer ‘cygaar’ took to Twitter to make claims that wETH would
Data has revealed an 8.1% decrease in personal insolvencies compared to this time last year.The Australian Financial Security Authority (ASFA) has published data that continues an encouraging annual decrease in personal insolvencies. A total of 2,410 personal insolvencies were recorded in the September 2022 quarter, down 8.1% from the same time in 2020. Of these,
VIJAYAWADA: YSRC ministers and leaders belonging to backward classes have plunged into action to do the bidding of Chief Minister Y.S. Jagan Mohan Reddy for mobilising BCs in favour of the ruling party. In this regard, BC ministers Ch. Venugopala Krishna, Botsa Satyanarayana, Jogi Ramesh, Gummanur Jayaram and Boodi Mutyala Naidu, apart from other community
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