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Evergrande files for bankruptcy protection in US, reports debt of over over $300 billion

Evergrande files for bankruptcy protection in US, reports debt of over over $300 billion

Fri, Aug 18, 2023

China's real estate giant Evergrande Group has filed for bankruptcy protection in the United States, a move that could have far-reaching implications for the global economy. The company is one of the world's most indebted developers, with over $300 billion in liabilities. Its collapse could lead to a wave of defaults in the Chinese property market and could also have a knock-on effect on other sectors of the economy.

Bankruptcies in Sweden hit decade-high

Bankruptcies in Sweden hit decade-high

Wed, Jul 26, 2023

During the first six months of this year, a total of 3,949 companies went bankrupt in Sweden, the highest in a decade, state media reported.

Richard Branson's Virgin Orbit shuts shop one month after filing for bankruptcy

Richard Branson's Virgin Orbit shuts shop one month after filing for bankruptcy

Wed, May 24, 2023

Richard Branson’s Virgin Orbit is shutting down less than two months after the satellite launch start-up filed for Chapter 11 bankruptcy protection, according to a company announcement on Tuesday.

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US-based Vice Media files for Chapter 11 bankruptcy protection

US-based Vice Media files for Chapter 11 bankruptcy protection

Mon, May 15, 2023

Vice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit.

Go First Crisis Full Story: Takeoff 18 Yrs Ago, Now Crash Landing! Why Has Go First Filed For Bankruptcy?

Go First Crisis Full Story: Takeoff 18 Yrs Ago, Now Crash Landing! Why Has Go First Filed For Bankruptcy?

Wed, May 03, 2023

The Wadia Group-owned Go First has suspended flights for May 3, 4 and 5 due to a severe fund crunch. Domestic budget carrier Go First announced that it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi. Why has Go First filed for bankruptcy? Watch the full story in this video.

Axis Bank informs it has Nil outstanding from Go Airlines

Axis Bank informs it has Nil outstanding from Go Airlines

Wed, May 03, 2023

According to Reuters, Go First owes Rs 652.1 crore ($798 million) to Central Bank of India (CBI.NS), Bank of Baroda, IDBI Bank, and Deutsche Bank are among Go First's financial creditors.

Bankruptcy cases rise 25 pc in Q3; recovery lowest at 23.45 pc: Care Ratings

Bankruptcy cases rise 25 pc in Q3; recovery lowest at 23.45 pc: Care Ratings

Mon, Feb 20, 2023

The number of cases admitted for the insolvency process has increased each quarter since the launch of the Insolvency and Bankruptcy Code in 2016, highlighting the rising acceptance of IBC as an effective debt resolution mechanism.

Coronavirus Lockdown: Major relief announced for these firms

Coronavirus Lockdown: Major relief announced for these firms

Mon, Mar 30, 2020

It's good news for companies going through insolvency under the Insolvency and Bankruptcy Code (IBC)! In a major relief , the Insolvency and Bankruptcy Board of India (IBBI) on Sunday said that the period of lockdown will not be counted within the timeline for resolution process.

This model and singer lost a whopping Rs 413 crore fortune!

This model and singer lost a whopping Rs 413 crore fortune!

Wed, Nov 27, 2019

Celebrities going bust is not something new. In the past, we have seen several big names failing to repay their debt and the latest to join this long list is singer Katie Price.

In Essar Steel case, Supreme Court's verdict in banks' favour

In Essar Steel case, Supreme Court's verdict in banks' favour

Fri, Nov 15, 2019

In Essar Steel case, the Supreme Court's verdict in banks' favour. Watch this video to find out more.

Supreme Court's 'Essar Steel Verdict' to change the rules for future bankruptcy cases

Supreme Court's 'Essar Steel Verdict' to change the rules for future bankruptcy cases

Fri, Nov 15, 2019

Know how the Supreme Court's 'Essar Steel Verdict' will change the rules for future bankruptcy cases in Insolvency and Bankruptcy Code, 2016. Watch this video to find out more.

ArcelorMittal-Essar Steel: Why SC NCLAT ruling is a major success of insolvency mechanism in India - Explained

ArcelorMittal-Essar Steel: Why SC NCLAT ruling is a major success of insolvency mechanism in India - Explained

Fri, Nov 15, 2019

As the Supreme Court on Friday set aside the NCLAT ruling on Essar Steel that provided for equal distribution of proceeds between financial and operational creditors, decks have been cleared for ArcelorMittal's acquisition of the bankrupt steel company.

4 big threats to economy: Lanco Infratech, Era Infra, Gammon and IVRCL

4 big threats to economy: Lanco Infratech, Era Infra, Gammon and IVRCL

Mon, Sep 24, 2018

Era Infra Engineering, another leading EPC player, has been referred for insolvency resolution process back in May while lenders to Gammon India dragged it to National Company Law Tribunal (NCLT) earlier this month.

Aircel files for bankruptcy at the National Company Law Tribunal

Aircel files for bankruptcy at the National Company Law Tribunal

Wed, Feb 28, 2018

“In these difficult times, the company seeks co-operation from all its stakeholders including the vendor fraternity and channel partners during the IBC process. The company requests continued services from the suppliers and partners for the ongoing business of the Company,” said Aircel.

Bankruptcy Board notifies regulations for complaint redressal

Bankruptcy Board notifies regulations for complaint redressal

Mon, Dec 11, 2017

The Insolvency and Bankruptcy Board of India (IBBI) on Sunday notified the regulations to deal with complaints and grievances filed against service providers including insolvency professionals, agencies and information utilities.

Acharya blames RBI's forbearance schemes for NPA issue

Acharya blames RBI's forbearance schemes for NPA issue

Thu, Aug 24, 2017

"Unfortunately the RBI, for variety of reasons, has engaged in various forbearance schemes saying you can take another 18 months or two years...In one way or the other, we've actually contributed to the NPA problem to become so protracted over a period.

Challenge lies in IBC's successful implementation: SC judge

Challenge lies in IBC's successful implementation: SC judge

Sat, Jul 29, 2017

Emphasising that the Code is important for the country's economy, Justice Sikri said interpreting the law is also a challenge before National Company Law Tribunal (NCLT) and Insolvency and Bankruptcy Board of India (IBBI).

Takata's bankruptcy to pit automakers against air bag victims

Takata's bankruptcy to pit automakers against air bag victims

Mon, Jul 17, 2017

The global recall of Takata Corp`s defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom.

Rs 8 lakh crore NPAs may face bankruptcy proceedings by March 2019

Rs 8 lakh crore NPAs may face bankruptcy proceedings by March 2019

Sun, Jul 16, 2017

"So, it should be safe to assume that the non-performing assets (NPAs) mess would largely be resolved by the first quarter of financial year 2019-20," Assocham study titled 'NPAs Resolution: Light at the end of tunnel by March 2019' said.

First test of India's new bankruptcy law offers cautionary tale

First test of India's new bankruptcy law offers cautionary tale

Tue, Jul 11, 2017

In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India`s $150 billion bad debt overhang.

Japanese airbag maker Takata files for bankruptcy, gets US sponsor

Japanese airbag maker Takata files for bankruptcy, gets US sponsor

Mon, Jun 26, 2017

Japan's airbag maker Takata has filed for bankruptcy protection in the United States (US) and Japan and said it would seek $1.6 billion in aid from US-based Key Safety Systems (KSS).

Toshiba's Westinghouse seeks U.S. bankruptcy financing - sources

Toshiba's Westinghouse seeks U.S. bankruptcy financing - sources

Tue, Mar 21, 2017

Toshiba is reviewing proposals from financial institutions and investment firms about a so-called debtor-in-possession loan, which would carry the company through a potential bankruptcy, said two people familiar with the situation. The size of this financing package is expected to exceed $500 million, the people added.

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