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Downfall of FTX head, Sam Bankman-Fried, sends shockwaves through crypto world
World

Downfall of FTX head, Sam Bankman-Fried, sends shockwaves through crypto world

Under Bankman-Fried, FTX quickly grew to be the third-largest exchange by volume. The stunning collapse of this nascent empire has sent tsunami-like waves through the cryptocurrency industry, which has seen a fair share of volatility and turmoil this year

How Revlon revolutionised the cosmetics world
World

How Revlon revolutionised the cosmetics world

Once a cosmetics juggernaut, Revlon on Thursday filed for bankruptcy to manage its debt, which it said stood between $1-10 billion

Fuel price hike necessary to avoid bankruptcy, says Pakistan's Shehbaz Sharif
World

Fuel price hike necessary to avoid bankruptcy, says Pakistan's Shehbaz Sharif

Sharif also blamed the previous government for the current hike in petroleum as it has committed with the IMF for this increase

World Bank ready to provide emergency support to Sri Lanka, says report
World

World Bank ready to provide emergency support to Sri Lanka, says report

Sri Lanka, which is on the brink of bankruptcy, is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948

Former Wimbledon winner Boris Becker 'embarrassed' by bankruptcy
Sports

Former Wimbledon winner Boris Becker 'embarrassed' by bankruptcy

Becker was declared bankrupt in June 2017 and is currently on trial accused of failing to hand over assets including nine trophies and medals from his glittering tennis career

Insolvency cases have gone up substantially in COVID-hit corporate world, but India can heave sigh of relief
India

Insolvency cases have gone up substantially in COVID-hit corporate world, but India can heave sigh of relief

The reasons for quick recovery by the corporate sector in India can be attributed to the fact that debt financing by Indian corporates is not very high as compared to global levels

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him
India

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him

The allegations were made by Richard Levin, the court appointed trustee of three US corporations indirectly owned by Nirav Modi previously

American Airlines posts $2.2 bn loss on pandemic, first since bankruptcy exit; total operating revenue declines nearly 20% to $8.5 bn
Business

American Airlines posts $2.2 bn loss on pandemic, first since bankruptcy exit; total operating revenue declines nearly 20% to $8.5 bn

American Airlines has already reduced its flight schedule by about 80 percent in both April and May. Its June capacity will be down 70 percent, it said.

Jet Airways insolvency: NCLT allows 90 days' extension for grounded airline's bankruptcy process
Business

Jet Airways insolvency: NCLT allows 90 days' extension for grounded airline's bankruptcy process

The National Company Law Tribunal (NCLT) on Wednesday allowed 90 days' extension for the corporate insolvency resolution process of Jet Airways

IBC led to recovery of just 10% of defaulted loans in non- major companies: Jairam Ramesh
Business

IBC led to recovery of just 10% of defaulted loans in non- major companies: Jairam Ramesh

The insolvency and bankruptcy law has resulted in recovery of just 10 percent of defaulted loans in case of companies other than the seven big ones referred for resolution, senior Congress leader Jairam Ramesh said in Rajya Sabha on Thursday

Recovery through insolvency process better compared to other options: IBBI chief  MS Sahoo
Business

Recovery through insolvency process better compared to other options: IBBI chief MS Sahoo

Asserting that recovery through insolvency law process has been better, IBBI chief MS Sahoo has said creditors have recovered Rs 1.6 lakh crore, which is 207 percent of the realisable value of assets of 190 companies rescued till December last year under it

Videocon Industries insolvency case: NCLT orders inclusion of company's overseas assets in bankruptcy process
Business

Videocon Industries insolvency case: NCLT orders inclusion of company's overseas assets in bankruptcy process

The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon Industries' overseas oil and gas business in the ongoing insolvency process being conducted in the country

Vijay Mallya faces bankruptcy; consortium of 13 Indian banks back in UK court over Rs 10,000 cr debt
Business

Vijay Mallya faces bankruptcy; consortium of 13 Indian banks back in UK court over Rs 10,000 cr debt

In July, the banks had won a High Court battle to access documents they were after to establish the true ownership of assets they believed were linked with the embattled Mallya.

Jaypee Infratech insolvency: Suraksha Realty may offer more cash and land to lenders, higher compensation to buyers
Business

Jaypee Infratech insolvency: Suraksha Realty may offer more cash and land to lenders, higher compensation to buyers

Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay penalty compensation to homebuyers to make its final resolution more lucrative for financial creditors, sources said

DHFL shares fall nearly 5% after RBI files application to initiate insolvency resolution process
Business

DHFL shares fall nearly 5% after RBI files application to initiate insolvency resolution process

Shares of Dewan Housing Finance Corporation on Monday fell nearly 5 percent to hit lower price band after the RBI filed an application to initiate the insolvency resolution process against the company

RBI refers DHFL to bankruptcy tribunal for resolution of company's Rs 83,873 cr debt
Business

RBI refers DHFL to bankruptcy tribunal for resolution of company's Rs 83,873 cr debt

The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code

Govt notifies rules under insolvency law for resolution of financial service providers
Business

Govt notifies rules under insolvency law for resolution of financial service providers

The government on Friday notified rules under the insolvency law to deal with the resolution of financial service providers, excluding banks

Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI
Business

Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI

State Bank chairman Rajnish Kumar on Tuesday said the Enforcement Directorate and other central law enforcement agencies should restrict to attaching personal assets while investigating a promoter and keep off the company which is under the insolvency process

NCLAT asks Jet Airways lenders if they would cooperate with Dutch court administrator
Business

NCLAT asks Jet Airways lenders if they would cooperate with Dutch court administrator

The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked lenders of Jet Airways whether they would cooperate with the Dutch court administrator who is also pursuing insolvency proceedings against the debt-ridden carrier

Syndicate Bank expects Rs 4,000 cr from bad loans recovery in current fiscal
Business

Syndicate Bank expects Rs 4,000 cr from bad loans recovery in current fiscal

State-owned Syndicate Bank expects to mobilise Rs 4,000 crore from the recovery of bad loans during the current fiscal