In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
'As a professional fighter who relied on others to manage his affairs, he discovered that his debts far exceeded his assets,' his attorney Debra Grassgreen said.
Last month, the court heard that Becker "acted dishonestly" by failing to hand over assets including his Wimbledon singles trophies before and after he was declared bankrupt.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
Eastman Kodak has said the US bankruptcy court has approved its bid to sell more than 1,100 patents related to digital imaging, a move aimed at restructuring the company that once led the photography market.
German tennis great Boris Becker was jailed by a London court on Friday for hiding hundreds of thousands of pounds of assets after he was declared bankrupt.
These companies have survived bankruptcies.
The Enforcement Directorate (ED) has filed a chargesheet in the Associated Journals Limited-Young Indian-National Herald money-laundering case, seeking confiscation of assets worth Rs 661 crore and appending statements of Congress leaders Sonia Gandhi and Rahul Gandhi. The agency has accused the Gandhis of orchestrating a conspiracy to illegally obtain the underlying assets of AJL by the beneficial owners of YI (Sonia Gandhi and Rahul Gandhi). Both Sonia Gandhi and Rahul Gandhi have denied any wrongdoing and said the takeover of Associated Journals Limited (AJL) by Young Indian (YI) was not for commercial purposes. The Congress has slammed the chargesheet, alleging that the ED action against its leaders shows panic and moral bankruptcy of the "despotic" government, while the BJP has continued to call out the role of the Gandhi family in the matter.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
The London High Court dismissed the bankruptcy order against former IPL Commissioner Lalit Modi, his legal counsel said.
Kodak has said it hopes to emerge from Chapter 11 in the third quarter of this year.
LyondellBasell on Wednesday said it has won the US bankruptcy court's approval for reaching a settlement with its creditors, paving the way for the chemical giant to emerge from bankruptcy.
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
'Buyers should be provided either a fixed possession date or a firm date for the start of construction.'
The move by Westinghouse, which is to build six reactors in India under the Indo-US civil nuclear deal inked in 2008, has raised uncertainties over the future of the implementation of the historic pact.
Former Resolution Professional of insolvency-bound edtech firm Byju's has moved appellate tribunal NCLAT challenging disciplinary action recommended against him by the Bengaluru bench of NCLT.
Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
The ruling by US Judge Steven Rhodes, who cited the city's dismal finances and $18 billion owed to a multitude of creditors in support of his decision, marks a watershed in the history of Detroit.
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
Once the bankruptcy provisions are notified, these proprietary firms will benefit, as Insolvency and Bankruptcy Board plans to consider them as individuals
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
A German bankruptcy court has sold off Reliance Industries' polyester making subsidiary Trevira GmbH to two local entrepreneurs for an undisclosed amount.
A tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
However, the tribunal rejected the plea by the Netherlands based vendors for filing an intervention application, saying the Dutch district court had no jurisdiction to order bankruptcy of Jet Airways.
Opposition parties in India have criticized the imposition of President's rule in strife-torn Manipur, accusing the ruling Bharatiya Janata Party (BJP) of failing to address the ethnic violence and using the measure to cover up internal conflicts within the party. They demanded a clear roadmap for restoring peace and questioned the government's lack of transparency and inaction on the issue. The violence, which erupted in May 2023, has left over 250 people dead.
The Union Budget 2025-26, while promising a new framework for smoother mergers and acquisitions (M&As), has plugged a major loophole on carry-forward losses for a total of eight assessment years between amalgamating company and amalgamated company from the date of loss instead of date of the merger. For all mergers effected on or after April 1, 2025, the losses can be carried forward only for the residuary period (counting from the date of loss).
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
China's businessmen have always needed resilience, but now they must become accustomed to the spectre of bankruptcy.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
Though the verdict of the bankruptcy court needs final approval from the district court, something that Sterlite is banking on, legal experts said that step was just a formality and nothing more. In its ruling filed late Monday, Judge Richard S Schmidt of the bankruptcy court at Corpus Christi in Texas recommended the district court judge to confirm the Grupo Mexico's plan and reject Asarco's own plan, which is sponsored by the Vedanta group company.
The Bill suggests an insolvency regulator.
Byju's Founder Byju Raveendran's plea against the Insolvency of Think & Learn before the NCLAT was adjourned on Monday as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of insolvency proceedings against Think & Learn, which runs edtech company Byju's.
In a significant verdict, the Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal's (NCLAT) verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's. A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju's Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.
Conseco listed 52.2 billion dollars in assets in its latest quarterly report, making it the wealthiest firm to come to the court since Enron Corp and WorldCom Inc.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
The code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the government
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