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A Hong Kong court has reprimanded a Hungarian businessman for trying to use insolvency law to wrestle control of a global kitchenware business from his cousin, finding his winding-up petition to be without merit on all counts.
06 March 2017
Pulkit Gupta, director at Ernst & Young in Delhi, talks through the new Indian Insolvency and Bankruptcy Code, arguing that while it is not perfect, it’s the best law India could have hoped for in the current circumstances.
17 February 2017
An Indian court has ordered the winding up of Indian billionaire politician Vijay Mallya’s United Breweries Holdings Company – the parent to collapsed Kingfisher Airlines and construction materials manufacturer UB Engineering – as India’s government filed a request for the businessman’s extradition from the UK.
09 February 2017
A Mumbai-based tribunal has placed construction materials manufacturer UB Engineering in insolvency proceedings under India’s fledgling Bankruptcy Code, days after its owner was separately charged over allegations related to the collapse of Kingfisher Airways.
06 February 2017
A US appeals court has estopped a former investor in an Indian real estate company from relitigating breach of fiduciary duty claims already dismissed in a Cayman winding-up order, ruling that it was not necessary for the order to receive Chapter 15 recognition for the US courts to grant it comity.
23 January 2017
Mumbai’s ICICI Bank has filed a bankruptcy petition against Pune-based steelmaker Innoventive Industries in what is understood to be the first case under India’s new Bankruptcy Code, as experts warn of potential hurdles to overcome while the new framework is bedded in.
03 January 2017
Provisions in India’s Companies Act concerning compromises, schemes of arrangement and winding-up proceedings came into effect on Thursday, clarifying the powers of a new company law tribunal and marking the latest development in the country’s overhaul of its restructuring and insolvency landscape.
16 December 2016
In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.
31 October 2016
An Isle of Man court has issued an order winding up Manx-Indian real estate company Hirco following the failure of its £450 million arbitration claim against an Indian entrepreneur.
19 October 2016
A Scottish court has found that, under the common law cross-border insolvency principle of modified universalism, foreign liquidation proceedings in India should run ancillary to those in Scotland – the debtor’s place of incorporation.
17 October 2016
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