BANKRUPTCY PROCEEDINGS
Anna Nicole Smith won $474 million in her fight over her billionaire husband's fortune, but the Supreme Court took it all away; what happened?
After his death, Smith began a legal battle over his estate in Texas. She challenged the inheritance arrangements and argued that she was entitled to a share of her husband's wealth. The Texas probate proceedings did not go in her favour. The dispute then moved into federal bankruptcy proceedings in California. Smith's stepson, E. Pierce Marshall, had filed a defamation claim against her in those proceedings.
NCLT declares Videocon’s Venugopal Dhoot bankrupt in SBI’s Rs 12,668 cr claim
The NCLT has declared former Videocon chairman Venugopal Dhoot bankrupt in proceedings initiated by SBI over personal guarantees for loans extended to the group. The order follows the rejection of his Rs 600 crore repayment proposal, backed by a proposed Siliguri real estate project, against total admitted dues of Rs 12,668 crore.
NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee
The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India (SBI), after the failure of his personal insolvency resolution process and repayment plan.
‘Breaking Bad’ star Dean Norris lists his 11-acre ranch with a horse barn and orchard for $3,199,267, almost double what he paid in 2014
Actor Dean Norris has put his sprawling Temecula estate on the market for $3,199,267 amid his ongoing divorce. The property, encompassing 11 acres, features both a main house and a guesthouse. This move comes after the couple’s restaurant, Swing Inn Cafe, faced financial struggles leading to bankruptcy. Married for over 20 years, Norris and his wife share two children, with property division governed by California's community property laws.
‘They spent it all on minerals’: Fans turn to Hank Schrader jokes as ‘Breaking Bad’ star Dean Norris faces divorce and debt
Dean Norris, known for his role in Breaking Bad, is going through a divorce from wife Bridget Norris. The couple married in 2001 and has five children together, with Bridget seeking joint custody. Their restaurant, Swing Inn Cafe, is also facing financial difficulties with Chapter 11 bankruptcy protection. The cafe, operational since 1927, has significant debts and lost considerable sales recently.
Outback Steakhouse Restaurant Closures 2026: Check full list of locations recently shut amid franchisee bankruptcy
Outback Steakhouse has closed 10 locations across four US states due to financial difficulties of a franchisee. The franchisee, Out West Restaurant Group, filed for Chapter 11 bankruptcy protection after struggling since 2018. These closures have raised concerns about potential future restaurant shutdowns but do not affect the entire chain. Bloomin' Brands plans to acquire the remaining franchise operations and provide financial support.
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'Breaking Bad' actor Dean Norris and wife Bridget Norris file for divorce as big financial trouble and insolvency issues loom large; all you need to know
Actor Dean Norris and his spouse Bridget have initiated divorce proceedings in Riverside County, California, citing irreconcilable differences. The couple, who share five children, are also entangled in financial difficulties stemming from their restaurant, Swing Inn Cafe, which has filed for bankruptcy. Bridget seeks custody of their children along with spousal support.
Zee draws line between CBI probe against Subhash Chandra and its business
Zee Entertainment Enterprises has clarified that an Enforcement Case Information Report (ECIR) registered against founder Subhash Chandra in his personal capacity has no bearing on the company or its operations. The development follows an ongoing CBI investigation into an earlier FIR filed by LIC Housing Finance against the promoter entities.
NCLAT sets aside insolvency proceedings against Polycab over Rs 2.78 crore dues
NCLAT overturned the insolvency proceedings against Polycab India Limited, which originated from a claim by Asier Metals. The tribunal found unresolved disputes regarding payments and alleged operational dues amounting to Rs 2.78 crore. NCLAT noted that effective communication existed between the two parties detailing ongoing disagreements over credit notes and charges. Additionally, Polycab disputed the creditor's demand, indicating significant unresolved financial matters.
A $40 million restoration couldn’t save this historic castle from bankruptcy. Now it has sold for $72 million - Here’s the real estate lesson
Oheka Castle’s $40 million restoration brought the historic Long Island estate back to life, but it couldn’t prevent its owner from facing bankruptcy amid more than $63.5 million in debt. The property has now sold for $72 million, far below its reported $137 million valuation in 2025, raising questions about the financial realities of restoring historic real estate.
Trump administration student debt collection: Five ways borrowers can protect their paychecks from federal garnishment
Millions of Americans struggling with student loan debt may soon face renewed collection efforts from federal agencies. The Education Department is reportedly preparing to restart collection activities, potentially involving private debt collectors. Borrowers in default still have options to challenge collections, seek relief, or restore their loans to good standing. Possible approaches include hardship hearings, bankruptcy, and rehabilitation programs.
Damon Dash, once one of hip-hop's biggest moguls, forced to sell off rights to his life story for just $550,000, amount set to help pay his $25 million debt
Damon Dash, the co-founder of Roc-A-Fella Records, was forced to sell off the rights to his life story for $550,000. Everlasting Films emerged as the winning bidder at the auction, and the proceeds will go to his creditors. The auction process began after Dash filed for bankruptcy last year, declaring significant debt compared to his limited assets
In 2021, a Pennsylvania property was sold at a tax sale; one owner's notice challenge changed the case; what exactly happened?
In order to sell the property, the Tax Claim Bureau petitioned the Delaware County Court of Common Pleas on January 20, 2021. The hearing then took place on April 5 and the court scheduled the judicial sale for May 13, 2021. The sale faced an interruption on May 10, as Johnson's brother asked the US bankruptcy court to stop the proceedings.
Supreme Court upholds Shree Naman Developers' acquisition of Bengaluru, Pune hotel under NCLT proceedings
The Supreme Court has upheld insolvency proceedings against Gstaad Hotels and Neo Capricorn Plaza. This decision arises while clarifying that disputes over outstanding debt do not prevent corporate insolvency resolution. The National Company Law Tribunal approved resolution plans exceeding the companies' admitted liabilities. Challenges to these proceedings were rejected, emphasizing that historical defaults occurred despite arguments on financial management. The ruling maintains the legality of the insolvency process moving forward.
OpenAI’s IPO dream may shatter with distress sale to MS
In a recent discussion, Gary Marcus raised critical flags about OpenAI's fiscal responsibilities as the stock market faces instability. He warned that the demise of leading AI firms could trigger extensive financial repercussions. Notably, Marcus compared the current climate to WeWork's disastrous decline, suggesting that Microsoft might pick up OpenAI at a bargain.
Experts hail SC ruling on creditor’s claim in insolvency-linked dispute between two Bengaluru firms
The Supreme Court has ruled that a creditor whose claim was largely extinguished under an insolvency resolution plan can still use it as a counterclaim for set-off in subsequent arbitration, but cannot independently seek recovery of the extinguished amount.
After teen suicide lawsuits, Character.ai enters bankruptcy—Why is Disney bidding $20 million for its technology?
Character.ai said selling the company under court supervision would offer the best chance to protect value for its stakeholders. CEO Colin Adams pointed to legal and regulatory challenges, along with problems running the business. The company said it had considered other options before deciding to file for Chapter 11 bankruptcy.
Character.AI files for bankruptcy, agrees to sell some assets to Disney for $20 million
Character.AI said on Monday it had filed for Chapter 11 bankruptcy in the US and agreed to sell some of its assets to Walt Disney for $20 million. The AI entertainment platform said it intends to continue operating as it completes the sale.
Polycab shares tumble 5% as stock set to exit F&O segment from December 30 onwards. Here's why
Polycab India shares dropped over 5% after the NSE announced its exclusion from the F&O segment from December 30. The move follows insolvency proceedings initiated against the company, although NCLAT has stayed the NCLT order. Existing derivative contracts will continue until their respective December expiries.
Polycab India’s F&O exit: NSE sets December 30 deadline; NCLAT stays insolvency order
NSE will remove Polycab India from the equity derivatives segment from December 30, 2026, with existing contracts available until expiry. Separately, NCLAT has stayed the NCLT order admitting insolvency proceedings against the company over an alleged Rs 2.79 crore operational debt, pending further orders.
Oheka Castle auction set for October 27: Why the ‘Great Gatsby’-linked mansion where Taylor Swift filmed ‘Blank Space’ is going up for sale
Oheka Castle, the historic Long Island mansion linked to The Great Gatsby and featured in Taylor Swift’s “Blank Space” music video, is heading to auction on October 27, 2026. The 127-room estate faces financial troubles after owner Gary Melius filed for Chapter 11 bankruptcy in July 2025.
ED arrests Rakesh Kumar Gupta, chairman of media broadcast company in insolvency-linked case
Rakesh Kumar Gupta, chairman of Sadhna Group, was arrested under the Prevention of Money Laundering Act. The Enforcement Directorate claims he manipulated insolvency processes to settle large tax dues for a fraction of the owed amount. Allegations include substantial cash transactions linked to cryptocurrency and questionable payments to connected creditors. The court rejected Gupta's defense arguments and deemed the investigation lawful and necessary.
NCLT admits insolvency plea by Kotak Mahindra Bank against Unity Realty
Kotak Mahindra Bank's insolvency petition against Unity Realty and Developers has been admitted by the NCLT. The petition was filed due to a claimed default of ₹68.49 crore, which dates back to September 2023. Unity Realty is a corporate guarantor for financial facilities availed by Unity Infraprojects, which faced financial difficulties leading to the current situation.
India to mandate facial scans for airport staff, fast-track full-body scanners after Flydubai incident
India will make facial recognition mandatory for airline and airport employees and expedite full-body scanner deployment at eight major airports as part of tighter aviation security measures. BCAS said airport entry passes will be digitally controlled, while civil aviation officials said scanners have reached three airports and will soon be installed at five more.
NCLT rejects Uniton Infra insolvency plea against Shapoorji Pallonji over Rs 4.31 crore claim
The National Company Law Tribunal rejected Uniton Infra’s plea seeking insolvency proceedings against Shapoorji Pallonji & Co over an alleged Rs 4.31 crore default linked to road resurfacing work in Nellore. The tribunal said one invoice fell under the Covid-era ban on bankruptcy filings, while the remaining claim was below the Rs 1 crore threshold.
ARCs seek govt help to speed up recovery
Asset reconstruction companies have called for improved government intervention to accelerate debt recovery through DRTs. They proposed changes including automatic lapse of interim stays after two months and better notification processes for creditors. Additionally, they requested timely filling of DRT vacancies and enhanced electronic services for litigation. The Sarfaesi Act has been highlighted as an essential tool for banks in asset recovery.
Need reforms for higher recoveries and speedier resolutions in IBC: IBBI Chair
Jayanti Prasad emphasized the need for reforms in India's debt resolution framework to improve realizations and safeguards. Justice Anupinder Singh Grewal suggested raising the financial threshold for insolvency case admissions to enhance efficiency. Prasad highlighted the regulator's aim to address delays and improper use of the Code.
NCLAT dismisses Affle 3i's plea against insolvency of Talent Unlimited Online Services
NCLAT has dismissed an appeal by Affle 3i Ltd concerning insolvency proceedings against Talent Unlimited Online Services Pvt Ltd. The dismissal means that Affle 3i can file a new allegation of fraudulent initiation of the insolvency process. The NCLT had already initiated corporate insolvency resolution proceedings based on a Section 7 application. Affle 3i argued that the proceedings were initiated fraudulently, but NCLAT found no substantial evidence.
Leonard Ross bought the Beverly Hills Hearst Estate for $473,000 in 1976; 40 years later, he listed it for $195 million, but 5 years after that, the mansion headed to auction
Leonard Ross's Beverly Hills mansion was placed for auction due to accumulated debts exceeding $50 million. Initially listed for $195 million in 2016, the price was reduced over the years to attract buyers. Ultimately, a bankruptcy auction was held in September 2021 after failed sale attempts. Nicolas Berggruen emerged as the winning bidder, purchasing the estate for $63.1 million.
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