BANKRUPTCY TRUSTEE
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.
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
The Bond who came back from the dead: The risky world of AT1 bonds
Yes Bank AT1 bonds are back in the spotlight after the Supreme Court upheld the ruling invalidating their ₹8,415-crore write-off during the 2020 rescue. The verdict raises questions about investor protection, regulatory powers, unpaid coupons and the bank’s capital position. From Credit Suisse to India, the AT1 bond controversy exposes the risks of high-yield bank debt.
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.
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.
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Bankers question role of RP in the Subhash Chandra case and how net worth was computed
Dissenting banks say unresolved pleas for a forensic audit and asset trailing to be conducted on Subhash Chandra's financials to probe how his networth fell from more than Rs 40,562 cr when he issued the guarantees to Rs 32 cr in 2025, the crowding out of lenders by related party entities in the committee of creditors (CoC), and the role of resolution professional (RP) Shiv Nandan Sharma in admitting questionable entities as creditors highlights the difficulties in recovery in high-profile cases.
IBBI issues new guidelines to speed up appointment of insolvency professionals
The Insolvency and Bankruptcy Board of India has released new rules for insolvency professionals. These guidelines aim to speed up appointments in corporate insolvency cases. Professionals must submit an expression of interest by June 19, 2026. A final list will be sent to adjudicating authorities by June 30, 2026. IPs cannot refuse assignments without valid reasons.
Vijay Mallya discontinues bankruptcy annulment application in UK
Vijay Mallya has stopped his attempt to cancel a UK bankruptcy order. This allows the Trustee in Bankruptcy to continue seeking assets. These assets will help banks recover about 1.05 billion pounds. The debt is owed by Mallya's former airline, Kingfisher Airlines. Mallya is also facing extradition from the UK to India. He remains on bail in the UK.
NCLT declares ex-DHFL chairman Kapil Wadhawan bankrupt over ₹4,546 crore dues
The NCLT Mumbai has declared Kapil Wadhawan, the former chairman of DHFL, bankrupt following a petition by Union Bank of India to recover ₹4,546 crore. This order was issued after Wadhawan failed to submit a repayment plan. Sanjay Kumar Mishra has been appointed as bankruptcy trustee to manage the distribution of Wadhawan's estate.
Byju’s affiliate drained cash from US units in violation of bankruptcy rules: lawsuit
A lawsuit in Delaware claims that Byju Raveendran's company illegally transferred nearly $700,000 from US affiliates amid bankruptcy proceedings. Lenders seek to recover $533 million allegedly hidden by Byju's, involving complex legal battles in both the US and India.
IBBI issues new guidelines to streamline process of appointing IPs as resolution professionals
The Insolvency and Bankruptcy Board of India (IBBI) issues new guidelines to streamline the appointment of insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees, effective from July 1, 2024.
IBBI prepares list of 787 insolvency professionals to expedite resolution process
The move is aimed at avoiding administrative delays in the appointment of IPs to expedite insolvency resolution and prevent further erosion of stressed asset value, said a senior official.
NCLT admits personal insolvency application against Kishore Biyani
The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.
IBBI prepares list of 400 insolvency professionals for easy pickings
In a first for the country's bankruptcy resolution regime, the insolvency regulator has prepared a "common panel" of 400 insolvency professionals (IPs) from those registered with it. The Insolvency and Bankruptcy Board of India (IBBI) will share the list with the adjudicating authority to choose from to oversee cases of resolution or liquidation from July 1, according to an official.
IBBI to form 'common panel' of insolvency professionals
The bankruptcy regulator will prepare a "common panel" of insolvency professionals (IPs) from those registered with it and share the list in advance with the adjudicating authority to choose from to oversee various cases of resolution or liquidation from July 1.
US government appeals approval of Voyager sale to Binance.US
Wiles disagreed, saying that Voyager and its employees should not be penalized for carrying out a court-approved sale to Binance.US. If the DOJ or any government agency had evidence of misconduct specifically related to the bankruptcy, they should have presented it in court, Wiles said.
US government appeals approval of Voyager sale to Binance.US
U.S. Bankruptcy Judge Michael Wiles, who is overseeing Voyager's Chapter 11 bankruptcy process, had approved Voyager's restructuring plan, which is built around the acquisition by crypto exchange Binance.US, at a hearing on Tuesday after overruling objections from the U.S. Securities and Exchange Commission and DOJ.
FTX points to cost, cyber risk as it opposes independent bankruptcy investigation
FTX attorney James Bromley at Monday's hearing told Judge John Dorsey, who is overseeing the crypto exchange's Chapter 11 case, that the proposed review the US Department of Justice's bankruptcy watchdog is seeking is so vague that it is essentially asking for an examiner to look at "everything, everywhere, all at once."
US justice department watchdog seeks independent review of FTX bankruptcy
The DOJ's Office of the US Trustee said in a filing in Delaware bankruptcy court that it did not question John Ray's competence or earnestness, but an independent investigation would carry more weight with FTX customers
After 14 years, Lehman Brothers' brokerage ends liquidation
Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest U.S. bankruptcy on Sept. 15, 2008.
After 14 years, Lehman Brothers' brokerage ends liquidation
U.S. Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm.
Pramod Mittal’s bankruptcy case in UK gets extended
Billionaire steel magnate Lakshmi Mittal’s younger brother Pramod Mittal was due to be automatically freed from bankruptcy in Britain. But Paul Allen of specialist business advisory firm FRP, who was appointed as trustee in the bankruptcy of Mittal, took Mittal to the insolvency and companies court last week seeking suspension of his discharge.
IBBI tightens norms for insolvency resolution professionals
Insolvency resolution professionals would be barred from having employment when they are in possession of authorisation to take up work under the insolvency law.
Bitcoin's Tokyo whale sold $400 million and he's not done
Kobayashi, who’s liquidating tokens on behalf of Mt. Gox creditors, has another $1.9 bn to offload.
Involuntary bankruptcy case against Trinity Coal filed
"Trinity's current management has failed to negotiate with Trinity's creditors," Credit Agricole said in its court papers.
Barclays faces trial on Lehman claim of $11-bn windfall
Barclays faces a trial over claims by Lehman Brothers Holdings that it should pay as much as $11 billion to the bankrupt firm for the “windfall” the bank received when it purchased Lehman’s brokerage.
Investors can force Madoff bankruptcy: Judge
A federal judge says investors can force Bernard Madoff into personal bankruptcy proceedings.
US Cong to examine Madoff case on next Monday
A Manhattan bankruptcy judge will hear a request by the trustee overseeing the liquidation of Bernard Madoff's investment firm for a $28 million transfer to cover expenses.
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