🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Mint Explainer: Why bankruptcy reforms should be the new govt’s top priority

LivemintLivemint · 1y ago
Mint Explainer: Why bankruptcy reforms should be the new govt’s top priority
Medial

Eight years after the implementation of the Insolvency and Bankruptcy Code (IBC), creditors are still experiencing low recovery rates as resolving insolvency cases takes an average of 679 days. This delay results in larger haircuts for lenders, with very few cases being resolved within the stipulated period of 330 days. The data provided by the Insolvency and Bankruptcy Board of India (IBBI) highlights the need for improvements in the resolution process, including reducing delays caused by litigation and encouraging out-of-court settlements. Strengthening the National Company Law Tribunal (NCLT) and enhancing capacity building for all involved parties are also crucial steps forward.

Related News

ETtech Explainer: why Karnataka had to put job reservation bill on hold

Economic TimesEconomic Times · 11m ago
ETtech Explainer: why Karnataka had to put job reservation bill on hold
Medial

The Karnataka government recently approved a bill that would require private sector companies to reserve a certain percentage of jobs for Kannadigas, sparking controversy. The bill specifies that 50% of management roles and 70% of non-management roles should be filled by local candidates. However, following backlash from businesses and tech leaders, the bill has been temporarily put on hold. Similar to a bill introduced by the Haryana government, which was struck down by the Punjab and Haryana High Court, the Karnataka bill has faced opposition from industry bodies like Nasscom and Assocom. The government has promised wider consultations to address the concerns of both Kannadigas and industries.

Byju’s transferred funds in violation of bankruptcy rules via shell company: Report | Mint

LivemintLivemint · 8m ago
Byju’s transferred funds in violation of bankruptcy rules via shell company: Report | Mint
Medial

1. Byju's, the embattled tech company, is facing a lawsuit alleging illegal fund transfers from its U.S. affiliate to another entity called Whitehat Education Technology. 2. The court-appointed trustee is seeking the return of nearly $700,000 that was allegedly transferred from accounts under her control, which should have been used to pay creditors. 3. Byju's is already embroiled in a broader conflict with its lenders who claim the company owes them over $1.2 billion, including $533 million that the lenders believe was hidden. 4. The dispute arose from a Byju's affiliate holding the missing $533 million, which was taken over and put under bankruptcy proceedings. Three other units are also under bankruptcy and control of the court-appointed trustee. 5. Byju's officials are accused of moving the $533 million in violation of bankruptcy court rules, with the lawsuit claiming that funds were transferred from the affiliates' Stripe account to a Wells Fargo account linked to Whitehat. 6. Court approval is typically required before funds can be used in U.S. bankruptcy cases, but Byju's officials allegedly transferred the funds without proper authorization, as per the lawsuit.

Download the medial app to read full posts, comements and news.