insolvency case

Edtech giant Byju's founder Byju Raveendran received a six-month prison sentence in Singapore for contempt of court over asset disclosure non-compliance. This latest setback adds to the company's mounting legal woes, including fund diversion allegations and creditor claims, marking a significant downfall for the once-celebrated startup.

The ruling marks another setback for the entrepreneur, who is already facing legal challenges from overseas investors across multiple jurisdictions. In the United States, lenders are attempting to recover losses tied to a soured $1.2 billion loan.

Trial Against Former Promoters Continues

Co Submitted Resolution Plan In Oct 2024, Reached Settlement With Lender In Jan

Homebuyers facing delayed possession or unfair practices by builders now have legal recourse under RERA. The Act empowers buyers to seek compensation for delays or opt for a full refund with interest. It's crucial to file complaints early with supporting documents to protect your rights and investment.

A PIL petitioner has informed the Supreme Court that while officials of Anil Dhirubhai Ambani Group (ADAG) companies are being arrested, the main perpetrator in the alleged Rs 40,000 crore loan siphoning case remains untouched. The Solicitor General cited new facts for probe delays.

The Supreme Court has taken suo motu action, highlighting severe infrastructure and vacancy issues plaguing the National Company Law Tribunals (NCLT). These deficiencies are causing significant delays in crucial insolvency and bankruptcy cases, potentially undermining the Insolvency and Bankruptcy Code's objectives. The court emphasized the urgent need for immediate remedial measures to prevent further frustration of the IBC's purpose.

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