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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Thousands of homebuyers in Haryana face years of delay as Piyush Group projects remain unfinished. Allegations suggest buyer funds were diverted for new land acquisitions, with promoters reportedly transferring project assets to family during insolvency. The Enforcement Directorate has filed a chargesheet and attached properties worth Rs 944 crore.

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The Lok Sabha has approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, a move lauded by Finance Minister Nirmala Sitharaman for revitalizing India's banking sector. The amendments aim to expedite case admissions and curb system misuse, building on the IBC's success in resolving over half of stressed assets and improving corporate governance for rescued firms.

In a surprising twist, Justice K.V. Viswanathan of the Supreme Court opted to recuse himself from a case that had reached the judgment reservation stage. Upon reflection, he realized his prior role in representing the petitioner, Alchemist Asset Reconstruction Company, throughout his distinguished legal career.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust