The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency appeal against Amrit Polychem filed by Korea Trade Insurance Corporation, TheWeek.in reported. The appellate tribunal has upheld the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT), observing a preexisting dispute between the parties. The NCLAT said that the Korea Trade Insurance Corporation (Ksure) was well aware of the fact that there was a preexisting dispute before stepping into the shoes of the JT Corporation (JTC).

The Competition Commission of India has approved Vedanta Limited's acquisition of Jaiprakash Associates Limited following a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, LiveMint.com reported. “The Proposed Combination envisages acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC),” the Commission said in a release on Tuesday, October 14.

Musician Hong Junyang recently became a casualty of Singapore’s struggling food and beverage industry, The Star reported. The 44-year-old singer-songwriter’s name was included in the Sept 26 publication of the Government Gazette list of bankrupt individuals. Hong told local news portal AsiaOne on Oct 13 that his financial situation arose from debts from his Thai street food restaurant chain The Original Boat Noodle, which had faced difficulties since the pandemic. “Ever since Covid-19 started, it has been very, very tough for us, up till our closure...

Supertanker freight rates surged this week and are set to stay elevated on U.S.-China tit-for-tat hikes in port fees and concerns about the fallout from U.S. sanctions on a major Chinese crude oil terminal, Reuters reported. Chinese retaliatory port fees announced on Friday would add more than $7 a barrel in shipping costs for a Very Large Crude Carrier linked to the U.S., traders estimated. That would be equivalent to a charge of around $15 million - a sum that would put anybody off chartering ships related to the United States.

Nearly four out of 10 South Korean construction companies were found to be potential insolvent firms last year, unable to cover their interest expenses with operating profits, the Chosun Daily reported. As the construction industry downturn has prolonged, a significant number of construction companies have found themselves in a state of insolvency where even paying interest with operating profits has become difficult, making normal business operations challenging.

Austrian former billionaire Rene Benko went on trial on Tuesday in the first case connected to the collapse of his property group Signa, which at its peak acquired stakes in New York's Chrysler Building and British department-store chain Selfridges, Reuters reported. Signa became the biggest casualty of Europe's property downturn when some of its main units filed for insolvency in 2023. Prosecutors are conducting a sprawling investigation into possible crimes committed, and estimate the related damage caused at around 300 million euros ($348 million).

Vijay Mallya, wanted in India to face trial on fraud and money laundering charges, has discontinued an application to annul a UK bankruptcy order ahead of a planned hearing in London on Monday, IndiaToday.com reported. It means the "Trustee in Bankruptcy" can continue to pursue assets to help a consortium of banks led by the State Bank of India (SBI) realise the repayment of an estimated judgment debt of around 1.05 billion pounds owed by the 69-year-old's now-defunct Kingfisher Airlines.

Indonesian shrimp packer Panca Mitra Multi Perdana (PMMP) has agreed to pay outstanding wages and severance to hundreds of laid-off staff after the local government said that it would declare the business bankrupt, reports Antara reported. PMMP was under scrutiny in September after more than 200 former employees reported not receiving wages, severance pay and other entitlements following layoffs, as Undercurrent News reported.