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IN JANUARY 2024, THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF NEW YORK ISSUED AN OPINION IN THE THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. BANKRUPTCY CASE [...]

Byline: Arka Majumdar Juhi Wadhwani Vikram Chaudhuri Ishika Neotia Aakriti Garodia, Arka Majumdar, Juhi Wadhwani, Vikram Chaudhuri, Ishika Neotia, Aakriti Garodia The following is a snapshot of the important orders [...]

Byline: Debayan Roy The NCLAT recently accepted a settlement between BCCI and Byju's which involves the repayment of é 158 crores to the BCCI by Riju Raveendran, who is the [...]

SunPower announced that the Company received a notice from the Nasdaq Stock Market that it has determined to delist the Company's common stock on Nasdaq. The delisting is a result [...]

Pitney Bowes announced that it has sold a controlling interest in the entities representing a substantial majority of the Global Ecommerce segment operating in the U.S. to Hilco Commercial Industrial, [...]

VBI Vaccines provided an update on the restructuring proceedings announced on July 30. On August 2, the United States Bankruptcy Court for the District of Delaware granted provisional relief under [...]

Byline: LIBN Staff Gerard R. Luckman, a partner and Chair of Forchelli Deegan Terrana LLP's Bankruptcy & Corporate Restructuring practice group, was appointed Chair of the Nassau County Bar Association's [...]

Byline: Angad Varma, Saurabh Nikalje, Kevin Chadha The article discusses Interventions Applications under the Insolvency and Bankruptcy Code, 2016 and their significance in Corporate Insolvency Resolution Processes. The Insolvency and [...]

Byline: Bar & Bench The Tribunal passed the order on a petition filed by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law [...]

Byline: Nia Prater (https://nymag.com/intelligencer/article/rudy-giuliani-bankruptcy-filings.html) Rudy Giuliani's financial situation has taken yet another turn for the worse. On Friday, a New York judge dismissed the former mayor's bankruptcy case, officially opening [...]

Byline: Arka Majumdar Juhi Wadhwani Vikram Chaudhuri, Arka Majumdar, Juhi Wadhwani, Vikram Chaudhuri The article provides a brief look at important orders passed by the NCLAT under the IBC between [...]

The Justice Department announced that Rite Aid Corporation and Rite Aid subsidiaries, Elixir Insurance Company, RX Options LLC and RX Solutions LLC, have agreed to resolve allegations that they violated [...]

The Justice Department announced that Rite Aid Corporation and 10 subsidiaries and affiliates have agreed to settle the government's allegations under the False Claims Act and Controlled Substances Act asserted [...]

Byline: Laura Husband On 1 July, the US stock exchange (NYSE American) announced it is starting its delisting proceedings for Delta Apparel with trading in the company’s common stock being [...]

CASE AT A GLANCE Facing thousands of claims related to opioid painkillers, Purdue Pharma L.P. filed for bankruptcy in 2019. The bankruptcy proceedings resulted in a plan of reorganization that--in addition to resolving opioid claims against Purdue--released related claims that Purdue's creditors held against members of the family who owned and controlled Purdue (the Sacklers). In exchange, the Sacklers agreed to contribute billions of dollars to Purdue's bankruptcy estate. The plan was approved by over 95 percent of the voting claimants, but the United States Trustee objected and appealed arguing that such 'nondebtor releases' require unanimous consent of the released parties., Harrington v. Purdue Pharma, L.P. Docket No. 23-124 Argument Date: December 4, 2023 From: The Second Circuit Anthony J. Casey University of Chicago Law School, Chicago, IL Issue Does the [...]

CREDITORS DEALING WITH A CUSTOMER THAT IS FAILING TO PAY ITS DEBTS CAN FILE AN INVOLUNTARY BANKRUPTCY PETITION AGAINSTTHAT CUSTOMER. HOWEVER, FORCING A CUSTOMER INTO AN INVOLUNTARY BANKRUPTCY IS NOT [...]

CASE AT A GLANCE The Supreme Court does not often take up appeals in bankruptcy cases, generally averaging only one per term. There is a notable uptick this term, with the Supreme Court granting certiorari in three bankruptcy cases through the date of this article. (1) One of these cases, Office of the United States Trustee v. John Q. Hammons Fall 2006, LLC, has financial consequences for chapter 11 cases filed between January 1, 2018, and March 31, 2021. The Court in Hammons is being asked to decide whether the Office of the United States Trustee (UST) must issue refunds of fees collected under the UST fee schedule the Supreme Court determined was unconstitutional in its 2022-2023 term in Siegel v. Fitzgerald. The UST estimates refund claims could exceed $300 million., Issue Is the appropriate remedy for the constitutional uniformity violation found by this Court in Siegel to require the United States Trustee to grant retrospective refunds of the increased fees [...]

Justice Gorsuch's opinion rejecting the deal that allowed the non-debtor Sackler family to contribute to the Purdue Pharma opioid settlement in exchange for discharge from civil liability-- an off-ramp from [...]

In the latest development in the FTX Trading LTD bankruptcy case, John Ray, the chief lawyer for the Chapter 11 cryptocurrency firm, has urged a New York judge to return [...]

Byline: Arka Majumdar, Juhi Wadhwani, Vikram Chaudhuri, Ayush Chaturvedi The article provides a brief look at important orders passed by the NCLAT under the IBC between May 1 and May [...]

Byline: Sumit Malhotra The article analyzes the contrasting roles and responsibilities of the Insolvency Professional vis-à-vis the Liquidator under Insolvency and Bankruptcy Code, 2016. Under the Insolvency and Bankruptcy Code, [...]

Byline: Moneylife Digital Team The ad hoc group of term loan lenders of Byju's Alpha Inc's US$1.4bn (billion) term loans says that certain holders of the term loans and GLAS [...]

Cue Health announced the company has filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business. [...]

Byline: Tanu Priya Gupta This article is an attempt to analyse the impact of a moratorium under the IBC on arbitration proceedings. The 'moratorium' is arguably the most important feature [...]

Byline: Moiz Rafique, Abhishek Sadhwani The necessity for effective cross-border insolvency management methods has grown along with the ever-expanding web of international trade and investment. Cross-border insolvency (CB insolvency) is [...]

'These exceptional results demonstrate ProSomnus's value proposition, differentiation, and the quality of our people, providers, and processes,' said Len Liptak, Chief Executive Officer. 'To generate top tier revenue growth and [...]

Medical Properties Trust issued the following statement in response to Steward Health Care's decision to commence an in-court restructuring process under Chapter 11 of the U.S. Bankruptcy Code. MPT has [...]

Byline: Arka Majumdar Juhi Wadhwani Vikram Chaudhuri Ayush Chaturvedi, Arka Majumdar, Juhi Wadhwani, Vikram Chaudhuri, Ayush Chaturvedi The following is a snapshot of the important orders passed by the National [...]

Jacoby, Melissa B. UNJUST DEBTS The New Press (NonFiction None) $27.99 6, 11 ISBN: 9781620977866 An exposé of the racial, class, and corporate biases in the U.S. bankruptcy system. In [...]

Byline: Bar Indiabulls had moved the Tribunal under Section 95 of the Insolvency and Bankruptcy Code (IBC) over outstanding loan amounts to be furnished by Chandra. The National Company Law [...]

Byline: Abhimanyu Hazarika The Court has disagreed with the Bombay High Court's finding that only special courts consisting of metropolitan or judicial magistrates are empowered to hear complaints under the [...]

Byline: Prashant Jha NCLT had admitted the insolvency plea based on an application by creditor Reward Solutions for an alleged default of é 7.61 crore on the part of Dream [...]

Byline: TBM Staff The future of Go First, which ceased operations on May 3, 2023, may soon be determined within the next two months. The National Company Law Tribunal (NCLT) [...]

Casa Systems (CASA) initiated a court-supervised process that is intended to achieve value-maximizing sales of its businesses. To facilitate these sales, the Company filed voluntary petitions for relief under Chapter [...]

A bankruptcy trustee's pursuit of preference claims causes heartburn for trade creditors. It's one thing to be owed a potentially uncollectable receivable from a financially distressed customer that is heading [...]