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It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016. It covers Individuals, Companies , Limited Liability Partnerships and Partnership firms .
Anybody can be a director, subject to certain exceptions. A person who is yet to be discharged from bankruptcy [1] or who has been banned from being a company director by the court will be prohibited, except in certain cases. For example, if the bankrupted person had requested details of share transactions because there was sufficient equity ...
Shriram Group is an Indian conglomerate headquartered in Chennai. It was founded on 5 April 1974 by R. Thyagarajan , [ 3 ] AVS Raja and T. Jayaraman. [ 4 ] [ 5 ] [ 6 ] The group had its beginning in chit funds business and later on entered the lending and insurance businesses.
In June 2004, the Supreme Court of India set a legal precedent regarding domain names in the Satyam Infoway Ltd. v. Sifynet Solutions Pvt. Ltd. lawsuit. [1] In November 2005, Satyam Computer Services sold its remaining 31.61% shares in Sify to Infinity Capital Ventures, which is owned by Raju Vegesna, for US$62.62 million. [16]
In limited circumstances, the creditors involved in a bankruptcy case can elect a trustee. In a Chapter 7 Bankruptcy ("Liquidation") the trustee gathers the debtor's non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. In most cases personal bankruptcy is initiated by the bankrupt individual. Bankruptcy is a legal process that discharges most debts, but has the disadvantage of making it more difficult for an individual to borrow in the ...
It was in the Bankruptcy Act of 1898 that the modern system of bankruptcy law in the United States was established. This law provided for both voluntary and involuntary bankruptcy and allowed for the discharge of certain debts. The 1898 Act also established bankruptcy courts and created the position of a bankruptcy trustee to oversee bankruptcy ...
The study found that "about half" of bankruptcy filers in the year 2001 cited out-of-pocket medical bills in excess of $10,000 as a major contributor to bankruptcy (the average bankruptcy filer in this study was a 41-year-old woman with a median income of $25,000, slightly below the personal income average for that year).