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New Indian Express
6 days ago
- Business
- New Indian Express
Group insolvency framework: When one is not for all
The principle of separateness is no minor technicality. It lies at the heart of company law. The landmark 1896 ruling by the British House of Lords, in Salomon vs Salomon & Co, established that once incorporated, a company acquires its own legal identity, distinct from its shareholders, directors, or affiliates. This was more than a formalism; it unleashed the modern economy, shielding personal assets from business risks and allowing capital to move freely. India's Supreme Court has affirmed this on many instances, underscoring that corporate separateness is not a legal fiction to be set aside for convenience, but a deliberate construct governing credit, liability, and risk. The IBC reflects this. It treats companies as distinct legal persons, with debts, defaults, and proceedings that are all individually determined. Section 3(7) defines a 'corporate person' in individual terms—one corporation at a time. Section 5(8), which defines 'financial debt,' presupposes a direct relationship between debtor and creditor, not a complex web of inter-corporate obligations. And from Section 6 onwards, the entire resolution mechanism is built around initiating proceedings against 'a corporate debtor'—not a group, conglomerate, or an economic cluster. Of course, the notion that each company is a sealed legal island has its exceptions. Courts in India and abroad have occasionally 'pierced' the corporate veil—especially when the structure is used to commit fraud or evade the law. As early as 1933, Lord Denning remarked that courts could 'pull aside the corporate veil' to see the true actors behind it (Gilford Motor Co vs Horne). Indian courts have likewise reaffirmed that corporate identity is not a shield for misconduct. But these are the exceptions to the rule, triggered by fact-specific abuse, not tools for convenience or policy innovation. The call for a group insolvency framework stems from real-world frictions, not just theory. Consider the Srei Group, where both the parent and its subsidiary were forced into parallel insolvency proceedings, despite shared cash flows, cross-guarantees, and overlapping liabilities. This created a procedural quagmire: creditors filed claims in both forums, there was confusion over ownership of assets, and value was steadily lost. The Videocon case posed an even starker dilemma. Thirteen companies, all functionally run as one business, were admitted into distinct CIRPs—only to be later resolved collectively by judicial innovation, not legislative design.
Fox News
20-02-2025
- Politics
- Fox News
UK leader hails Vance's tough words for Europe, says it's 'foolish' to say continent could never fall to ruin
Member of the British House of Lords and Alliance for Responsible Citizenship (ARC) CEO Baroness Philippa Stroud praised Vice President JD Vance for his recent criticism of European countries for suppressing some of their citizens' rights and freedoms. Stroud, whose work is dedicated to revitalizing western society's relationship with the foundational principles of freedom of expression and prosperity, agreed that Vance "was right" to warn European leaders of the dangers of abandoning those principles. "And I do think that JD was right. We actually have to face up to – is there anything that we want to be defending? We have to ask that question: what is it that we're defending in the west? If we do not have the foundational principles of our civilization, if we don't value them, what are we actually defending?," she said. During last week's Munich Security Conference, Vance highlighted several instances of alleged censorship imposed by several European governments, citing one instance of Scottish officials warning residents who lived near abortion clinics that if they prayed in their own homes, they could be breaking the law. "The threat that I worry the most about vis-à-vis Europe is not Russia, it's not China. It's not any other external actor," Vance said. "What I worry about is the threat from within, the retreat of Europe from some of its most fundamental values, values shared with the United States of America." Stroud told Fox News Digital she founded ARC to recast and safeguard the founding values of western civilization to prevent them being destroyed by a global narrative of decline and intolerance, which she believes is quickly draining hope for the future from younger generations. "There are competing narratives in this moment in time. We have a choice between a power-based, intolerant narrative. We have a choice between that and a hope-filled, sacrificial, love-orientated narrative, which has always been the foundational principle of the West," she said via video chat from London, the location of the 3-day ARC conference. Stroud founded the organization with the help of famed Canadian psychologist Jordan Peterson, as a global forum for western political leaders, intellectuals, entrepreneurs, artists to come together and strategize ways to develop a better vision of the future of western civilization that re-incorporates its foundational principles. As the mission of ARC 2025 conference states, attendees are gathering from around the world to talk about how to "re-lay the foundations of our civilization," a statement implying that our society has drifted off the moorings that once made it great. "And the beauty of ARC is it takes our civilizational narrative – it reestablishes the best of our inheritance today," she said. "It draws out the foundational principles that have guided every generation." "It says these things were good: our virtues and our values and our story," she added. During her final speech at the London conference, Stroud detailed the elements of western civilization that need to be rediscovered as "good" – "the extraordinary dignity of every human being, freedoms, the rule of law, truth and democracy." They "should not be discarded," Stroud told the audience. In her interview with Fox News Digital, Stroud described the "declinist" narrative that undermines and devalues these essential principles and creates hopelessness. "Well, one of the things that we're seeing, particularly in the young generation at the moment, is that a declinist, perma-crisis, poly-crisis narrative has basically caused horrific mental health problems amongst our young people. They really do question whether or not there is a future for them," she said. Stroud explained that Peterson saw firsthand how this decline mindset stifled the actions of political leaders trying to do good. "He had been touring Eastern Europe and kept on coming across leaders who were doing amazing and outstanding things, finding it harder and harder to stand in the public square," she said. "And he realized that we were in danger of losing good leaders from the public square." She warned that if this decline were to continue apace, modern civilization could share the same fate as ancient Rome or Ancient Greece. "We tend to go to places like Rome and Greece or Angkor Wat, and we look at these relics and other civilizations, and we think, 'Oh, this could never happen to us.' And yet we're so foolish to think like that because the presence of the ruins in Rome and in Greece is actually to say to us, 'Take care of what is precious to you,'" Stroud said. "If you really value the life you're living and the communities in which you're living and the freedoms and the virtues and values that we have – take care of them." At the closing of the ARC conference, Stroud expressed hope in the future, declaring that decline isn't inevitable and that it is up to every individual to live up to western values.
Yahoo
20-02-2025
- Politics
- Yahoo
UK leader hails Vance's tough words for Europe, says it's 'foolish' to say continent could never fall to ruin
Member of the British House of Lords and Alliance for Responsible Citizenship (ARC) CEO Baroness Philippa Stroud praised Vice President JD Vance for his recent criticism of European countries for suppressing some of their citizens' rights and freedoms. Stroud, whose work is dedicated to revitalizing western society's relationship with the foundational principles of freedom of expression and prosperity, agreed that Vance "was right" to warn European leaders of the dangers of abandoning those principles. "And I do think that JD was right. We actually have to face up to – is there anything that we want to be defending? We have to ask that question: what is it that we're defending in the west? If we do not have the foundational principles of our civilization, if we don't value them, what are we actually defending?," she said. Ukraine's Zelenskyy Says Trump Lives In 'Disinformation Space' Amid Rift On Russia Talks During last week's Munich Security Conference, Vance highlighted several instances of alleged censorship imposed by several European governments, citing one instance of Scottish officials warning residents who lived near abortion clinics that if they prayed in their own homes, they could be breaking the law. "The threat that I worry the most about vis-à-vis Europe is not Russia, it's not China. It's not any other external actor," Vance said. "What I worry about is the threat from within, the retreat of Europe from some of its most fundamental values, values shared with the United States of America." Read On The Fox News App Stroud told Fox News Digital she founded ARC to recast and safeguard the founding values of western civilization to prevent them being destroyed by a global narrative of decline and intolerance, which she believes is quickly draining hope for the future from younger generations. "There are competing narratives in this moment in time. We have a choice between a power-based, intolerant narrative. We have a choice between that and a hope-filled, sacrificial, love-orientated narrative, which has always been the foundational principle of the West," she said via video chat from London, the location of the 3-day ARC conference. Stroud founded the organization with the help of famed Canadian psychologist Jordan Peterson, as a global forum for western political leaders, intellectuals, entrepreneurs, artists to come together and strategize ways to develop a better vision of the future of western civilization that re-incorporates its foundational principles. Jordan Peterson Slams 'Carnivorous, Bureaucratic, Moralizing Dimwits' Behind His Mandated Sensitivity Training As the mission of ARC 2025 conference states, attendees are gathering from around the world to talk about how to "re-lay the foundations of our civilization," a statement implying that our society has drifted off the moorings that once made it great. "And the beauty of ARC is it takes our civilizational narrative – it reestablishes the best of our inheritance today," she said. "It draws out the foundational principles that have guided every generation." "It says these things were good: our virtues and our values and our story," she added. During her final speech at the London conference, Stroud detailed the elements of western civilization that need to be rediscovered as "good" – "the extraordinary dignity of every human being, freedoms, the rule of law, truth and democracy." They "should not be discarded," Stroud told the audience. In her interview with Fox News Digital, Stroud described the "declinist" narrative that undermines and devalues these essential principles and creates hopelessness. "Well, one of the things that we're seeing, particularly in the young generation at the moment, is that a declinist, perma-crisis, poly-crisis narrative has basically caused horrific mental health problems amongst our young people. They really do question whether or not there is a future for them," she said. Jordan Peterson Optimistic About Trump, Who Seems 'Tougher' And 'Humbler' After Brush With Death Stroud explained that Peterson saw firsthand how this decline mindset stifled the actions of political leaders trying to do good. "He had been touring Eastern Europe and kept on coming across leaders who were doing amazing and outstanding things, finding it harder and harder to stand in the public square," she said. "And he realized that we were in danger of losing good leaders from the public square." She warned that if this decline were to continue apace, modern civilization could share the same fate as ancient Rome or Ancient Greece. "We tend to go to places like Rome and Greece or Angkor Wat, and we look at these relics and other civilizations, and we think, 'Oh, this could never happen to us.' And yet we're so foolish to think like that because the presence of the ruins in Rome and in Greece is actually to say to us, 'Take care of what is precious to you,'" Stroud said. "If you really value the life you're living and the communities in which you're living and the freedoms and the virtues and values that we have – take care of them." At the closing of the ARC conference, Stroud expressed hope in the future, declaring that decline isn't inevitable and that it is up to every individual to live up to western article source: UK leader hails Vance's tough words for Europe, says it's 'foolish' to say continent could never fall to ruin
Yahoo
20-02-2025
- Politics
- Yahoo
UK baroness praises Vance's tough words for Europe, believes its 'foolish to think' continent will avoid ruin
Member of the British House of Lords and Alliance for Responsible Citizenship (ARC) CEO Baroness Philippa Stroud praised Vice President JD Vance for his recent criticism of European countries for suppressing some of their citizens' rights and freedoms. Stroud, whose work is dedicated to revitalizing western society's relationship with the foundational principles of freedom of expression and prosperity, agreed that Vance "was right" to warn European leaders of the dangers of abandoning those principles. "And I do think that JD was right. We actually have to face up to – is there anything that we want to be defending? We have to ask that question: what is it that we're defending in the west? If we do not have the foundational principles of our civilization, if we don't value them, what are we actually defending?," she said. Ukraine's Zelenskyy Says Trump Lives In 'Disinformation Space' Amid Rift On Russia Talks During last week's Munich Security Conference, Vance highlighted several instances of alleged censorship imposed by several European governments, citing one instance of Scottish officials warning residents who lived near abortion clinics that if they prayed in their own homes, they could be breaking the law. "The threat that I worry the most about vis-à-vis Europe is not Russia, it's not China. It's not any other external actor," Vance said. "What I worry about is the threat from within, the retreat of Europe from some of its most fundamental values, values shared with the United States of America." Read On The Fox News App Stroud told Fox News Digital she founded ARC to recast and safeguard the founding values of western civilization to prevent them being destroyed by a global narrative of decline and intolerance, which she believes is quickly draining hope for the future from younger generations. "There are competing narratives in this moment in time. We have a choice between a power-based, intolerant narrative. We have a choice between that and a hope-filled, sacrificial, love-orientated narrative, which has always been the foundational principle of the West," she said via video chat from London, the location of the 3-day ARC conference. Stroud founded the organization with the help of famed Canadian psychologist Jordan Peterson, as a global forum for western political leaders, intellectuals, entrepreneurs, artists to come together and strategize ways to develop a better vision of the future of western civilization that re-incorporates its foundational principles. Jordan Peterson Slams 'Carnivorous, Bureaucratic, Moralizing Dimwits' Behind His Mandated Sensitivity Training As the mission of ARC 2025 conference states, attendees are gathering from around the world to talk about how to "re-lay the foundations of our civilization," a statement implying that our society has drifted off the moorings that once made it great. "And the beauty of ARC is it takes our civilizational narrative – it reestablishes the best of our inheritance today," she said. "It draws out the foundational principles that have guided every generation." "It says these things were good: our virtues and our values and our story," she added. During her final speech at the London conference, Stroud detailed the elements of western civilization that need to be rediscovered as "good" – "the extraordinary dignity of every human being, freedoms, the rule of law, truth and democracy." They "should not be discarded," Stroud told the audience. In her interview with Fox News Digital, Stroud described the "declinist" narrative that undermines and devalues these essential principles and creates hopelessness. "Well, one of the things that we're seeing, particularly in the young generation at the moment, is that a declinist, perma-crisis, poly-crisis narrative has basically caused horrific mental health problems amongst our young people. They really do question whether or not there is a future for them," she said. Jordan Peterson Optimistic About Trump, Who Seems 'Tougher' And 'Humbler' After Brush With Death Stroud explained that Peterson saw firsthand how this decline mindset stifled the actions of political leaders trying to do good. "He had been touring Eastern Europe and kept on coming across leaders who were doing amazing and outstanding things, finding it harder and harder to stand in the public square," she said. "And he realized that we were in danger of losing good leaders from the public square." She warned that if this decline were to continue apace, modern civilization could share the same fate as ancient Rome or Ancient Greece. "We tend to go to places like Rome and Greece or Angkor Wat, and we look at these relics and other civilizations, and we think, 'Oh, this could never happen to us.' And yet we're so foolish to think like that because the presence of the ruins in Rome and in Greece is actually to say to us, 'Take care of what is precious to you,'" Stroud said. "If you really value the life you're living and the communities in which you're living and the freedoms and the virtues and values that we have – take care of them." At the closing of the ARC conference, Stroud expressed hope in the future, declaring that decline isn't inevitable and that it is up to every individual to live up to western article source: UK baroness praises Vance's tough words for Europe, believes its 'foolish to think' continent will avoid ruin
Fox News
20-02-2025
- Politics
- Fox News
UK baroness praises Vance's tough words for Europe, believes its 'foolish to think' continent will avoid ruin
Member of the British House of Lords and Alliance for Responsible Citizenship (ARC) CEO Baroness Philippa Stroud praised Vice President JD Vance for his recent criticism of European countries for suppressing some of their citizens' rights and freedoms. Stroud, whose work is dedicated to revitalizing western society's relationship with the foundational principles of freedom of expression and prosperity, agreed that Vance "was right" to warn European leaders of the dangers of abandoning those principles. "And I do think that JD was right. We actually have to face up to – is there anything that we want to be defending? We have to ask that question: what is it that we're defending in the west? If we do not have the foundational principles of our civilization, if we don't value them, what are we actually defending?," she said. During last week's Munich Security Conference, Vance highlighted several instances of alleged censorship imposed by several European governments, citing one instance of Scottish officials warning residents who lived near abortion clinics that if they prayed in their own homes, they could be breaking the law. "The threat that I worry the most about vis-à-vis Europe is not Russia, it's not China. It's not any other external actor," Vance said. "What I worry about is the threat from within, the retreat of Europe from some of its most fundamental values, values shared with the United States of America." Stroud told Fox News Digital she founded ARC to recast and safeguard the founding values of western civilization to prevent them being destroyed by a global narrative of decline and intolerance, which she believes is quickly draining hope for the future from younger generations. "There are competing narratives in this moment in time. We have a choice between a power-based, intolerant narrative. We have a choice between that and a hope-filled, sacrificial, love-orientated narrative, which has always been the foundational principle of the West," she said via video chat from London, the location of the 3-day ARC conference. Stroud founded the organization with the help of famed Canadian psychologist Jordan Peterson, as a global forum for western political leaders, intellectuals, entrepreneurs, artists to come together and strategize ways to develop a better vision of the future of western civilization that re-incorporates its foundational principles. As the mission of ARC 2025 conference states, attendees are gathering from around the world to talk about how to "re-lay the foundations of our civilization," a statement implying that our society has drifted off the moorings that once made it great. "And the beauty of ARC is it takes our civilizational narrative – it reestablishes the best of our inheritance today," she said. "It draws out the foundational principles that have guided every generation." "It says these things were good: our virtues and our values and our story," she added. During her final speech at the London conference, Stroud detailed the elements of western civilization that need to be rediscovered as "good" – "the extraordinary dignity of every human being, freedoms, the rule of law, truth and democracy." They "should not be discarded," Stroud told the audience. In her interview with Fox News Digital, Stroud described the "declinist" narrative that undermines and devalues these essential principles and creates hopelessness. "Well, one of the things that we're seeing, particularly in the young generation at the moment, is that a declinist, perma-crisis, poly-crisis narrative has basically caused horrific mental health problems amongst our young people. They really do question whether or not there is a future for them," she said. Stroud explained that Peterson saw firsthand how this decline mindset stifled the actions of political leaders trying to do good. "He had been touring Eastern Europe and kept on coming across leaders who were doing amazing and outstanding things, finding it harder and harder to stand in the public square," she said. "And he realized that we were in danger of losing good leaders from the public square." She warned that if this decline were to continue apace, modern civilization could share the same fate as ancient Rome or Ancient Greece. "We tend to go to places like Rome and Greece or Angkor Wat, and we look at these relics and other civilizations, and we think, 'Oh, this could never happen to us.' And yet we're so foolish to think like that because the presence of the ruins in Rome and in Greece is actually to say to us, 'Take care of what is precious to you,'" Stroud said. "If you really value the life you're living and the communities in which you're living and the freedoms and the virtues and values that we have – take care of them." At the closing of the ARC conference, Stroud expressed hope in the future, declaring that decline isn't inevitable and that it is up to every individual to live up to western values.
