The Hindu Editorial (A precedent) – Nov 19, 2019

The Supreme Court’s judgment on Friday in the matter of Essar Steel’s bankruptcy is a landmark in the short history of insolvency and bankruptcy resolution in India. For further reading, visit “The Hindu”. Below is today’s word list-2 for The Hindu Editorial (A precedent) – Nov 19, 2019.

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Today’s word list-2 for The Hindu Editorial (A precedent) – Nov 19, 2019:

precedent (noun) – model, exemplar, example, pattern; previous example/instance, prior instance.
bankruptcy (noun) – legal state of insolvency. An individual or organisation is declared bankrupt if a court judges that the party involved can no longer meet debt payments to creditors. it is defined as the outcome of a legal procedure.
landmark (noun) – turning point, milestone, watershed.
insolvency (noun) – a condition in which the financial difficulties of an individual or organisation are such it is unable to pay its debts.
clear the way for (phrase) – precede/lead to, pay the way for, set the scene for.
interpret (verb) – explain, resolve, make clear.
first off (phrase) – firstly, before anything else.
uphold (verb) – confirm, endorse/approve, vindicate/validate.
primacy (noun) – greater importance, priority, preference.
waterfall payment (noun) – a system to repay debts in which senior lenders (higher-tiered creditors) receive principal and interest payments from a debtor first, while subordinate lenders (lower-tiered creditors) receive principal and interest payment after the senior lenders have been paid.
collateral (noun) – something kept as security/assurance/surety (for repayment of a loan).
precedence (noun) – priority, superiority, primacy.
appropriate (verb) – secure, acquire, wrest/claim.
Committee of Creditor (CoC) (noun) – a group of people who represent a company’s creditors in a bankruptcy proceeding/insolvency resolution.
quicken (verb) – speed up, accelerate, step up.
sacrosanct (adjective) – inviolable, sacred, protected (a principle).
paucity (noun) – insufficiency, deficiency, shortage.
entrenched (adjective) – ingrained, established, embedded.
defaulter (noun) – a person who is (purposefully) not repaying banks/lenders’ debt on time for various reasons.
go-ahead (noun) – permission, consent, licence.
bolster (verb) – strengthen, support, reinforce/fortify.
write off (verb) – eliminate/remove/cancel a bad debt from the account/record.
rally (verb) – increase after a fall/decline.
(have) a long way to go (phrase) – need to do a lot or make progress before achieve something (aim/goal).
raise the bar (phrase) – fix/make the standards (higher) that others to meet.
adjudicate (verb) – judge, give a verdict on; decide, settle/resolve.
lock up (phrasal verb) – put money into an inaccessible place.