Owners of micro, small and medium enterprises (MSMEs) going into bankruptcy proceedings under a simplified regime rolled out this week could lose their business in certain cases if they do not match a better offer from a potential investor. The Insolvency and Bankruptcy Board of India (IBBI) is currently framing regulations under the new bankruptcy…
By Reuters Staff 2 Min Read (Corrects to show D-reizen Dutch-owned since December 2020, paragraph three) AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the…
By Reuters Staff 2 Min Read (Corrects to show D-reizen Dutch-owned since December 2020, paragraph three) AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the…
A Gurugram-based creditor had initiated insolvency proceedings and The National Company Law Tribunal had admitted the petition against OYOs subsidiary Oyo Hotels and Homes Pvt Ltd on April 7. The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYOs subsidiary. As initially it was misreported by a few media platforms as OYO…
Disgraced former Malaysian Prime Minister Najib Razak faces bankruptcy for allegedly failing to pay U.S. $421 million in taxes and penalties, which could end his political career. Najib said late Tuesday that the countrys tax board served him a bankruptcy notice allegedly for unpaid personal income taxes from 2011 to 2017, in retaliation for his…
OYO founder took to Twitter to clarify on rumours that the hotel aggregator chain had filed for bankruptcy TopicsOyo|Bankruptcy|startups in India Neha Alawadhi | New Delhi Last Updated at April 7, 2021 23:20 IST The National Company Law Tribunal (NCLT) has accepted a plea against a unit of Oyo Rooms. Oravel Stays Pvt Limited, the…
The Insolvency Service has refused to reveal the full costs of legal proceedings and other additional fees associated with the Kids Company trial. The Official Receiver, acting on behalf of the Insolvency Service, announced at the end of last month that it would not appeal the High Courts decision to dismiss the disqualification proceedings it…
By Reuters Staff 3 Min Read KUALA LUMPUR (Reuters) – Malaysias former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career. FILE PHOTO: Former Malaysian Prime Minister Najib…
Najib Razak arrives at the court of appeal in Putrajaya this week. Picture: AFP Malaysias former prime minister Najib Razak is facing bankruptcy for allegedly failing to pay more than $520m in taxes, which could bring his political career to an end. Najib and his cronies are accused of stealing billions from state investment fund…
By Reuters Staff 2 Min Read FILE PHOTO: The logo of OYO, India’s largest and fastest-growing hotel chain, is seen installed on a hotel building in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo BENGALURU (Reuters) – Indias company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a…