Hero Electric, a once leading Indian electric two-wheeler manufacturer, has been admitted to insolvency proceedings following a petition filed by Metro Tyres over unpaid dues amounting to Rs 1.85 crore. A Delhi bench of the National Company Law Tribunal (NCLT) initiated the process under the provisions of India’s Insolvency and Bankruptcy Code (IBC), suspending Hero…
Since 1969, Fernandes Guitars has slowly made asserted itself as a go-to provider for budget import guitars. However, the Japanese company has announced that it has filed for bankruptcy. The company, best known for its lines of Fender and Gibson replica guitars and Sustainer electric guitar pickup, shared the news on 13 July. The company…
The year 2024 witnessed a severe economic downturn, culminating in the filing for bankruptcy of a plethora of top-notch companies. Here’s a sneak peek at some of the prominent ones. 1. Spirit Airlines Spirit Airlines, the largest US budget carrier filed a Chapter 11 bankruptcy (a legal process that allows a business to reorganise its…
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The Great Liquidation: Why are so many businesses going under right now? The Press Read the original article here
Karkinos was incorporated in India on July 24, 2020, and is in the business of providing technology-driven innovative solutions for the early detection, diagnosis, and management of cancer. It had a turnover of about Rs 22 crore in the 2022-23 fiscal. Last Updated : 28 December 2024, 09:01 IST Read the original article here
(Dec 28): Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec 19, the…
Former oil tycoon Lim Oon Kuin, widely known as OK Lim, and his two children, have been declared bankrupt. The bankruptcy order, made effective on 19 December 2023, was announced in the government gazette on 27 December. The decision follows the family’s consent in September to a judgment of US$3.5 billion (S$4.7 billion) being entered…
Until this morning, it seemed certain that Lilium would cease operations and let go all of its more than 1,000 employees. Founded in 2015, the Munich based electric aircraft startup, had recently failed to secure follow-on funding, and was reaching the point of insolvency. Just before Christmas, the company had to lay off all its…
The National Company Law Tribunal has initiated insolvency proceedings against Hero Electric following a plea filed by the company’s operational creditor Metro Tyres, which has claimed a default of Rs 1.85 crore. And, in keeping with the provisions of the Insolvency and Bankruptcy Code, the tribunal has suspended the Hero Electric board and in its…