Portuguese unicorn Unbabel declares bankruptcy but got €13.3 million from recovery funds

Unbabel, the Portuguese unicorn specialised in Artificial Intelligence translation and automated linguistic solutions, is bankrupt owing money to around 36 creditors, including Portuguese public companies. The company, which went under in February, has received €13.3 million in funding from Portugal’s Recovery and Resilience Plan (RRP). Unbabel has been declared insolvent by a commercial court after…

NCLT Allahabad Clears GSW Enterprises’ ₹95 Crore Resolution Plan For Hind Agro Industries

The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited. The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period. The…

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Corporate Travel

Corporate Travel Management will miss its self-imposed end-of-month deadline to return to the ASX because overcharged customers have not agreed to its 18-month payment terms. The company – which The Australian Financial Review’s Street Talk column revealed entered safe harbour at the end of May – now faces the prospect of being delisted if it…

Flat Owners’ Right to Deemed Conveyance Can’t Be Blocked by Developer’s Insolvency Proceedings: Bombay HC

The Bombay High Court has ruled that the pendency of Corporate Insolvency Resolution Proceedings (CIRP) against a developer or land holder cannot be used as a ground to deny or indefinitely postpone deemed conveyance proceedings under the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA).  The bench…