The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of the ongoing insolvency case against its subsidiary OYO Hotels and Homes Private Ltd.(OHHPL), and in effect closing the proceedings against the company. OYO in a statement said that it will continue to work closely with its hotel partners for the closure of any…
OYO has also made an out of the court settlement with the original party, Rakesh Yadav. The CEO and founder of Oyo Hotels, Ritesh Agarwal In a major disappointment to scores of hoteliers who had filed claims against Softbank-backed OYO Hotels’ subsidiary following an insolvency petition against the company, the National Company Law Appellate Tribunal…
BROOK SABIN/STUFF For less than $100, Kiwis can fly to an island that’s mix of Fiji and Niue. Failed Auckland airline Fly My Sky owes more than $800,000 to creditors, including customers who bought airfares for flights that have been cancelled. Commercial Helicopters, the registered company behind the airline, went into liquidation on June 29.…
They thought they were going to hold this company to account over its system of work that has caused a lot of them extreme hardship and they also may well have missed out on employment entitlements they might have otherwise got, she said. This is an affront to workers around the country quite frankly. IFM,…
One awkward thing about the nations unionists teaming up with the nations bosses to responsibly steward the capital of the workers is that it sometimes leaves the unionists defending the workers capital over … well, the workers. As reported in this paper on Wednesday, embattled IFM-backed field services contractor Tandem has placed the majority of…
The National Company Law Tribunal admitted a plea for corporate insolvency proceeding against Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd in April following the hotelier’s complaint. The National Company Law Appellate Tribunal (NCLAT) will pronounce the order in the Rakesh Yadav vs Anuj Tejpal of Oyo Hotels case on July 7. The court…
Unsecured creditors in formerly ASX-listed, failed Gold Coast-based dental company Smiles Inclusive have been dealt the final nail in the coffin of their dreams to recover investments, including joint venture partner (JVP) debt claims of close to $100 million. Following a creditor vote last Wednesday in favour of liquidating Smiles Inclusive’s Totally Smiles (TS) dental…
The number of corporate insolvencies recorded in the first six months of the year was down 38% compared to the first half of 2020, according to new figures from Deloitte. 169 corporate insolvencies were recorded between January and June, compared to 273 during the same period last year. In the second quarter of this year,…
The Autocare Services business unit has returned to LINX Cargo Care Group. This development follows Autocare Services exiting voluntary administration on 1 July 2021. The Voluntary Administration process for Autocare Services has completed following the implementation and effectuation of its creditor-endorsed Deed of Company Arrangement (DOCA) proposed by LINX CCG. The end of this process…
Date: 05.07.2021 Deed of company agreement gains creditor endorsement Simon Abela Car carrierAutocareServicesreturnsto parent company Linx Cargo Care Group, havingexitedvoluntary administration on July 1, the latter announces. It re-joins with a new operating model,leadershipteam, property footprint and structure that “places the business on sustainable footing into the future”, Linx notes in a statement. “TheVoluntary Administration…