Spirit Airlines, the eighth-largest U.S. airline carrier that shook up the budget travel industry, is shutting down its operations after 34 years, leaving passengers scrambling. “It is with great disappointment that on May 2, 2026, Spirit Airlines started an orderly wind-down of our operations, effective immediately,” the company wrote in a statement on its website.…
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BGR Energy Systems’ Corporate Insolvency Resolution Process (CIRP) is now stayed following a National Company Law Appellate Tribunal (NCLAT) order, suspending the April 17, 2026, National Company Law Tribunal (NCLT) admission. The default amount cited was Rs. 584.67 crore. Reader Takeaway: NCLAT stay averts immediate CIRP; settlement talks hold key to final resolution. What just…
The National Company LawTribunal (NCLT), Kochi Bench, has held that insolvency proceedings can be initiated simultaneously against both borrower and guarantor, while admitting Axis Bank Ltd’s petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against IMOST Academy (India) Private Limited over a ₹5.7 crore loan default. IMOST Academy, a privately owned educational institution in Ernakulam, Kerala, had availed…
The major UK white goods installation company has announced it is to cease trading with ‘immediate effect’ and has entered creditors’ voluntary liquidation Robert Rowlands Deputy editor, money and lifestyle, content hub 15:15, 02 May 2026 The company has depots in five locations across the UK(Image: Robin Gentry via Getty Images) A major UK kitchen…
As Spirit Airlines is unable to secure any additional financing channels, it has no choice but to officially initiate business liquidation procedures. Bitget Read the original article here
New Delhi, May 2 (KNN) The Supreme Court has dismissed a Special Leave Petition challenging a Bombay High Court ruling that criminal liability under cheque bounce law continues even after liquidation proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. A Bench of Justices B.V. Nagarathna and Ujjal Bhuyan declined to interfere with the High…
Telephone Cables Limited Committee of Creditors Constituted Under Corporate Insolvency Resolution Process scanx.trade Read the original article here
The man ordered a £5 to-go bag from a popular bakery (stock image) (Image: Getty Images) A beloved British bakery chain shuttered all of its stores earlier this month after accumulating a shortfall of nearly £779,000, according to newly filed Companies House documents. Routledges was first established in 1917 by the Routledge family on Brook…
Owen Hegarty’s EMR Capital may have secured a multibillion-dollar payday at its Kestrel coal mine this month, but it has failed to contain a creditor uprising at one of Queensland’s largest gold mines, Ravenswood, which the private equity firm owns 50:50 with Indonesia’s Golden Energy and Resources. Ravenswood gold mine tried a sale process late…