MUMBAI : A proposal by lenders to Reliance Communications Ltd (RCom) to seek fresh bids despite selecting UV Asset Reconstruction Co. Ltds (UVARCL) resolution plan could lead to prolonged litigation, said three legal experts. A decision based on the outcome of another insolvency case involving UVARCL would only cause delay as RComs resolution plan has…
It is not yet a happy ending for the Kalrock-Jalan consortium of Jet Airways as employees of airline are unhappy with relief they are being offered which is slashed down from the actual claims TopicsJet Airways|employee IANS | New Delhi Last Updated at July 11, 2021 15:20 IST It is not yet a happy ending…
The Resolution Professional must now disclose the resolution approval immediately, within 30 minutes of the oral order, NSE said. The Exchange said it will highlight the impacted securities according to the Resolution Professionals information (Image: Shutterstock) The NSE has issued a set of guidelines for companies to follow under the Corporate Insolvency Resolution Process (CIRP),…
BSE has revealed the manner of dealing with companies undergoing Corporate Insolvency Resolution Process. BSE in a release said, “SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“LODR Regulations”) was amended in the year 2018 vide SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018, and point 16 was inserted in Para A of…
Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future. In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down. We are saddened by this turn…
Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future. In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down. We are saddened by this turn…
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,…