General Admission Events has gone into liquidation with debts of $150,000. The Adelaide music events company provided hospitality services, including staff and bar operations, to national festivals Groovin The Moo, FOMO, Parklife, Soundwave and Future Music. Its director Gareth Lewis told the Adelaide Advertiser that the company was affected after the collapse of FOMO Festival…
The NCLT plea had been filed by a Gurgaon hotelier, who had accused the company of defaulting on payments and violating an agreement. The NCLAT ruling has now halted a ruling by the Ahmedabad bench of the NCLT initiating corporate insolvency proceedings against the subsidiary, OHHPL. File image of Oyo Founder and CEO Ritesh Agarwal…
Virgin Australia has made two senior IT appointments as it continue to restructure after exiting from voluntary administration last year. iTnews can reveal that the airline has appointed Mark Allen to the role of head of data platforms and Emma Taylor to the role of head of strategy and architecture. As head of data platforms,…
SoftBank-backed Oyo Hotels & Homes scotched speculation on social media platforms over bankruptcy proceedings, which had been sparked by a National Company Law Tribunal (NCLT) order over a claim of Rs 16 lakh in dues by a hotel owner. “There is a pdf and text message circulating that Oyo has filed for bankruptcy. This is…
The number of corporate insolvency cases admitted by tribunals dropped by a sharp 83% annually in the October-December quarter, data from the Insolvency and Bankruptcy Board of India (IBBI) showed. Fresh insolvency cases for the third quarter of FY21 stood at 104 compared to 628 for the same period of the earlier fiscal, as the…
File image of Oyo Founder and CEO Ritesh Agarwal The National Company Law Tribunal (NCLT) has admitted a plea for corporate insolvency proceeding against Softbank-backed Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name Weddingz.in. The plea has been filed by a Gurgaon hotelier who has accused the…
The owner of the Whyalla steel mill says it is close to sealing a refinancing deal with a new group of lenders that may quell a push by its major creditor Credit Suisse to place the business into liquidation. Billionaire steel tycoon Sanjeev Guptas Australian steel and mining companies said in a statement on Wednesday…
NEW DELHI: The pre-pack framework for stressed assets under the insolvency law is a “liquidation-remote resolution mechanism” and will also help in avoiding protracted legal battles as there will already be a broad understanding among stakeholders concerned, according to IBBI chief M S Sahoo.To help stressed MSMEs (Micro, Small and Medium Enterprises), the government has…
Reorganization is now increasingly favored over liquidation, according to an analysis of COVID-era corporate bankruptcy filings by S&P Global Market Intelligence. Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P dataand 2021 filings are set to outpace last years numbers. Conversely, in 2018…
111 corporate insolvencies were recorded in Ireland in the first quarter of this year, according to the latest figures published by Deloitte. This represents a decrease of 30% from the same quarter in 2020, when 159 incidents were recorded. According to Deloitte, this lower level of insolvency activity is likely to be influenced by the…