Cabin crew and ground staff at Jet Airways (JAI, Mumbai Int’l) have united to challenge the Kalrock-Jalan consortiums proposal to revive the airline, expressing concerns about unpaid salaries and retirement benefits, and have filed a petition on the matter to the National Company Law Appellate Tribunal (NCLAT), the Press Trust of India reported. The Jet…
Tigerlily is welcoming Travis Wright as its new CEO, the former General Manager of e-commerce retailer, Esther & Co. Wright landed the role as CEO after six and a half years as the General Manager of Esther & Co., an Australian online womenswear retailer. During her tenure at the fashion brand, she and her team…
Business Standard Referring to the pre-pack scheme of insolvency resolution for micro, small and medium enterprises (MSMEs), he says it takes three-six months for the market to understand a new framework TopicsInsolvency and Bankruptcy Code|IBBI|bankruptcy proceedings Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S SAHOO says 90 per cent of companies applying for…
The government is considering objective and transparent guidelines for committee of creditors (CoC) mainly banks and financial institutions — signing off on resolution plans under Indias bankruptcy code, after some excessive haircuts agreed to by such CoCs were questioned by the National Company Law Tribunal and even a parliamentary panel, two people familiar with the…
A RISING number of bosses have decided to close their businesses after spending well over a year trying to survive the pandemic, an insolvency expert says. Corporate insolvencies fell slightly in July compared with the previous month, but year-on-year figures were up substantially for the third month in a row. Southampton-based Mike Pavitt, immediate past…
Interim resolution professionals (IRPs) and resolution professionals (RPs) have now got the formal recognition of income tax authorities for dealing with the tax matters of the corporates that are undergoing Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). The Central Board of Direct Taxes (CBDT) in the Finance Ministry has made…
Two years after its launch on Ch. 75, shopping channel has entered voluntary administration. Home-shopping channel OpenShop went into voluntary administration earlier this month just two years after launch, reportedly owing about $120,000 to its employees. The Sydney Morning Herald reports OpenShop operated by The Australian Shopping Network, launched in August 201 on Sevens Ch…
Aurobindo Pharma, Cadila Healthcare, UPL and two other companies are in the fray to acquire bankrupt Sterling Biotech Ltd. through the liquidation process. The other two companies in the race are ACG Associated Capsules and Gland Celsus Bio Chemicals. Last month, the liquidator had invited bids for the liquidation process of Sterling Biotech to sell…
Aurobindo Pharma, and are among five companies in the race to acquire bankrupt Sterling Biotech through the liquidation process. The other two are integrated pharmaceutical manufacturing solutions company ACG Associated Capsules and Gland Celsus Bio Chemicals. The liquidator had invited bids on July 21 for the worlds sixth-largest manufacturer of pharmaceutical gelatin to sell the…
There are restaurants, and then there are restaurant institutions. Golden Century, late-night Cantonese restaurant to the stars, is the latter. And now, as NSW gears up for another month of lockdown, the Chinatown landmark has entered into voluntary administration. The 20-year lease on the Sussex Street location is up at the end of August and…