Oravel Stays Pvt. Ltd, which operates budget hospitality chain Oyo, raised nearly $5 million from Microsoft Corp. at a valuation of $9.6 billion. According to the documents filed by the company with the ministry of corporate affairs, Oyo has sold Series F2 compulsory convertible cumulative preference shares to Microsoft. The development was first reported by…
Gilbert + Tobin has advised the voluntary administrators of the Adaman Group on a major mining restructure. Firm: Gilbert + Tobin (Adaman Group). Deal:Barry Wight and Jeremy Nipps of Cor Cordis have been advised in their capacity as voluntary administrators and deed administrators of Adaman Resources andsix of its subsidiaries, including the Kirkalocka Gold Mine…
Unexpected credit losses could leave banks with inadequate loss-absorbing resources, says a new working paper from the BIS. The BIS (Bank for International Settlements) has published a new working paper warning that high corporate indebtedness could present a potential roadblock to the economic recovery. The paper notes that while the Covid-19 pandemic inflicted a profound…
A restructuring plan is a new restructuring tool introduced into Part 26A of the Companies Act 2006 in June 2020 by the Corporate Insolvency and Governance Act 2020. It constitutes an “arrangement” or “compromise” between the company and its stakeholders and will result in a reduction or reshaping of the liabilities owed to those stakeholders.…
The Health and Environment Committee scrutinises the VAD bill at a public hearing in Rockhampton in July. By Duncan Evans Conscientious objection to voluntary assisted dying (VAD) may not be an option for Queenslanders if the state governments bill to legalise VAD is passed in its present form, a leading healthcare provider has warned. In…
One of Sydneys most iconic eateries Golden Century Seafood Restaurant has gone into administration with the owners blaming the ongoing impact of COVID-19 shutdowns and a lease dispute. Chifley Advisory has been appointed administrator of the institution in the heart of Sydneys Chinatown and a meeting of creditors will be held on August 27. Golden…
One of Sydneys most iconic restaurants and late-night hangouts in Chinatown has become the latest victim to the states strict Covid-19 lockdown restrictions. Golden Century Seafood Restaurant on Sussex Street in the Chinatown district has gone into administration after serving Sydneysiders for 31 years. Frequented by politicians and anyone looking for a delicious and authentic…
The recent amendments by the Insolvency and Bankruptcy Board of India (IBBI) via the IBBI (Corporate Insolvency Resolution Process or CIRP) (second amendment) Regulations, 2021, are welcome steps towards bringing in greater transparency and accountability in conducting resolution processes under the Insolvency and Bankruptcy Code (IBC), 2016. Once the CIRP is initiated, an insolvency professional…
IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL’s debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut TopicsVideocon Industries|NCLT Dev Chatterjee | Mumbai Last Updated at August 18, 2021 17:17 IST Delhi-based lender IFCI Ltd has moved the National Company…
Advertisement Mumbai: The National Company Law Tribunal (NCLT), Mumbai bench recently initiated corporate insolvency resolution process (CIRP) against Vijay Group Realty LLP for failing to pay a debt of around Rs one crore to a Thane-based financial creditor. The bench of H V Subba Rao, judicial member and Chandra Bhan Singh, technical member, allowed the…