Chennai: With the northeast monsoon likely to strike by the second week of October, Tamil Nadu Electrical Inspectorate (TNEI) on Monday urged the power consumers to take protective measures. In a press statement, the chief electrical inspector to government urged the public to stay away from transformers, pillar-boxes, electrical poles and government electrical appliances. The…
American broadcasting giant CBS has increased its bid for the Ten Network, heading off a renewed offer by Australian billionaires Bruce Gordon and Lachlan Murdoch. TV pioneer Gordon and Twenty-First Century Fox executive chairman Murdoch had offered Tens unsecured creditors, excluding CBS, $35 million, or 13.40 cents in the dollar, compared with $32 million, or…
Sears Canada could survive bankruptcybut with only a fraction of its locations intact. Former Sears Canada executive chairman Brandon Stranzl, who stepped down from his position last month to pursue a deal for the retail chain, has reportedly garnered interest from a private equity firm for a buyout. Referencing unnamed sources, The Wall Street Journal…
Bengaluru: The Chennai bench of National Company Law Tribunal (NCLT) today ordered commencement of the corporate insolvency resolution process against online homestay startup Stayzilla and asked them to pay the outstanding dues to JigSaw Advertising and Solutions. “The operational creditor (Jigsaw) has fulfilled all the requirements of law …We are satisfied that corporate debtor (Stayzilla)…
People who say there is no such thing as failure have never either truly failed at anything or had to declare bankruptcy. Failure is not simply a blessing in disguise, a shut door that simultaneously swings open to a new one of superior realm of reward leading you to think “if only I had…
Empire Oil & Gas subsidiary Empire Oil Company has entered voluntary administration shortly after going into receivership. The Empire subsidiary entered receivership yesterday after lender Mineral Resources issued the company a default notice for a $15 million loan and a deed of appointment of receivers and managers. Deloitte was then appointed as receivers and managers…
by Gareth Cross Concerns have been raised over the future of around 40 engineering and manufacturing jobs in Derry after a local company entered administration. The Derry News understands that Sphere Global started liquidation proceedings last week and the jobs of around 40 staff at the company may be at risk. The company was founded…
Failure is real and it’s scary. For me, the failure of my restaurant business MissChu was a highly public and humiliatingly brutal end, signifying the collapse of all my hopes and dreams. It was a torrent of shame; the knots in my stomach, insomnia and depression are all too real and only half the battle.…
In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the National Company Law Tribunal (NCLT) in Chennai has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd. Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition…
In a massive setback to online homestay startup, Stayzilla, the National Company Law Tribunal (NCLT) ordered insolvency proceedings against it. The Chennai bench of the NCLT, on Monday, said that the company had defaulted in payments to JigSaw Solutions and ordered for insolvency proceedings to begin. Stayzilla CEO Yogendra Vasupal “We are satisfied that the…