Telecom operator Vodafone Idea Limited (short VIL, commonly called Vi)informed the Department of Telecommunications (DoT) that it will not be able to continue operations beyond FY26 without government support on adjusted gross revenue (AGR) dues. The company said that ongoing discussions with banks for funding would stall in the absence of timely assistance. In a letter dated April 17, 2025, Vi CEO Akshaya Moondra wrote to the Telecom Secretary, stressing the urgency of intervention, according to PTI report on Friday. He said, “Without GoI’s (Government of India) timely support on AGR, VIL will not be able to operate beyond FY26 as the bank funding discussions will not move forward,” adding that “no support will lead to a point of no…

Avance Gas Holding Ltd (the “Company”) advises that a Special General Meeting of the Shareholders of the Company (“SGM”) was held on 16 May 2025 at at 09:30 hrs, at Par-la-Ville Place, 4th Floor, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, in relation to the proposed liquidation of the Company, appointing Mike Penrose of EY Bermuda Ltd. and Igal Wizman of EY Bahamas Ltd. as joint liquidators,  and the delisting of the Company’s common shares from the Oslo Stock Exchange. 

Accordingly, the following resolutions were passed at the SGM:

• The Company be wound up voluntarily.

• Partners of EY Bermuda Ltd. and EY Bahamas Ltd are proposed to be appointed as the Joint Liquidators (the “Proposed JLs”) of the Company, subject to…

Two days after state-owned renewable energy NBFC Ireda filed an insolvency plea against Gensol Engineering over ₹510 crore default, the company has filed another insolvency application against Gensol EV Lease Ltd, a Gensol Engineering subsidiary, for the default of ₹218.95 crore.

“The company has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on May 15, 2025, against Gensol EV Lease Ltd, which is a subsidiary of Gensol Engineering Limited (Listed company) for an amount of default of Rs. 218.95 Crore,” Ireda says in an exchange filing.

Ireda, on May 14, filed an application seeking insolvency proceedings against embattled Gensol Engineering over a default of ₹510 crore. Before that, the state-run PSU…

Gensol Engineering Limited borrowed Rs 977.75 crore from IREDA and Power Finance Corporation (PFC), of which Rs 663.89 crore was allocated for purchasing electric vehicles for BluSmart. However, the company acquired only 4,704 vehicles against the sanctioned commitment of 6,400 EVs when accepting the loan, leaving up to Rs 262.13 crore unaccounted for, according to an interim decision issued by Sebi last month.

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The National Company Law Tribunal (NCLT) in New Delhi issued a notice to the troubled coaching institute FIITJEE today, Friday, May 16, in response to a corporate bankruptcy petition submitted by its former employee Vinod Kumar Agarwal, who claimed unpaid dues totalling over Rs 2.6 crore.

A bench of NCLT members, including Judicial Member Mahendra Khandelwal and Technical Member Subrata Kumar Dash, heard the case and directed FIITJEE to file a response. The matter has been scheduled for a subsequent hearing on July 10, 2025.

Agarwal, a senior executive at FIITJEE, has filed an operational creditor petition with the tribunal under Section 9 of the Insolvency and Bankruptcy Code of 2016. 

He alleges that, despite repeated requests, the…

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MediPharm is Dangerously Low On Cash and is On Track to Run Out of Money by November Unless Wholesale Change Occurs

MediPharm Lost Over $3.3 Million in Q1 2025 While Management Offered No Clear Plan to Achieve Profitability or Commitment to Reduce Waste or Excessive Spending

Apollo Capital Warns Shareholders Not to Be Misled by Management’s Rosy Outlook: MediPharm has Reported 21 Consecutive Quarters of Losses, Yet CEO Pidduck Touted Adjusted EBITDA, a Cherry-Picked Figure That is Meaningless

Absent Significant Board Change, MediPharm Stock is On Its Way to Being Worthless! Apollo Capital’s Nominees Bring the Turnaround Experience and Financial Discipline Required to Stop the Bleeding, Restore Fiscal Integrity, and Deliver Performance…

• Almost 4,000 people are still due a refund for debt relief order applications they paid for but did not submit 

• The Insolvency Service has written to those due a refund and £65,000 has already been reimbursed since March 

• Refunds worth a total of £500,000 are still available going back to 2016 for those who did not finish the application process 

The Insolvency Service is trying to refund money to 4,000 people who made payments towards a debt relief order (DRO) but did not submit their application.  

Before April 2024, a £90 fee was payable when making a DRO application. 

Applicants could choose to pay in full or in instalments.  

However, many thousands of people made a payment towards…

Nine Nigerian startups have benefitted from over $3 million debt funding facilities from the premier accelerator for mid-stage Nigerian entrepreneurs, Cascador.

The funds are to support the receivers in operations and reposition them for global competitiveness.

The awardees, who received the fund after presentation of their pitches and being judged industry leaders include Crop2Cash, Oriki, N.E.A.T, Adunmi Organics, Sycamore, DoChase, Drive45, 24SEVEN and ExCare.

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Speaking earlier before the pitch, Trish Thomas, CEO of Cascador, said funding beneficiaries are graduates of the Cascador programme, which has trained several indigenous companies since 2019.

According to her, the fund will help beneficiaries reach a larger customer…