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You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Thrasio-style ecommerce marketplace 10Club has filed for insolvency proceedings before
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As per a Ministry of Corporate Affairs (MCA) filing reviewed by Inc42, the board of Bengaluru-based startup 10Club has approved filing for insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company also held a board meeting to seek shareholder approval for the same.
The development was first reported by Entrackr.
In an explanatory note, 10Club stated that its assets are insufficient to repay outstanding debts, and that the company appears to be insolvent on the surface.
Founded in 2020 by Bhavna Suresh, Joel Ayala, and Deepak Nair, 10Club operates as a roll-up ecommerce startup, partnering with Indian ecommerce sellers by acquiring their businesses and helping them scale.
An Australian bridal company beloved by stars and the high fashion world has entered voluntary administration unwelcome news for brides across the globe.
The Denver-based vinyl record club (registered as Offbeat Ventures, LLC) has assigned third party Vinyl Liquidators, LLC to handle resolving customer complaints and control VMP’s assets in the Assignment for the Benefit of Creditors (ABC) process, an alternative to filing for Chapter 7 bankruptcy, Pitchfork reports. One VMP subscriber shared a screenshot of an email notifying customers, or creditors, of the ABC on Reddit. Creditors have until 1st October to file a Proof of Claim for any outstanding orders or refunds.
Last month, the Denver Post reported several instances of VMP, launched in…
The National Company Law Appellate Tribunal (NCLAT) has rejected an effort to initiate insolvency proceedings against PepsiCo India, siding with the food and beverage conglomerate in a dispute centered on contested interest payments.
In a ruling issued Wednesday, the NCLAT dismissed an appeal by SNJ Synthetics Ltd., a supplier of PET preforms and thermoplastics, which had sought to trigger corporate insolvency resolution against PepsiCo under the bankruptcy code. The case was reported on the Bar & Bench.
The three-judge bench found that the debt claim against PepsiCo had been largely settled, with the principal amount already paid. What remained, a Rs1.05 crore claim for interest, was deemed insufficient to support a bankruptcy…
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Thrasio-style ecommerce marketplace 10Club has filed for insolvency proceedings before the National Company Law Tribunal (NCLT), marking a significant setback in the roll-up ecommerce space.
According to filings with the Registrar of Companies (RoC), the Fireside Ventures-backed startup is initiating the Corporate Insolvency Resolution Process at the Bengaluru bench, citing that its assets are insufficient to pay off debts.
Founded by Bhavna Suresh, Deepak Nair, and Joel Ayala, 10Club made headlines in 2021 with a USD 40 million seed round—one of the largest in India. A year later, it raised another USD 30 million from US-based Olive Tree…
Disgruntled Reacon company creditors CTRL Print and Printcraft have won the court battle to have Reacon Australia and mmw3degrees placed into liquidation. The Reacon companies have debts estimated to be around $9m.
Reacon Group companies to be liquidated: Former CEO Jahingar Kahn
The two businesses were part of the Reacon Group acquired by Westmann printing owner Vik Gulati, the day after Reacon Group owner Jahingar Khan put the businesses into administration.
Gulati was aiming to reboot the businesses, by having them put into a DOCA, which would have parked their debts while a schedule of repayments, at a cents in the dollar level agreed with creditors and over an agreed time, was to have been…
With the approval of the Financial Supervision Authority, TBB Bank has begun voluntary termination of operations and liquidation proceedings. The company, which no longer holds a banking license, asserts that it has sufficient funds to meet all obligations to its clients.
A notice published Friday revealed that AS TBB Bank received permission from the Financial Supervision Authority on April 14, effectively ending its license as a credit institution. As a result, the former bank no longer provides financial services.
The company stated that all clients can retrieve their funds from TBB Bank by submitting a relevant application. Transactions are being handled through TBB’s account at Coop Bank.
bankruptcy, the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts. Bankruptcy, on the other hand, results from a legal adjudication that the debtor has filed a petition or that creditors have filed a petition against him.
Bankruptcy laws were enacted to provide and govern an orderly and equitable liquidation of the estates of insolvent debtors. This purpose has remained an important aim of bankruptcy legislation since the Middle Ages. Because in the past bankruptcy was coupled with the loss of civil rights and…
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Its demise leaves Europe without a home-grown champion to compete with Chinese battery-makers that dominate the sector and the critical raw material supply chain.
At its peak, Northvolt counted Volkswagen and Goldman Sachs as backers and had contracts with multiple automakers, including BMW.
“This is obviously very bad news. Mistakes have certainly been made in the company’s industrial and economic project,” said Renew MEP Pascal Canfin. “The EU must not give up on building a European battery industry.”
A Swedish court-appointed trustee will oversee the company’s sale and that of its assets.
A Chinese-affiliated company behind one of the largest resort developments in Niseko, Hokkaido, has gone bankrupt. In recent years, the Niseko area has seen soaring land prices and labor costs driven by an influx of foreign capital, dramatically transforming the town.
But now that a major China-backed project has failed, risks associated with foreign investment are becoming more visible. Locals are increasingly worried that this may be a sign of a looming bubble burst.
Niseko grew into a world-class resort, beloved by skiers for its top-quality powder snow. In one corner of Hirafuzaka, the heart of the resort area in Kutchan Town, stands a half-finished…
