New Delhi, Mar 17 (PTI) Food delivery aggregator Zomato may face an insolvency plea as one of its operational creditors has moved the National Company Law Tribunal (NCLT), seeking restoration of its previous petition.
     Nona Lifestyle Pvt Ltd, an operational creditor, has moved NCLT requesting to restore an insolvency plea filed by it earlier against Zomato Ltd under Section 9 of the Insolvency & Bankruptcy Code in 2024.
     In 2024, NCLT had dismissed it due to non-prosecution and now Nona Lifestyle has requested to restore its old petition.
     It has filed an application under Rule 11 of NCLT Rules, 2016, which provides the tribunal inherent power that can also be used for restoration purposes.
     It has requested…

Hudson’s Bay Co. stores could be liquidated by the end of May or early June if the company cannot find a buyer or investors willing to provide financing, a lawyer for the faltering retailer told a court hearing in Toronto on Monday.

At the hearing, Hudson’s Bay was seeking approval for a plan to begin selling off the inventory and fixtures at its 80 namesake department stores and four distribution centres, as well as three Saks Fifth Avenue and 13 Saks Off Fifth stores that the company operates under licence in Canada.

Under the current plan, those sales could begin as early as Tuesday, and should last for 10 to 12 weeks, lawyers…

TORONTO — A liquidation at all Hudson’s Bay stores could start as soon as tomorrow and last for up to 12 weeks.

Lawyer Ashley Taylor said in court this morning that the liquidation being sought will span 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

Taylor says the company is pursuing a full liquidation because its attempts at finding financing to help the business continue on have only drummed up $23 million in cash, far less than what Hudson’s Bay requires.

If approved by a judge, the retailer’s proposal would allow it to remove some stores from the liquidation, should it find additional financing during the 10 to 12 weeks when…

TORONTO – Hudson’s Bay, Canada’s oldest department store, is heading back to court on Monday to seek approval for a full liquidation of its business, a move that threatens over 9,000 jobs nationwide.

The retailer says it has exhausted all efforts to secure the financing needed to keep parts of its operations afloat. Unless a last-minute deal is struck, the company aims to wrap up its liquidation by June 15.

HBC hopes for last-minute financing

Despite the dire situation, Hudson’s Bay remains hopeful that it can secure capital or reach agreements with key stakeholders—especially landlords—to avoid shutting…

Today the government announced big changes to the HELP repayment system. Its proposal involves several interconnected conceptual and practical considerations.

The first issue is where to set the first repayment threshold – how much should a HELP debtor earn before they start repaying? The government proposal is for a higher first threshold.

The second issue is annual repayment amounts, which affect the disposable income of debtors and how long it takes them to repay their debt. The government proposal is for most debtors to repay less HELP debt each year, increasing their annual disposable income but also their repayment time.

The third issue is the method of repayment. Should it be – as we have had since 1989…