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New Delhi, Mar 15 (PTI) Ola Electric Mobility Ltd on Saturday said its vehicle registration service provider Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly owned arm Ola Electric Technologies Pvt Ltd.

In a regulatory filing, the company said, “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd.”

The petition has…

A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations it owns through a licensing agreement.

Rosmerta Digital Services Ltd has filed an insolvency petition against Ola Electric Mobility’s subsidiary Ola Electric Technologies before the National Company Law Tribunal (NCLT), alleging that the electric two-wheeler maker has defaulted on payments for the services provided.

“We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd, a wholly owned subsidiary of Ola Electric Mobility Ltd,” the automaker said in an exchange filing.

“The petition has been submitted before the NCLT – Bengaluru Bench, alleging to default in…

An insolvency tsunami has swept through Australia, putting the country on track to record decade-high numbers of collapsed businesses by the end of the financial year.

While building and food services companies are at the forefront of the surge, few sectors have been spared, representing a soft underbelly to the country’s otherwise resilient economy.

Why are so many businesses coming unstuck?

insolvencies

Just one glass

The hospitality industry is recording a spate of collapses as consumers cut their restaurant and cafe spend during a cost-of-living crisis.

This rubs against the support hospitality businesses received from the community in the early pandemic, in part due to programs such as state government-issued dining vouchers. There…

Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June. The company said it remains optimistic it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.

SpiceJet is facing fresh round of troubles as three Ireland-based aircraft lessors and a former pilot have filed insolvency pleas in NCLT against the budget carrier, claiming defaults. Three lessors – NGF Alpha, NGF Genesis and NGF Charlie- have filed petitions under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues totalling USD 12.68 million (about Rs 110 crore).

SpiceJet, during the proceedings of the National Company Law Tribunal, earlier this week, sought some time to resolve the matter as settlement talks were going on.

“Counsel on behalf of the Operational Creditor (SpiceJet) is present and sought time to seek instructions on the future course of action to be taken in the matter,”…

The company, in an exchange filing, further said that the petition, submitted before NCLT’s Bengaluru Bench, alleged to default in payment towards the services rendered by the Operational Creditor and sought initiation of corporate insolvency resolution process (CIRP) against the Ola…