Insolvency Guardian Media Centre
NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a public advisory after 129 real estate projects belonging to 14 developers were admitted into the Corporate Insolvency Resolution Process (CIRP) before the National Company Law Tribunal (NCLT) between January 2024 and now.
With insolvency proceedings underway, UP-RERA has asked affected homebuyers to file their claims exclusively with the Insolvency Resolution Professionals (IRPs) appointed for each project, as mandated under the Insolvency and Bankruptcy Code (IBC).
RERA jurisdiction suspended during moratorium
UP-RERA clarified that once a project is…
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New Delhi Dec 4 (KNN) The Parliamentary Standing Committee on Finance has noted that the Insolvency and Bankruptcy Code (IBC) has played a significant role in strengthening India’s business environment.
However, it also warned that persistent systemic challenges continue to hinder the Code’s overall effectiveness.
In its report titled ‘Review of Working of IBC and Emerging Issues,’ the Committee noted that 1,194 companies have been resolved under the IBC framework, with creditors recovering 170 percent of liquidation value and over 93 percent of fair value.
However, it expressed ‘profound concern’ over persistent bottlenecks, including slow admission of insolvency cases, excessive delays, mounting litigation,…
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Cult brand Govecs Group joins graveyard of insolvent German mobility companies Bike Europe
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A builder who stole almost £85,000 in plant machinery and used company funds to pay for his high-performance car will go to jail if he does not repay more than £190,000 in the next three months.
Vasile Hrusca used more than £67,000 from his own failing company in 2019 to pay off the remaining balance on a hire purchase agreement for an Audi RS6, which he had bought the previous year for just under £75,000. He also sold seven diggers and other plant machinery, which were still subject to hire purchase agreements with two separate banks to fund gambling.
Vasile Hrusca Ltd was incorporated in January 2007. The company was listed as being in the business of “other construction installation”. Hrusca was the only…
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The Riga City Council’s Finance and Administration Affairs Committee will on Thursday decide on terminating the operations of SIA Rīgas karte, the municipality reports.
The committee will vote on granting SIA Rīgas satiksme permission to purchase the 49% of company shares owned by Rīgas karte’s co-owner for a symbolic amount — one euro — as well as instruct Rīgas satiksme to withdraw from the company by initiating its liquidation. On Friday, the 5th of December, an extraordinary council meeting will be convened to vote on the matter.
The draft decision was prepared after Rīgas satiksme received an offer to exercise its pre-emptive rights and buy the 49% shareholding owned by the company’s foreign co-owner for one euro.
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CHURCHES and Christian organisations are crucial supporters of families struggling with debt and poverty, a Christians Against Poverty (CAP) report published on Thursday suggests.
Almost one quarter of the 2000 adults surveyed for the report, Beyond Belief: The local church and poverty, said that they or a family member had received help from these groups over the past five years. More than half believed that such support was vital, and almost two-thirds said that it would continue to be necessary over the next 12 months.
“Local churches have always been known as places that offer practical care and support to their communities, but our latest research reveals the sheer scale at which they’ve been having a positive impact during…
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DyeCoo, based in Hoofddorp and known for its sustainable textile dyes, has gone out of business. The company received millions from IKEA and Nike, among others, but had been suffering losses for years. DyeCoo Textile Systems was founded in 2008 by researchers from Delft. They devised a way to dye polyester using CO₂ instead of water.
Polluting industry
The company wanted to make the textile sector more sustainable. This is sorely needed. The textile industry is one of the most polluting in the world. Dyeing fabrics in particular causes a lot of pollution, because it requires a lot of water and chemicals.
Cause unknown
It seemed promising, but DyeCoo was declared bankrupt last week. Receiver Pieter Mijnssen has not yet responded, and no…
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The restructuring of Arctic International was discontinued due to serious deficiencies in the company’s accounting records.
Finnish berry company Arctic International has been declared bankrupt following the discontinuation of corporate restructuring proceedings at Oulu District Court.
The firm, based in Sotkamo, has been the subject of a police investigation into suspected cases of human trafficking in recent years — and police passed the case file to prosecutors in September for consideration of charges.
The restructuring process was discontinued after revelations of…
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Why millions are turning to their local church for support The Independent
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The federal government agency in charge of managing Australia’s $950 billion debt has experienced an exodus of experienced staff and an unusually high number of employees raising corruption concerns.
The Australian Office of Financial Management, under chief executive Anna Hughes, has turned over about a quarter of its 50 staff in the past year, including from forced redundancies for long-standing officials.
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
1. Open the settings menu by clicking the hamburger menu in the top right
2….