Insolvency Guardian Media Centre
Devyani International, a listed company, runs quick service restaurants (QSRs) such as KFC and Pizza Hut across India.
The dispute traces back to October 1, 2021, when B9 Beverages Limited approached Devyani International to enhance its business presence and market growth. Following negotiations, the parties entered into several agreements, including:
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Brand alliance agreement – Aimed at brand enhancement and market growth.
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Two supply agreements – For the supply of products at various locations, including Ile Bar at Lucknow’s CCS Airport and Indira Gandhi International Airport, New Delhi.
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Supply agreements with sister concerns – Agreements with Devyani Food Spirit Private Limited (DFSPL) and Devyani Airport Services Mumbai…
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Global investors have long been cautious about lending in India, where insolvency cases can often run for years with poor recoveries. While Prime Minister Narendra Modi’s administration revamped bankruptcy laws about a decade ago, mandating resolutions within 330 days, cases routinely exceed that limit. The delay erodes asset values as well as recovery rates for…
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(Feb 25): The Indian government is considering changes to its bankruptcy laws, including streamlining court processes, amid growing concerns over lengthy proceedings and low recovery rates.
The Insolvency and Bankruptcy Board of India is finalising a set of proposals aimed at speeding up resolution. Public consultation is set to end Tuesday, though the deadline may be extended.
Global investors have long been cautious about lending in India, where insolvency cases can often run for years with poor recoveries. While Prime Minister Narendra Modi’s administration revamped bankruptcy laws about a decade ago, mandating resolutions within 330 days, cases routinely exceed that limit. The delay erodes asset values as well as recovery rates for…
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The Irish branch of fashion retailer New Look is going into liquidation, with an expected loss of around 350 jobs across 26 store closures.
The High Court in Ireland approved the appointment of provisional liquidators on Thursday as New Look seeks to wind down its Irish operations following several years of “sustained losses and challenging market conditions”.
Staff at the stores were notified following the High Court decision and New Look said further engagement is planned over the coming days.
New Look employs a total of 347 people across its network in the Republic of Ireland.
The company, which entered the Irish market in 2003, said a 30-day staff consultation process will commence over the coming days.
However, a collective…
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Iconic bankrupt retailer closes all 800 stores in liquidation MSN
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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. Choose “App Settings” from the menu
3. Turn on the option “Links Open Externally” (This will use…
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What came first: America’s obsession with Halloween or Party City?
Steve Mandell launched Party City in 1986 as a single store in New Jersey. He sold cups, napkins and other supplies for birthday and holiday get-togethers. But it was the costumes that became the goldmine.
“I never expected Halloween to be anything like it,” Mandell says. “After my first year in the business, I said, ‘Wow!'”
Fast forward 39 years and Party City is sweeping away the confetti and turning off the lights. Two bankruptcy proceedings have failed to get the chain’s finances in order.
“I’m really…
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In Dubai, Mehta found a new start and, with the help of a partner, began building Petrochem. In 1995, at 35, Mehta founded Petrochem Middle East.
Yogesh Mehta, the founder and CEO of Petrochem Middle East is one of the most influential figures in the chemical distribution industry. Mehta graduated with a Bachelor of Science in Chemistry from National College Bandra in Mumbai. His first job was at his father’s chemical manufacturing factory. Later, he pursued an Executive MBA from Harvard Business School in 2003.
In 1990, his chemical distribution business in India had gone bankrupt, leaving him in a challenging financial situation. During this time, his wife played a crucial role in supporting the family. She worked as a teacher,…
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