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NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. After they defaulted, the financial creditor Yes Bank invoked the guarantee of Rs 450 crore each given for both loans.
However, the RP of Tulip Hotels submitted that during the prescribed timeline…
The National Company Law Tribunal (NCLT), Mumbai on 16th January 2025 approved the resolution plan for the corporate debtor Rite Builtec Private Limited, marking a significant milestone in resolving this long-pending Slum Rehabilitation Authority (SRA) project in Devipada, Borivali, Mumbai. Aspect Global Ventures Private Limited is the successful resolution applicant. The resolution plan involves payment of Rs 36 crore to sole financial creditor Omkara Assets Reconstruction Private Limited against its total admitted claims of Rs 105 crore. The resolution plan also has provision for payment of rent amount payable to 750 and slum dwellers, as may be directed by the Slum Rehabilitation Authority (SRA).
A member of the Popular Democratic Movement (PDM) and member of Parliament, Maximilliant Katjimune and Namibia National Students Organisation (NANSO) president Dorthea Nangolo called on the government to settle all outstanding debts for all graduates, rather than limiting the intervention to those who graduated in April 2024.
Their appeal follows a recent directive by the Cabinet, through the Ministry of Higher Education and Innovation, instructing the Namibia Students Financial Assistance Fund (NSFAF) to write off the outstanding debts of April 2024 graduates.
This measure is intended to allow these graduates to obtain their qualifications and secure employment.
Canoo, the electric delivery vehicle startup which raced against time and insolvency despite infusions of incentive funding and actual van orders from Walmart and NASA, has been crushed under mounting debt and decided to cease all operations immediately.
The Texas-based Canoo announced Friday it had filed a petition for Chapter 7 bankruptcy, which is liquidation of the company’s assets and distribution of remaining proceeds to creditors, in Delaware federal court. News reports indicated that the company, which previously had received promises of hundreds of millions in funding from investors and government incentives to locate manufacturing in the U.S., was reportedly down to less than $100,000 in cash and millions in debt.
North Somerset Council is facing a “significant financial challenge”
A council has asked people if they would donate up to £1,000 as councillors also consider an unprecedented 15% rise in tax.
North Somerset Council has launched a consultation into how it can overcome its “current financial emergency”.
The authority faces £53m funding gap over the next three years, and could effectively be declared bankrupt if savings are not found.
Councillor Mike Bell, council leader, said: “No decisions have yet been made and no stone has been left unturned as we’ve looked to bridge our funding gap.”
A 15% increase would see Band D household charges rising by £256 a year, from the current £1,708.
There’s a lot of uncertainty surrounding student loan forgiveness — and scammers are taking advantage of the confusion. Hackers are preying on borrowers waiting for debt relief to trick them into coughing up personal data or paying money for fake assistance.
You might assume you’ll be able to identify scams, particularly if you’re a recent college graduate accustomed to navigating the dangerous potholes of digital scams. However, Gen Zers and millennials report falling victim to online schemes at a significantly higher rate than Baby Boomers, according to the National Cybersecurity Alliance.
Plus, bad actors are getting increasingly sophisticated in their student loan scheming, and it’s working. In the past two years, student loan…
HARRISBURG, Pa. – A bipartisan group of lawmakers in the state House reintroduced legislation to create the Pennsylvania Medical Debt Relief Program and potentially clear hundreds of millions of dollars in bad debt burdening eligible residents for a fraction of the money owed.
House Bill 79, proposed as the Medical Debt Relief Act, is led by state Rep. Arvind Venkat, D-Allegheny, a Pittsburgh-area emergency room physician. He’s joined by three Democrats and three Republicans as primary co-sponsors, including state Rep. Jim Rigby, R-Ferndale.
The ATO has encouraged people to check their HECS debt balance, after the government’s indexation changes were applied. ·Source: Yahoo Finance/Getty
Aussies have been urged to log into their Australian Taxation Office (ATO) accounts and check their HECS debts. The government’s student loan indexation changes have officially kicked in and credits are now being applied to the accounts of millions nationwide.
The ATO sent out a text message to Aussies with student loan debts on Monday, encouraging them to check their balance online. People can check how much has been deducted from their balance for the 2023 and 2024 financial years.
The writing had been on the wall for Jet Airways, which ceased operations five years ago. On Thursday, the Supreme Court officially put to rest the airline—at its peak India’s largest and arguably best carrier, and along with it any residual hope of its revival.
The Supreme Court Thursday ordered the liquidation of Jet Airwaysunder the Insolvency and Bankruptcy Code (IBC), marking an end to the five-year saga of attempts to revive the airline through the corporate insolvency resolution route, which was marked by a bitter legal battle between the lenders and the Jalan KalRock Consortium (JKC), which was declared the successful resolution applicant (SRA) for the airline in 2021. JKC is a consortium of London-based Kalrock Capital and…
