Raheja Developers, a prominent real estate company based in Gurugram, India, has been facing insolvency proceedings in recent times. The National Company Law Tribunal (NCLT) initiated these proceedings in response to complaints filed by over 40 flat buyers who alleged delays in the delivery of their units at the Raheja Shilas project in Sector 109, Gurugram.

The buyers claimed that they had made significant payments towards their units but had not received possession within the stipulated timelines, which were originally set between 2012 and 2014. The NCLT found that Raheja Developers had a “debt due and default” against these flat buyers and ordered the initiation of Corporate Insolvency Resolution Proceedings (CIRP)….

Notes

[I] World Health Organization, “Coronavirus Disease (COVID-19) Pandemic,” https://www.who.int/europe/emergencies/situations/covid-19.

[II] Alicia Wallace, “High Inflation Is Finally Letting up, but It’s Weighed Heavily on Many Americans | CNN Business,” CNN, December 27, 2023, https://www.cnn.com/2023/12/27/economy/inflation-2023-impacts-americans/index.html.

[III] Jennifer Ludden, “Housing Is Now Unaffordable for a Record Half of All U.S. Renters, Study Finds,” NPR, January 25, 2024, sec. National, https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds.

[IV] Juhohn Lee, “Why American Wages Haven’t Grown despite Increases in Productivity,” CNBC, July…

Victorian distillery and tourist attraction Billson’s has entered voluntary administration, after what co-owner Nathan Cowan called “vast and incomprehensible” challenges to the business.

Billson’s, which operates from a historic facility in the north-east Victorian town of Beechworth, reportedly tapped Rob Smith and Matthew Hutton of McGrath Nicol as voluntary administrators on Wednesday.

In a statement shared to social media, Cowan, who took over the Billson’s business in 2017 with his wife Felicity, said he was “shattered” by the decision.

“We’ve tried everything imaginable over the past six months to avoid this situation, including restructuring on two occasions, however we now believe this to be the necessary…

Investors in cosmetics brand Kester Black say they were only told of the company’s financial hardships weeks after it entered voluntary administration, surprising those who contributed to its $2.1 million equity crowdfunding raise three years ago.

The ethical beauty label secured $2.16 million from nearly 1700 Birchal investors in October 2021, at a valuation of $22 million.

But the company behind Kester Black entered voluntary administration on July 9, in a process that evaporated its share value.

The administration was not publicised, with the brand’s online store and social media channels continuing to offer products as per usual.

The Kester Black business and assets were sold to a related entity on August 1, and creditors…

Australian-owned and operated battery and smart inverter outfit Redback Technologies has announced the launch of its “next generation” home solar and battery range, just six months after a brief stint in voluntary administration.

The Brisbane-based company went into voluntary administration in March, just days after being a part of the Smart Energy Conference in Sydney, where it was giving a glimpse of its new Hybrid Battery System.

The setback was short-lived, however, with the company going back into business in May under the control of new owners, Australia Ebon Group.

In a statement at the time, Redback said it has “a reinvigorated and bright future,” with the new ownership allowing it to continue creating…

Australian fashion group Mosaic Brands owes around $249 million to various entities, according to documents tabled to ASIC and obtained by Ragtrader.

It comes weeks after the brand fell into voluntary administration, with FTI Consulting’s Vaughan Strawbridge, Kate Warwick, David McGrath, and Kathryn Evans being the appointed voluntary administrators.   

Meanwhile, KPMG’s David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth are the appointed receivers and managers. 

The documents – which cover the first creditors’ meeting – confirmed that Mosaic Brands Limited owes around $249 million across 171 creditors. The administrators have yet to table their final report, which could see these numbers change.

It is unclear…

The business that owns the brand, Maketū Foods Ltd, was placed into voluntary solvent liquidation last week.

Residents of Maketū — population 1311 in the 2023 Census — worry the brand will be lost and dozens of pie-makers will be out of a job.

It’s not the first time the town has faced the possibility.

They hope a buyer will save the day, as happened when Te Arawa Management Ltd bought the national pie supplier in 2019 during a receivership process.

The company, a subsidiary of the Rotorua-based Te Arawa Lakes Trust, has said it has operated at a loss since.

At the time of the sale, 30 potential buyers were interested in the business, which then employed about 40 people, mostly locals.

Potential…

P&O Cruises Australia faces an imminent class action lawsuit over its “unethical and predatory” practices in ship casinos.

The issue came to light after guest Shane Dixon reportedly jumped overboard due to racking up thousands of dollars in the casino over two nights.

P&O Cruises Australia Thought to Have Jumped Overboard Due to Debts

Carter Capner Law director Peter Carter says the incident caused an outcry in Australia, which has spurred other passengers to come forward. He says the law firm has been “inundated with stories” of guests being allowed to build up big gambling debts without being informed.

Dixon racked up an AU$ 9,000 ($5,869) gambling debt over two nights. His mother had paid off the…

Australia’s Star Entertainment Group has announced a commitment letter by its lenders for a new debt facility of up to AU$200 million (US$136 million), payable in two separate tranches and with each subject to certain conditions being met.

The facility is aimed at buying Star and its recently appointed CEO Steve McCann time to restructure the business amid concerns the company is sitting on the edge of collapse following a second finding of unsuitability in NSW and a cost blowout at Queen’s Wharf Brisbane, opened last month.

Star, which has also postponed release of its FY24 financial results, said late Wednesday that the new debt facility would…

Americans collectively owed a shocking $1.14 trillion in credit card debt. 

Unfortunately, despite rising delinquency rates — and the fact that credit card interest is very expensive with average rates of 23.37% — many people are at risk of adding to their debt burden as they enter an expensive time of the year. 

“It’s important to get a handle on your credit card debt before the holidays,” advises David Peters, a CPA and the founder and owner of Peters Tax Preparation & Consulting. “If you are already carrying…