Raheja Developers filed an appeal with the National Company Law Appellate Tribunal (NCLAT) to contest the initiation of insolvency proceedings against the company due to defaults related to the non-delivery of its Shilas project in Gurugram. This follows the Principal Bench of the National Company Law Tribunal (NCLT) admitting a petition from over 40 flat allottees of the Sector 109 project, directing the initiation of a Corporate Insolvency Resolution Process (CIRP).

The NCLT has appointed an Interim Resolution Professional (IRP), suspended the company’s board, and placed it under a moratorium against creditors as stipulated by the Insolvency and Bankruptcy Code. The IRP has been tasked with submitting a progress report on the CIRP by…

Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch.

The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its June quarterly report.

Requests for help with insolvency — either from those considering insolvency, or those worried an insolvent business owed them money — jumped significantly.

Related Article Block Placeholder

Article ID: 291373

The ASBFEO registered nearly 140 requests in that category last financial year, up from around 90…

The National Company Law Tribunal, Mumbai has appointed Satish Kumar Gupta as the Liquidator of the Jet Airways India Limited.

His name was submitted by the State Bank of India, and the adjudicating authority received a written consent before appointing him as the liquidator.

The tribunal has order…

A seaside attraction which owes £51 million to the council appears to be facing imminent closure as it files for insolvency. Brighton i360 Ltd, the company behind the iconic observation tower, has notified administrators, citing mounting operational costs, uncooperative weather during peak tourism seasons, and the pervasive cost-of-living crisis as the main culprits behind this distressing move.

Initially launched to much fanfare, the Brighton i360 has, over its years of operation, welcomed hundreds of thousands of visitors annually to its 162-meter high viewing deck. Yet, onlookers now face the stark reality as the facility grapples with significant financial turmoil. Despite its solid debut back in 2016, the landmark has…

DALLAS — This segment is sponsored by: Debt Redemption

Debt Redemption helps Texans resolve very high, overwhelming credit card and personal loan debt.  Find out if debt consolidation loans, credit counseling, or a Texas debt relief program to negotiate down your credit card debt and unsecured balances will provide the help you need. The firm specializes in helping higher-income earners with $50,000 to several hundred thousand of credit card debt. Start the path to financial freedom now.  WFAA viewers can call 800-971-4060 or visit https://debtredemption.com for a FREE no-obligation consultation with a Texas Debt Specialist.  

Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding that the board immediately liquidate the company and return all remaining funds – roughly $450 million – to shareholders “on a pure pro-rata basis, regardless of share class,” according to a letter that TechCrunch has viewed. 

Hou is also suing TuSimple and his former co-founder Mo Chen, the company’s chief producer and director, to confirm that a 2022 voting agreement granting Chen control over TuSimple expired in November 2024, which Hou says would revert his voting rights back to him.

Hou has even created a website, SaveTuSimple.com, to raise awareness about his campaign to liquidate TuSimple and return cash to…

The International Monetary Fund and the World Bank have established a new approach to what they view as a pervasive liquidity crisis in many low-income countries and some emerging markets. According to this assessment, many countries are simply facing a short-term liquidity problem led by a concentration of debt service payments at a moment when creditors are not willing to extend additional lending.

The proposed approach has three pillars: first, an IMF reform programme; second, supplementing this with concessional financing from development banks and donors; and third, hoping that the private sector will return to the country – potentially with some incentives.

However, injecting more liquidity into LICs and EMs may pile on…

The number of business insolvencies boomed in late 2023 and is poised to accelerate in 2024, official data shows, but industry professionals say the growing use of the small business restructuring scheme is a silver lining.

Data released by the Australian Securities and Investments Commission (ASIC) on Tuesday shows 727 companies entered external administration or control in December last year, a 16% jump from December in 2022.

At the time of writing, 5,020 companies have collapsed so far in the 2023-2024 financial year, setting a trajectory for more than 10,000 by July — a figure that would eclipse the 2022-2023 total of 7,942.

If the increase continues, more companies will enter external administration or control in 2023-2024 than…

Australia Post is changing the way it negotiates with its small business licensees, after quietly liquidating the advisory forum it has used for more than 20 years.

The government-owned postal giant now says it will ‘reinvigorate’ its relationship to thousands of licensed post office (LPO) operators.

But some industry representatives fear it won’t do enough to protect its small business licensees as Australians change their relationship to physical mail.

Why AusPost replaced APLAC with new advisory council

Since 2003, the Australia Post Licensee Advisory Council (APLAC) has provided two-way communication between Australia Post and the small businesses making up the bulk of its brick-and-mortar branches.

However, the public…

As the festive season approaches, many of us struggle to manage our finances, and for some, particularly those already facing difficulties, Christmas can lead to an even deeper spiral into debt.

Since 1996, Christians Against Poverty (CAP) has been helping people break free from debt. The charity was founded in Bradford by John Kirkby, who had experienced financial hardship himself and had even worked as a debt collector before turning to his local church for support. With their help, he regained control of his finances. Inspired by this, John set up CAP to provide free debt help, life skills training, and money coaching.

“…watching The Debt Saviours on TV inspired me to get involved.”

Today, CAP operates across the UK, with…