When consumers learn a business is filing for bankruptcy protection, often the first image that comes to their minds is a company in financial distress.

Economic problems are not the only reason businesses need to file for bankruptcy, as the automatic stay provision of bankruptcy can help a company facing litigation to fend off legal consequences while a bankruptcy case proceeds.

A bankruptcy filing can also delay regulatory sanctions from government agencies until after a company resolves its insolvency issues.

As such, certain home improvement businesses have filed for bankruptcy this year, due to legal and regulatory issues, rather than financial distress.

Hard surface flooring producer and distributor Wellmade Floor…

The National Company Law Tribunal (NCLT) at Hyderabad has recently ordered the liquidation of Maharashtra-based Pioneer Gas Power Limited after all attempts to revive the company through the insolvency process failed.

A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order passed on November 11, allowed the liquidation application filed by Bright Star Resolution Professionals LLP, acting as the Resolution Professional for Pioneer Gas Power Limited.

The insolvency proceedings had originally been initiated by financial creditor IFCI Limited on January 12, 2024, following a default on a loan extended to the company. During the process, financial creditors submitted claims totaling Rs 4,137 crore,…

New Delhi, Nov 13 (PTI) Manipal Education and Medical Group India (MEMG India), led by Ranjan Pai, has submitted an Expression of Interest (EOI) to participate in the ongoing Corporate Insolvency Resolution Process (CIRP) of Think & Learn, the parent company of embattled edtech firm Byju’s.

As per the EOI, MEMG has requested access to the information memorandum, virtual data room, evaluation matrix, and other information in order to assess the feasibility of preparing and submitting a resolution plan.

According to documents filed with the Resolution Professional (RP), MEMG India has sought to be included in the list…

“There’s nothing more important to the league and its fans than the integrity of the competition.” So says Adam Silver , commissioner of the National Basketball Association .

He was referring to dual indictments unveiled Oct. 23 , which alleged that NBA players and coaches had disclosed nonpublic team information to a criminal gambling ring; engaged in wire fraud and money-laundering conspiracies; and participated in rigged poker games that involved elaborate cheating technology, an assortment of hustlers, four Mafia families and a bouncer known as Albanian Bruce. “Integrity” isn’t the first word that comes to mind.

Since the Supreme Court opened the U.S. gambling market in 2018, 39 states…

Right now, credit card balances are at record highs, and the interest rates these short-term borrowing tools come with aren’t far off. Americans owe roughly $1.23 trillion in credit card debt, a figure that’s risen sharply alongside persistent inflation and years of high borrowing costs. And, they owe that collective amount at a time when credit card interest rates are averaging around 21%,…

Sonder rooms can no longer be booked via the Marriott site and app. Marriott said it was helping people who booked via its own platforms but was advising those who booked via a third party to ask for a refund via their credit card issuer.

“Sonder has faced severe financial constraints arising from, among other things, prolonged challenges in the integration of the company’s systems and booking arrangements with Marriott International,” Sonder said in a statement on its website.

Seen as a rival to Airbnb, which offers alternatives to traditional hotels, Sonder focussed on premium serviced apartments and lodgings.

Founded in Montreal, it operates thousands of rooms in over 40 cities, all of which will now be closing as the firm seeks…

The Manipal Group on Thursday confirmed that it has submitted a bid to acquire Think & Learn Pvt. Ltd., the parent company of the bankrupt edtech firm Byju’s.

Earlier, it was revealed that the Ranjan Pai-led group had filed an expression of interest (EOI) to take over the struggling company. According to a statement from Manipal Education and Medical Group India Pvt. (MEMG), the EOI has been “formally submitted.”

Documents filed with the Resolution Professional (RP) show that MEMG India has requested inclusion in the list of Prospective Resolution Applicants (PRAs). The company has also expressed interest in examining Byju’s financial and operational records to evaluate a possible resolution plan.

This marks the second EOI…

In a significant development in the Byju’s insolvency proceedings, Dr Ranjan Pai-led Manipal Education and Medical Group India (MEMG India) has formally submitted an Expression of Interest (EOI) to participate in the Corporate Insolvency Resolution Process (CIRP) of Think & Learn Pvt Ltd (TLPL) — the embattled parent company of edtech major Byju’s, as per reports. 

According to documents filed with the Resolution Professional (RP), MEMG India has requested to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to review TLPL’s financial and operational records for preparing a potential resolution plan. This marks MEMG’s second submission, following the RP’s decision…

“I don’t want to give up on my team, my friends and my community. I want to be that person who says yes, we are going through the fire, but be the phoenix and come back and learn from these mistakes.

“The biggest thing I’ve learnt is to keep going, despite the feelings, despite the liquidation banner over your head, despite the negativity it can cause.”

Gemmell said mounting pressure from Covid, flooding and debt “broke” his dream, but the message he wanted to send other business owners and his community was one of positivity and resilience.

The Insolvency and Trustee Service, the Official Assignee’s Office under the Ministry of Business, Innovation and Employment (MBIE), was appointed as liquidator. Liquidator James…

Sonder announced bankruptcy this week, cementing that the beleaguered apartment-style accommodations provider — which The Wall Street Journal once called “Airbnb’s billion-dollar competitor” — couldn’t hack it in hospitality. 

Even with the backing of industry giant Marriott International, Sonder wasn’t able to shake the financial troubles that ultimately led to its demise. 

Last year, Marriott entered into a long-term strategic licensing agreement…