Insolvency Guardian Media Centre
SoftBank-backed Oyo Hotels & Homes scotched speculation on social media platforms over bankruptcy proceedings, which had been sparked by a National Company Law Tribunal (NCLT) order over a claim of Rs 16 lakh in dues by a hotel owner.
“There is a pdf and text message circulating that Oyo has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking Rs 16 lakh from Oyo’s subsidiary leading to a petition at NCLT, Oyos founder Ritesh Agarwal tweeted on Wednesday.
The NCLT order has been passed against Oyo Hotels and Homes (OHHPL) a subsidiary of Oravel Stays, the parent company of Oyo.
An NCLT bench in Ahmedabad has ordered the commencement of a corporate insolvency resolution process of OHHPL based on an applicati…
Read the full article at: https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/oyo-taken-to-insolvency-board-by-hyderabad-hotel/articleshow/81947043.cms
BENGALURU (Reuters) – Indias company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a public notice showed on Tuesday, a decision the company said it had challenged.
Oyo is one of SoftBanks biggest bets and the Japanese group has poured more than $1 billion into the company, in which it owns a 46% stake.
The National Company Law Tribunal (NCLT) notice said it was appointing a resolution professional for Oyos subsidiary, Oyo Hotels and Homes Pvt Ltd, and inviting all c…
Read the full article at: https://www.reuters.com/article/oyo-india/indian-tribunal-starts-insolvency-process-against-oyo-unit-company-appeals-idUSL4N2M02V9
File image of Oyo Founder and CEO Ritesh Agarwal
The National Company Law Tribunal (NCLT) has admitted a plea for corporate insolvency proceeding against Softbank-backed Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name Weddingz.in.
The plea has been filed by a Gurgaon hotelier who has accused the company of defaulting on payments and violating an agreement that required it to operate and maintain the hotel under the brand Oyo.
NCLT has appointed advocate Keyur Jagdishbhai Shah as the interim resolution professional (IRP). It has given Oyo time till April 15 to submit its claims. Moneycontrol has seen a copy of the public announcement made by NCLT.
Oyo, which has said the proceedings …
Read the full article at: https://www.moneycontrol.com/news/business/startup/nclt-admits-corporate-insolvency-proceeding-against-oyo-subsidiary-6739961.html
The number of corporate insolvency cases admitted by tribunals dropped by a sharp 83% annually in the October-December quarter, data from the Insolvency and Bankruptcy Board of India (IBBI) showed.
Fresh insolvency cases for the third quarter of FY21 stood at 104 compared to 628 for the same period of the earlier fiscal, as the now-expired suspension on initiating corporate insolvency proceedings was still in effect.
The third quarter figure represented a marginal improvement from the 84 and 95 fresh cases admitted during the first and second quarter of FY21, respectively, taking the total number of admitted cases to 4,139.
About 23 corporate insolvency cases yielded resolution plans during the quarter in consideration, resulting in a total…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/fresh-corporate-insolvency-cases-fell-by-83-percent-during-october-december-in-fy21/articleshow/81946804.cms
The owner of the Whyalla steel mill says it is close to sealing a refinancing deal with a new group of lenders that may quell a push by its major creditor Credit Suisse to place the business into liquidation.
Billionaire steel tycoon Sanjeev Guptas Australian steel and mining companies said in a statement on Wednesday that it was in advanced talks with new lenders and was hoping to strike a refinancing arrangement that would allow it to pay back its creditors.
Sanjeev Gupta is hoping to strike a new debt deal that would see his Australian steel business flush with cash. Credit:Nic Walker
Credit Suisses trustee Citigroup filed wind up applications against Mr Guptas Whyalla mill operator Onesteel Manufacturing and coking coal miner T…
Read the full article at: https://www.smh.com.au/business/companies/whyalla-owner-races-towards-refinancing-to-stave-off-credit-suisse-liquidation-push-20210407-p57h4x.html
A fresh case of insolvency has been filed against the subsidiary of Oyo over a dispute of Rs 16 lakh. The National Company Law Tribunal (NCLT) has admitted the case and ordered the commencement of corporate insolvency proceedings on March 31, 2021. The NCLT has ordered the creditors of Oyo Hotels and Homes Private Limited (OHHPL), Oyo’s subsidiary, to submit their claims by April 15 to the interim resolution professional (IRP) based in Ahmedabad.
Oyo, however, has challenged the NCLT order against its subsidiary. In an official statement, Oyo said that it’s surprised to hear that NCLT has admitted a petition against OHHPL in a contractual dispute. “We have filed an appeal. The matter is sub-judice and we would refrain from commenting …
Read the full article at: https://www.businesstoday.in/current/corporate/no-not-bankruptcy-oyo-insolvency-admitted-by-nclt-for-rs-16-lakh-dispute/story/435960.html
Outside the Whyalla steelworks this morning, staff showed mixed feelings about the news that scores of local jobs hang in the balance as creditors seek to seize control of Sanjeev Gupta’s Whyalla steel operations.
Welding co-ordinator Tom Mitchell, who has been working directly or indirectly for the steelworks since 1978, said he was still confident about the future.
“The place was starting to move again,” he said.
“(But) the world is going through something different with the COVID virus and everything has been affected.
“We’ll have some discussions at work today and see what happens.”
Mr Gupta’s GFG Alliance has vowed to fight the move, lodged in the NSW Supreme Court today.
Citibank, acting on behalf of Credit Suisse, filed a win…
Read the full article at: https://www.qt.com.au/news/in-whyalla-workers-react-to-steel-city-insolvency-/4233047/
As rumors of Onkyo s bankruptcy along with Pioneer, keep swirling around the industry and despite local distributor Ambertech struggling to get stock, Company executives are still telling observers that they have a future.
Now as their fiscal year draws to a close on March 31st, the historic Japanese audio firm appears to be breathing new air with speculation that Klipsch owners Vox International has offered some funding.
Last year Onkyo USA delivered distribution to Klipsch (under 11 Trading Company).
This was just part of a plan that included much internal restructuring in both Japan and its global businesses after Sound United who recently acquired Melbourne based distributor Qualifi walked away from investing in the business.
During…
Read the full article at: https://www.channelnews.com.au/is-onkyo-pioneer-heading-for-bankruptcy-as-d-day-passes/
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Read the full article at: https://www.skynews.com.au/details/_6246966453001
This content was published on April 7, 2021 – 04:43
KUALA LUMPUR (Reuters) – Malaysia’s former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career.
Najib, who lost a historic election in 2018, is facing dozens of corruption and money laundering charges over the suspected theft of billions of dollars from 1Malaysia Development Berhad, a state fund he co-founded.
He has…
Read the full article at: https://www.swissinfo.ch/eng/malaysia-ex-pm-najib-served-with-bankruptcy-notice-over–400-million-tax-bill/46510188
The Star Entertainment Group has doubled down on its bid to sue an Asian billionaire who racked up a $43 million gambling debt at its Gold Coast casino. VIP high roller Dr Wong Yew Choy allegedly dishonoured a blank cheque after a five-day losing streak playing baccarat at The Star Gold Coast. After losing an international bid to pursue Dr Wong over the debt in Singapore, Star Casino has been granted leave to pursue the billionaire in the Queensland Supreme Court. The well-known Asian gambler had been lured to the Gold Coast casino as part of a marketing junket in July 2018 The gambling mogul opened his account with a $40 million cheque to buy gaming chips before hitting the baccarat table. Within three days, the billionaire lost the ent…
Read the full article at: https://www.canberratimes.com.au/story/7192090/star-doubles-down-on-asian-vips-43m-debt/
The effects of Hurricane Maria in Dominica in 2017 caused millions of dollars worth of damage to the countrys economy.Credit: Alejandro Cegarra/Bloomberg via Getty
Most governments astronomical borrowing during the current pandemic pays scant attention to the effects that climate change could have on their ability to repay the debt. Here we present an analysis of countries sovereign debt issued in 2020, showing that the vast majority of nations did not disclose the ways in which global warming might alter their credit-worthiness.
This is concerning. Even the anticipation of a climate shock might cause a debt crisis. If financial markets misprice the current risk, an event in one country could awaken investors sensitivity, trigg…
Read the full article at: https://www.nature.com/articles/d41586-021-00871-w