The Supreme Court on Monday asked real estate firm Jaypee to deposit Rs 2,000 crore before October 27 and asked for a plan within 45 days on how it will protect homebuyers interest. The court also restrained directors and managing director of Jaypee Infratech and its holding company, Jaypee Associates, from travelling abroad. The holding…
In a significant relief for thousands of home buyers in Noida, the Supreme Court today restrained Managing Director and other directors of Jaypee Infratech from flying abroad and asked the real estate company to deposit Rs 2000 crores by October 27. “We understand their plight. It is a human problem of great magnitude. We will…
Australians who get loans from their parents to buy their first property are twice as likely to later encounter financial stress, ask for help from friends and struggle to pay their power bills. In research released on Monday, the Reserve Bank’s economic research department used figures from the Household, Income and Labour Dynamics (HILDA) survey of 17,000 Australians to…
The bid by Australian billionaires Lachlan Murdoch and Bruce Gordon for the Ten Network just didnt stack up against the offer from Americas CBS, according to administrators KordMentha. The American broadcast giant, a key content provider to Ten and one of its biggest creditors, is paying a minimum of $201.1 million for the Ten Network.…
MUMBAI: An Allahabad High court ruling involving troubled automaker LML has put the spotlight on the need for neat sequencing of recovery initiatives by lenders, with both banks and company managements often rushing to dedicated tribunals to start bankruptcy proceedings. The court barred parallel proceedings in the National Company Law Tribunal (NCLT) and the Debt…
Tough insolvency rules could be relaxed, according to a federal minister, as the government looks to reduce the number of businesses pushed prematurely into insolvency. Speaking to a recent industry conference, financial services minister Kelly ODwyer said the onus should be on supporting businesses to survive and grow, not on penalising difficulties. The government believes…
‘Closure was never an option,’ says former Deputy Mayor Tom Antonio Node Tools (L-R) Senator Nick Xenophon, Korda Mentha administrators Mark Mentha and Sebastian Hams, and Tom Antonio. (second from right) with. 11 September 2017 Theodora Maios Last Friday was a great day for an estimated 5,500 Arrium workers who were finally reassured that their…