SpiceJet (SG, Delhi International) will settle a USD29.9 million dispute with Celestial Aviation Leasing after reaching a deal on the sidelines of a National Company Law Tribunal (NCLT) hearing in Delhi on October 10. The matter, Celestial Aviation Services Ltd v. SpiceJet Limited, was first listed in early June 2023 and concerns unpaid leases for…
CPA Australia and CA ANZ have both opposed an increase in the default bankruptcy threshold from $10,000 to $20,000 in responses to the Attorney-Generals personal insolvency discussion paper. In its submission CPA Australia said the proposal would fail to alleviate cost-of-living pressures. For many, mortgage stress is their leading financial concern. The amount of such…
The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of the insolvency case involving IDBI Bank and Zee Entertainment Enterprises Limited (ZEEL), a part of the Essel Group, to November 8, 2023. This decision was made on Wednesday, following IDBI Bank’s insolvency plea against ZEEL over unpaid dues amounting to Rs 150 crore…
Reducing poverty and hitting global net zero goals are being hindered by the severe debt burdens on poor countries, the president of the World Bank has said, amid growing concern that high interest rates could cause dozens of countries to default. Ajay Banga, the new head of the Washington-based body, urged faster progress in providing…
If you have high-interest debt, such as revolving credit card balances, trying to pay it off can be a major undertaking. You need a lot of patience, resolve and most importantly, a strategy. CNBC Select breaks down the five best ways to get out of debt. Whether your credit is in good shape and you…
Mumbai: The National Company Law Tribunal on Wednesday admitted Indian Overseas Banks petition seeking initiation of corporate insolvency resolution process against textiles manufacturer Shrivallabh Pittie South West Industries. Indian Overseas Bank, one of the financial creditors, had dragged the debt-laden firm to NCLT over non-payment of dues after it failed to make a payment of…
Oct 11 (Reuters) – Sri Lanka, mired in its worst economic crisis in decades, is in debt restructuring talks with a range of bilateral creditors, including China, its largest single creditor. The island nation of 22 million suffered its first foreign debt default in May 2022. In March, Sri Lanka secured a nearly $3 billion…
Credit: Nourish Foods / X Australias Nourish Foods has been snapped up by Tempo Group of Companies after entering voluntary administration earlier this year. The healthy kids snacks business hired administrators last month due to a lack of working capital. Financial details were not disclosed. John McInerney and Matt Byrnes of accounting firm Grant Thornton…
Founders Dereck and Diti Hales The owners of Melbournes Bad Shepherd Brewing Co. have announced the decision to appoint an Administrator to help facilitate a financial restructuring of the business. Owners Dereck and Didi Hales have appointed DBA Advisory as Administrator, noting the company is supporting the continued operation of the business Bad Shepherds employees…