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…
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…
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…
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…
NEW DELHI: The pre-pack framework for stressed assets under the insolvency law is a “liquidation-remote resolution mechanism” and will also help in avoiding protracted legal battles as there will already be a broad understanding among stakeholders concerned, according to IBBI chief M S Sahoo.To help stressed MSMEs (Micro, Small and Medium Enterprises), the government has…
Reorganization is now increasingly favored over liquidation, according to an analysis of COVID-era corporate bankruptcy filings by S&P Global Market Intelligence. Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P dataand 2021 filings are set to outpace last years numbers. Conversely, in 2018…
111 corporate insolvencies were recorded in Ireland in the first quarter of this year, according to the latest figures published by Deloitte. This represents a decrease of 30% from the same quarter in 2020, when 159 incidents were recorded. According to Deloitte, this lower level of insolvency activity is likely to be influenced by the…
Advertisement Tuesday, March 30, 2021 The Corporate Insolvency and Governance Act 2020 introduced a number of temporary changes to UK insolvency laws last year. Those changes, together with other measures such as the moratorium on forfeiture proceedings have recently been extended, we assume, to avoid the perceived cliff edge of insolvencies that might follow if…
This was the title of the recent timely ICAEW webinar that can be accessed through the link below. Timely, because as one of the presenters, Martine Catton, Chief Commercial Officer at Just Cashflow explains, “A tsunami of insolvencies is expected when the Governments well intended life support system for small businesses is wound down and…
A lifeline for struggling businesses in the United Kingdom the most significant insolvency reforms for a generationCorporate Insolvency and Governance Act 2020The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least,…