Mr Arunesh Narain Maharaj, of Sydney, New South Wales, the former Chief Executive Officer of stockbroking firm BBY Limited (BBY), has appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring fraud. ASIC alleges that Mr Maharaj aided, abetted, counselled or procured offences by another former BBY employee, who, by deception,…
DetailsThe National Company Law Tribunal (NCLT) has admitted Indian Overseas Banks petition seeking initiation of a corporate insolvency resolution process against textile manufacturer Shrivallabh Pittie South West Industries. The tribunal appointed Avil Menzes as the interim resolution professional to take over the day-to-day affairs of the company. Indian Overseas Bank, one of the financial creditors,…
DetailsJindal Power (JPL), led by Naveen Jindal, has submitted an expression of interest (EoI) for Go First, which has been undergoing an insolvency process since May of this year, according to sources. Go Firsts resolution professional invited EoIs for the carriers sale in July. Sources have confirmed that JPL has filed an EoI for Go…
DetailsNaveen Jindal, the promoter of Jindal Steel and Power Ltd., has shown interest in venturing into airlines through the insolvent Go First. The promoter has submitted an expression of interest in buying the airline, according to two people familiar with the matter. This is an opportunistic play from the company, as it is looking…
DetailsNaveen Jindal, the promoter of Jindal Steel and Power, is understood to have put in an expression of interest (EoI) to buy insolvent airline Go First, multiple highly placed sources close to the development told ET. The Wadia family-owned Go First is India’s first commercial carrier to have voluntarily sought bankruptcy protection.The EoI has been…
DetailsSpiceJet (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…
DetailsCPA 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…
DetailsThe 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…
DetailsReducing 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…
DetailsIf 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…
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