By Marc Jones 5 Min Read LONDON (Reuters) – Debt experts, charity groups and investors welcomed news on Wednesday that the worlds poorest countries will get new IMF funds and COVID-19 debt relief, but they also cautioned that for some it would still only be a band-aid solution. Pedestrians walk in Buenos Aires’ financial district,…
DetailsNajib Razak arrives at the court of appeal in Putrajaya this week. Picture: AFP Malaysias former prime minister Najib Razak is facing bankruptcy for allegedly failing to pay more than $520m in taxes, which could bring his political career to an end. Najib and his cronies are accused of stealing billions from state investment fund…
DetailsBy Reuters Staff 3 Min Read KUALA LUMPUR (Reuters) – Malaysias 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. FILE PHOTO: Former Malaysian Prime Minister Najib…
DetailsThe 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…
DetailsSoftBank-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…
DetailsBy Reuters Staff 2 Min Read FILE PHOTO: The logo of OYO, India’s largest and fastest-growing hotel chain, is seen installed on a hotel building in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo BENGALURU (Reuters) – Indias company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a…
DetailsFile 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…
DetailsThe 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…
DetailsThe 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…
DetailsA 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…
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