The Supreme Court on Monday directed holding companies of Jaypee Infratech to deposit Rs 2,000 crore by October 27, in the latest development in an ongoing suit where homebuyers have challenged the companys move to declare itself bankrupt. Last week, the apex court had stayed insolvency proceedings against Jaypee Infratech. More than 30,000 buyers of…
DetailsMoneycontrol News With the process of liquidating companies becoming easier under the Insolvency and Bankruptcy Code, 2016, it’s not only the stressed companies that are taking the winding-up route but also some solvent companies are filing for voluntary liquidation. These firms are financially-sound and are capable of settling their dues but want to shut shop for…
DetailsThe number of companies in the Netherlands being declared bankrupt continues to decrease. In August 39 fewer companies were declared bankrupt than in July, Statistics Netherlands reported on Monday. The number of bankruptcies in the Netherlands is now at its lowest level since 2001. A total of 258 companies and institutions, excluding sole proprietorships, were…
DetailsNEW DELHI: The Supreme Court on Monday re-initiated the insolvency resolution proceedings against Jaypee Infratech, while asking its parent company Jaiprakash Associates to deposit Rs 2,000 crore by October 27. Handing over the management of Jaypee Infratech back to the insolvency resolution professional (IRP), the apex court has asked the professional to submit an interim…
DetailsAn 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 Recovery…
DetailsThe 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…
DetailsIn 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…
DetailsAustralians 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…
DetailsThe 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.…
DetailsMUMBAI: 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…
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