Articles for tag: Aditya, Bank, Brighter, Financial, Future, Hopeful, insolvency, Khaitan, McLeod, Remains, Resolutions, Russels, Turmoil

Market News

Amid insolvency turmoil, McLeod Russel’s Aditya Khaitan remains hopeful for bank resolutions and a brighter financial future.

Amid insolvency turmoil, McLeod Russel’s Aditya Khaitan remains hopeful for bank resolutions and a brighter financial future.

Aditya Khaitan, chairman of McLeod Russel India, expressed optimism about resolving the company’s debt issues during the annual general meeting. Despite facing multiple insolvency petitions from creditors like State Bank of India and HDFC Bank, he remains hopeful that the banks will cooperate to establish a resolution. Khaitan highlighted the potential for a better fiscal ...

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NCLAT grants Supertech’s suspended director two weeks to propose a settlement, while looming insolvency threatens the halted real estate project.

NCLAT grants Supertech’s suspended director two weeks to propose a settlement, while looming insolvency threatens the halted real estate project.

The National Company Law Appellate Tribunal (NCLAT) has given Ram Kishore Arora, suspended director of Supertech Township Projects, an additional two weeks to share a settlement proposal with lenders and homebuyers. This decision comes as Arora aims to resolve ongoing insolvency proceedings connected to the company’s real estate project, which has faced delays. NCLAT suggested ...

Market News

IBBI’s new amendment enhances creditor representation, empowering homebuyers and large creditor groups in India’s corporate insolvency process.

IBBI’s new amendment enhances creditor representation, empowering homebuyers and large creditor groups in India’s corporate insolvency process.

The Insolvency and Bankruptcy Board of India (IBBI) has updated the rules for the Corporate Insolvency Resolution Process (CIRP) to improve how creditors are represented during insolvency cases. The new regulations, effective from September 24, 2024, introduce the role of an interim representative. This person will step in to represent a group of creditors while ...

Market News

Byju’s struggles as the Supreme Court halts NCLAT relief, placing founder Byju Raveendran’s control in jeopardy amid insolvency disputes.

Byju’s struggles as the Supreme Court halts NCLAT relief, placing founder Byju Raveendran’s control in jeopardy amid insolvency disputes.

The Supreme Court has reserved its ruling on a US firm’s appeal against the NCLAT decision that halted insolvency proceedings for Byju’s, the prominent ed-tech company. The court is maintaining the current status until it issues its judgment, preventing any creditor meetings related to Byju’s case in the meantime. Previously, the NCLAT had provided Byju’s ...

Market News

Amidst insolvency, Byju Raveendran apologizes to employees, promising small payments and strength to continue their educational mission together.

Amidst insolvency, Byju Raveendran apologizes to employees, promising small payments and strength to continue their educational mission together.

Byju Raveendran, the founder of Byju’s, recently expressed his apologies to employees for their unpaid wages due to the company’s ongoing financial struggles and insolvency proceedings. Once valued at $22 billion, the edtech firm has faced significant challenges including legal disputes and regulatory issues. In a heartfelt message, Raveendran acknowledged the hard work and dedication ...

Market News

The NCLAT dismissed the state tax department’s dues claim against Reliance Communications, upholding an earlier ruling amid insolvency proceedings.

The NCLAT dismissed the state tax department’s dues claim against Reliance Communications, upholding an earlier ruling amid insolvency proceedings.

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition from the state tax department seeking dues from Reliance Communications (RCom). The appeal was based on claims made after RCom entered the corporate insolvency resolution process in June 2019. The NCLAT upheld an earlier decision by the Mumbai bench of the National Company Law ...

Market News

Ravi Mital, IBBI chairperson, urges insolvency experts to prioritize transparency, enhancing bids and strengthening India’s insolvency framework.

Ravi Mital, IBBI chairperson, urges insolvency experts to prioritize transparency, enhancing bids and strengthening India’s insolvency framework.

Ravi Mital, the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), emphasized the importance of transparency among insolvency professionals during a recent conference in New Delhi. He urged professionals to enhance transparency in the resolution process, stating that this practice could lead to better bids and reduced financial haircuts. Mital highlighted the crucial ...

Market News

Byju’s struggles as the Supreme Court halts NCLAT relief, placing founder Byju Raveendran’s control in jeopardy amid insolvency disputes.

Byju’s faces a shocking bankruptcy ruling in the U.S., conflicting with ongoing insolvency proceedings in India, igniting creditor disputes.

Byju’s, the Indian ed-tech giant, faces a surprising US court ruling that placed its subsidiaries into involuntary Chapter 11 bankruptcy due to non-compliance with creditor demands. This decision impacts companies like Neuron Fuel Inc. and Epic! Creations Inc., conflicting with ongoing insolvency proceedings in India. Byju’s Interim Resolution Professional, Pankaj Srivastava, is seeking to halt ...

Market News

Byju’s struggles as the Supreme Court halts NCLAT relief, placing founder Byju Raveendran’s control in jeopardy amid insolvency disputes.

Supreme Court to hear Byju’s insolvency case amid creditor disputes and a critical Rs 158.9 crore settlement with BCCI.

The Supreme Court is set to hear an appeal on September 17 from Glas Trust Company LLC, a US-based creditor, regarding the ed-tech firm BYJU’s. This follows a previous National Company Law Appellate Tribunal (NCLAT) decision that paused insolvency proceedings against BYJU’s and approved a Rs 158.9 crore settlement with the Board of Control for ...

Market News

Byju’s defies auditor BDO’s resignation, alleging unethical demands for backdated reports amid ongoing insolvency proceedings. Tensions escalate dramatically.

Byju’s defies auditor BDO’s resignation, alleging unethical demands for backdated reports amid ongoing insolvency proceedings. Tensions escalate dramatically.

Byju’s, the troubled edtech company, has responded to the resignation of its auditor BDO, claiming that BDO made unethical requests, including asking to backdate reports. Byju’s insists it complied with all legal requests but refused to engage in any illegal activities. They also argued that BDO’s resignation came after the 45-day deadline for additional information, ...

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