Photo: India Today

Once Growing Startup, WeWork Is Now On Verge Of Bankruptcy

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection. Notably, bets on companies using more of its office-sharing space soured. The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey… read-more

Tue, 07 Nov 2023 - 01:19 PM / by Varsha Joshi

Tags: us company, Startup, business, WeWork, BANKRUPTCY

Courtesy: News 18

Elon Musk

Photo: The Indian Express

Elon Musk Urges Public Support To Save Twitter

Tesla CEO and Twitter Owner Elon Musk urged people to save the micro-blogging site from bankruptcy. On February 6, Musk said, "Last 3 months were extremely tough, as had to save Twitter from bankruptcy while fulfilling essential Tesla & SpaceX duties." He added, "Public support is much appreciated!" Notably, after purchasing Twitter, the platform is said to have suffered huge losses, with mass firing and new staff.

Mon, 06 Feb 2023 - 11:45 AM / by Varsha Joshi

Tags: Elon Musk, Twitter CEO, BANKRUPTCY, Tesla CEO, Public Support

Courtesy: India Today

Bankruptcy Law

Photo: Business Standard

Regulations Of Insolvency & Bankruptcy Board Modified

The Ministry of Corporate Affairs announced on June 15 that the Insolvency and Bankruptcy Board of India has modified the Insolvency and Bankruptcy Board of India Regulations, 2016. The change makes creditors responsible for sharing information about the corporate debtor's assets and obligations. The amendment also covers how avoidance petitions submitted with the Adjudicating Authority are treated after the corporate insolvency resolution… read-more

Thu, 16 Jun 2022 - 09:40 AM / by Vidhi Jhunjhunwala

Tags: Insolvency, BANKRUPTCY, Insolvency and Bankruptcy Board of India, regulations, creditors

Courtesy: ANI

EV Manufacturer Electric Last Mile Solutions

Photo: CFO Magazine

US EV Manufacturer Electric Last Mile Solutions Intends To File For Bankruptcy

Electric Last Mile Solutions Inc (ELMS), commercial electric vehicle manufacturer in United States on June 12 stated it intends to file for Chapter 7 bankruptcy after reviewing its products and commercialization plans. Securities and Exchange Commission was probing issues raised in previous filings of ELMS. Earlier, it laid off around 24% of its employees. In June 2021, the company became public after merging with blank-check provider Forum… read-more

Mon, 13 Jun 2022 - 02:45 PM / by Vidhi Jhunjhunwala

Tags: Electric Vehicles, Electric Last Mile Solutions Inc, United States, BANKRUPTCY, Securities and Exchange Commission

Courtesy: DNA India

Cosmetics Brand Revlon

Photo: Revlon, Inc

Cosmetics Brand Revlon Considering To File For Bankruptcy Owing To Massive Debts

Revlon Inc., a major worldwide cosmetics corporation, is preparing to file for Chapter 11 bankruptcy due to a large financial debt burden and supply chain issues. The negotiations are ongoing, but the decision is not final, and the approach might change. Revlon stocks dropped 53 percent in a single day on June 9. The company's sales have supposedly been declining since before the Covid-19 outbreak. 

Sat, 11 Jun 2022 - 08:31 PM / by Vidhi Jhunjhunwala

Tags: Cosmetics Brand, revlon, BANKRUPTCY, Debts, Covid-19

Courtesy: DNA India

Jet Airways aircraft.

Photo: SkyRefund

Jet Airways Receives Bankruptcy Court's Approval To Restart

Jet Airways becomes the first airline to restart its operation under India's Insolvency and Bankruptcy Code. The National Company Law Tribunal approved the resolution plan of the Kalrock-Jalan consortium on June 22. However, the company has to repay Rs 600 crores to creditors valid for 90 days after which it will need an extension from the tribunal. Jet Airways had suspended operations in April 2019 due to mounting debts. 

Wed, 23 Jun 2021 - 09:28 AM / by Sohini Mandal

Tags: Jet airways, national company law tribunal, BANKRUPTCY, kalrock-jalan

Courtesy: The Times of India

Ritesh Agarwal, CEO, OYO

Photo: Tech In Asia

OYO Has Filed Bankruptcy Is Absolutely Untrue And Inaccurate, Clarifies CEO Ritesh Agarwal

OYO's CEO Ritesh Agarwal clarifying about the fake rumours around OYO filing for bankruptcy ‘is absolutely untrue and inaccurate.’  A fake PDF and text message is being circulated on social media saying OYO has filed for bankruptcy. However, the issue was entirely different where a claimant was seeking Rs 16 lakhs from OYO, which was already paid. For the same, OYO has appealed to NCLAT challenging the order.

Wed, 07 Apr 2021 - 04:37 PM / by Samanth Lanka

Tags: Oyo, ritesh agarwal, BANKRUPTCY, NCLAT, Fake News, Social Media

Courtesy: Brifly Exclusive

Anil Ambani

Photo: Twitter / AnilAmbanii

SBI Claims Ambani Offered $160 Million Personal Guarantees, Tribunal to Verify

In order to verify SBI's claim that Anil Ambani offered personal guarantees of around $160 million when seeking loans, National Company Law Tribune (NCLT) in Mumbai has appointed a bankruptcy administrator. The former billionaire borrowed loans in 2016 on behalf of Reliance Communications Ltd and Reliance Infratel Ltd, which are now claimed to be insolvent. The court rejected "SBI's request for a restriction on Mr Ambani from dealing or… read-more

Fri, 21 Aug 2020 - 08:42 PM / by Bharat Sharma


Courtesy: NDTV