BANKRUPTCY

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.

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

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. 

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