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.
Courtesy: India Today
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
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
Courtesy: DNA India
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.
Courtesy: DNA India
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.
Courtesy: The Times of India
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.
Courtesy: Brifly Exclusive
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