BANKRUPT
Diddy going bankrupt? He is renting out his private jet which is also up for sale; Beverly Hills mansion put on the market too
Sean "Diddy" Combs, once the epitome of success, is now facing a series of challenges that threaten both his financial empire and his personal freedom. Despite a luxurious Beverly Hills mansion listed for a staggering $61.5 million, Diddy is struggling to find a buyer.
'Bankrupt K'taka govt' will stop 'Gruha Lakshmi' scheme, says ex-PM Deve Gowda
Former Prime Minister and JD(S) leader Deve Gowda said the Karnataka government will stop the Gruha Lakshmi scheme. Gowda stated the government has emptied the treasury. Deputy Chief Minister D K Shivakumar responded that the BJP and JD(S) always wanted to stop the guarantees given by the Congress government.
Why Tim Cook joined a nearly bankrupt Apple and one thing Steve Jobs did differently
Tim Cook admired Steve Jobs for his adaptability and ability to change his mind. Jobs' vision and focus on simplicity deeply influenced Cook. Under Cook¡¯s leadership, Apple continues to thrive, emphasizing innovation and maintaining its legacy as a leader in consumer technology.
Poll setbacks made Cong ideologically bankrupt: Nadda on Kharge's 'terrorists' jibe
BJP President J P Nadda accused Congress chief Mallikarjun Kharge of ideological bankruptcy and desperation to defend Rahul Gandhi, following Congress¡¯ electoral defeats. Nadda emphasized the BJP's pro-poor policies and criticized Congress for supporting anti-national forces and seeking evidence for military strikes against terrorists.
Tupperware's desi dabbas face no heat even as company goes bankrupt
Tupperware Brands has filed for Chapter 11 bankruptcy protection in the US, but its operations in India remain unaffected. The company continues to expand its product range and reports a significant increase in sales during the festive season. Tupperware aims to transform into a digital-first, technology-led company.
SpiceJet seeks urgent SC hearing against Delhi HC¡¯s order grounding 3 aircraft engines for defaulting on payments to lessors
SpiceJet has appealed to the Supreme Court against a Delhi High Court order requiring the airline to ground and return three engines to lessors Team France 01 SAS and Sunbird France 02 SAS within 15 days due to non-payment of lease rentals. The Delhi HC had also instructed SpiceJet to arrange for the inspection of these engines.
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Anil Ambani's Reliance Capital: A timeline of how a top financial co ended up bankrupt
Anil Ambani faced a five-year ban from SEBI and a Rs 25 crore fine over fund diversion at Reliance Home Finance. Once flourishing in 2007, his ventures suffered severe setbacks after the 2008 financial crisis, ending in Reliance Capital's bankruptcy declaration in 2021.
Anil Ambani: How the world's former 6th richest man became bankrupt, banned in just over a decade
Anil Ambani and 24 other entities have been banned by SEBI from the securities market for five years due to fund diversion allegations at Reliance Home Finance Limited. SEBI imposed a ?25 crore fine on Ambani. Additionally, the Supreme Court overturned an ?8,000 crore arbitral award involving Ambani's Reliance Infrastructure subsidiary. Ambani's financial struggles continue amid extensive legal challenges and failed ventures.
What steps have you taken for homebuyers: SC asks YEIDA
Coming down heavily on YEIDA for its stand towards homebuyers in the residential projects, the court said: "You are not concerned with the homebuyers; that's where the problem lies." Observing that the homebuyers are the "ultimate sufferers", a bench led by Justice Sanjiv Khanna told solicitor general Tushar Mehta that "you cannot say that I'm concerned with my dues and the homebuyers, who are the real sufferers, can bear the brunt".
When ED does what it should do best
In a significant development, the Enforcement Directorate (ED) has initiated the disbursement of nearly ?12 crore to victims of the Rose Valley Ponzi scheme, marking a first in India's financial restitution efforts. This scheme, which defrauded 22 lakh small depositors across West Bengal, Assam, and Bihar, amounted to losses of around ?17,000 crore. A court-monitored Asset Disposal Committee is overseeing the process, providing some relief to the victims after years of financial turmoil. The case underscores the urgent need for robust financial literacy and regulatory vigilance to prevent such scams.
Finance guru who correctly predicted Lehman Brothers collapse says, California is going bankrupt
Robert Kiyosaki's grim warning on California has come at a time when investment banker Goldman Sachs has said that there is a 25% possibility of a recession in the US economy.
Will US become bankrupt and dollar's value fall? Why has Elon Musk said, ¡°America is going bankrupt?¡± Details here
The US economy registered a meager GDP growth rate of 1.4% in 2023-24, a big drop from 3.4% in the last quarter of 2023. It has been estimated that the growth rate in the third quarter will not be good as well, rather it may slow down to around 1%. What Elon Musk has said about the state of the US economy?
NCLT grants extension till Aug 10 to IIHL for completing RCapital resolution plan
IIHL made the highest cash offer of Rs 9,661-crore in the auctions and secured as much as 99 per cent of the lender's votes. The bid also included the Rs 500-crore cash balance with Reliance Capital going to the lenders, taking the overall recovery to Rs 10,200 crore or about 65 per cent as against Rs 16,000 crore principal secured debt the crippled company owed to lenders.
GVK Power and Infrastructure Ltd faces insolvency proceedings
NCLT appointed Satish Kumar Gupta as an interim resolution professional for managing the company during pendency of the insolvency. "The corporate debtor has acknowledged its liabilities and admitted the factum of corporate guarantee in its annual reports for the FYs 2018-19, 2019-20, and 2020-21. As on June 13, 2022, the borrower was liable to pay USD 1.84 billion comprising principal amount of USD 1.13 billion, interest of USD 731.57 million and agency fee of USD 144,000," according to the NCLT order, which was made public by GVKPIL in the stock exchange filing.
Insolvency law fosters healthy credit culture: NFRA chief Pandey
On Tuesday, Ajay Bhushan Prasad Pandey, chairman of the National Financial Reporting Authority (NFRA), emphasized the importance of insolvency law for a healthy credit culture and its role in unlocking capital from unviable businesses for productive use through the resolution of bankrupt firms' stress. He highlighted that the Insolvency and Bankruptcy Code (IBC) has a significant role in strengthening the economy beyond just enabling lenders to recover dues from corporate debtors.
JK Solutions-led group's Valecha buy gets NCLT nod
Nishit Dhruva stressed the importance of saving jobs and assets through successful resolution. The consortium plans to pay creditors ?79.52 crore against total liabilities of ?2,869 crore, including financial creditors like JC Flowers Asset Reconstruction and State Bank of India.
IBBI seeks to tighten the noose around guarantors of bankrupt firms
The Insolvency and Bankruptcy Board of India (IBBI) has proposed changes in the resolution plan process to hold guarantors accountable, following the Supreme Court's ruling. Stakeholders are encouraged to review and provide feedback on the proposed amendments to streamline the valuation process for stressed firms.
Go First granted 60-day extension by NCLT to complete insolvency proceedings
Bankrupt airline Go First has been granted an additional 60 days by the National Company Law Tribunal (NCLT) to conclude its insolvency proceedings, extending the deadline to June 3, 2024. The NCLT initially accepted Go First's plea for voluntary insolvency on May 10, 2023, following its suspension of operations on May 3, 2023
Power stocks: Both PSUs and pvt ones got re-rated. Ready for another round in Modi 3.0? 6 stocks with upside potential of up to 37%
The summer heat leads to high power consumption is a well known fact. What has been the difference in the headlines this year and last two or three years? The news about massive power cuts and the possibility of power plants running out of coal is missing. The news which is dominating is that power demand is high and is being met. This change is the result of many things, right from optimism at one point of time to absolute despair at another. Finally policy push and discipline and integrated approach toward solving the issue of the sector, whether it for thermal, solar, wind or hydro. This led to a certain level of re-rating in Modi 2.0 which is likely to get pace in Modi 3.0. One thing which goes unnoticed is the fact that the power sector moving out of the trouble not only means good news for power companies but also the banks, because after metal, power companies topped the list of NPA of the banks.
ARC route being misused by "tainted" promoters: RBI deputy governor Rao
M Rajeshwar Rao stressed that asked the leaders of the ARC sector to ensure that the sector remains focused on course charted through legislative and regulatory intent and should ensure that any negative perception about the functioning and governance standards of the ARCs is dispelled.
Jet Airways Insolvency: Tribunal junks JKC request to transfer Rs 200 crore
The Jalan Kalrock Consortium (JKC), the successful bidder for grounded Jet Airways, withdrew its plea to move Rs 200 crore paid to lenders to an escrow account after the National Company Law Appellate Tribunal (NCLAT) refused to provide relief. The NCLAT bench, headed by Justice Ashok Bhushan, stated the matter is already before the Supreme Court. The consortium chose to withdraw its plea, citing ongoing disagreements between lenders and consortiums.
EaseMyTrip's Nishant Pitti, SpiceJet owner Ajay Singh pull out of Go First race
The Singh-Pitti consortium's pullout leaves the revival of Go First in jeopardy. They were the frontrunners for the troubled airline with a total bid of around ?1,600 crore.
"PM Modi, BJP bankrupt of ideas": RJD MP Manoj Jha
RJD MP Manoj Jha criticizes BJP and PM Narendra Modi for being 'bankrupt' of ideas. He also comments on the opposition coalition Mahagathbandhan, Constitution changes, Bihar polls, NDA victory in 2019, RJD's performance in Bihar elections, and Congress's performance
Lenders to Go First weigh liquidation after court order on planes, sources say
Lenders to India's Go First are scheduled to convene later this week to explore various options for the financially distressed airline, including the possibility of liquidation. This follows a court order permitting aircraft lessors to reclaim their planes, as disclosed by two bankers associated with Go First's creditors on Tuesday.
Go First: Busy Bee Airways says to evaluate position after reviewing court order
On Friday, the court directed the Directorate General of Civil Aviation (DGCA) to forthwith process the applications filed by several lessors for deregistration of their 54 planes so that they could take them back from the crisis-hit Go First airline. In a post on X, saying it is on behalf of Busy Bee Airways, Pitti said, "We will review the details of the order once we receive the official document".
"Congress made Karnataka bankrupt in name of guarantee": Basavaraj Bommai
While addressing a press conference on Sunday, Karnataka's former chief minister and Gadag-Haveri Lok Sabha constituency's BJP candidate, Basavaraj S Bommai, slammed the Congress party and alleged that the party, without any preparation, made the state bankrupt in the name of guarantee.
Bankrupt FTX sells stake in hot AI startup Anthropic
FTX, the bankrupt company once run by disgraced crypto king Sam Bankman-Fried, will sell two-thirds of its shares in hot AI startup Anthropic for $880 million, a court filing said on Monday. The biggest chunk of the Anthropic shares will go to ATIC Third International Investment Company, which is affiliated to the Mubadala sovereign wealth fund in the United Arab Emirates, the court filing said.
SpiceJet CMD Ajay Singh ups bid for Go First following banks' nudge
One of the two bidders for bankrupt airline Go First in India has raised its offer following lender encouragement, increasing the bid by 1-1.5 billion rupees from the original 16 billion rupees. The consortium, including SpiceJet's Ajay Singh and Busy Bee Airways, aims to meet creditors' expectations.
NCLT admits insolvency application against Winsome Diamond¡¯s promoter Jatin Mehta
¡°It is noted under Section 128 of Indian Contract Act, 1872 that when a default is committed, the principal borrower and surety are jointly and severally liable to the creditor and the creditor has the right to recover its dues from either of them or both of them simultaneously,¡± observed a division bench of judicial member Shammi Khan and technical member Sameer Kakar in its order of March 11.
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