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Property developer Supertech proclaimed insolvent by National Company Law Tribunal

The property developer Supertech Ltd declared bankruptcy on Friday after the National Company Law Tribunal (NCLT) accepted a petition filed by the Union Bank of India for non-payment of dues

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Property developer Supertech

The property developer Supertech Ltd declared bankruptcy on Friday after the National Company Law Tribunal (NCLT) accepted a petition filed by the Union Bank of India for non-payment of dues, according to the sources.

Unfortunately, there is no agreement on the amount of fees that Supertech should pay to lenders. According to the sources, the NCLT’s Delhi branch has also designated Hitesh Goel as the insolvency resolution professional (IRP) in this dispute under the Insolvency and Bankruptcy Code (IBC).

In the benefits of homeowners, emphasis was given to project building and deliveries above reimbursement of bank debts that may be repaid after the completion of the project.

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There is no risk of loss to any partner or financial creditors because all of the company’s initiatives are financially sustainable. The injunction will have no effect on the operations of any other Supertech Group Company, according to a statement from Supertech.

The company stated, ‘We have a good track record of delivering more than 40000 Flats over the previous 7 years, and we will continue to deliver to our purchasers under our ‘Mission Completion 2022,’ under which we have set a target of delivering 7000 Units by December 2022.

Supertech Ltd company is involved in numerous projects in the National Capital Region (NCR), including Ghaziabad, Gurugram, Greater Noida, and Noida.

Over 25,000 homeowners are waiting for the possession of Supertech ltd units (building, flats, etc).

Homebuyers of Supertech apartments, on the other hand, need not be worried. Instead, they should submit a claim through IRP and Hitesh Goel right away.

The Supreme Court was informed in February by the Noida authorities that Supertech’s twin 40 storey towers in the Emerald Court project will be dismantled by May 22, 2022. According to the officials, all debris will be removed by August 22, 2022.

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Vistara and Air India airlines to merge by March 2024

The latest notification states that SIA is also investing Rs 20,585 million in Air India as part of the transaction.

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Vistara and Air India airlines to merge

Tata Sons and Singapore Airlines (SIA) have agreed to merge Air India and Vistara airlines by March 2024. The latest notification states that SIA is also investing Rs 20,585 million in Air India as part of the transaction, giving SIA a 25.1 percent stake in the Air India group.

Currently, Tata Group holds 51 percent of the shares in Vistara, and Singapore Airlines has the remaining 49 percent. According to the release, SIA and Tata have also agreed to take part in future capital investments that may be necessary to finance the expansion and operations of the larger Air India in the fiscal years 2022–2023 and 2023–2024.

Tata Sons chairman N Chandrasekaran said that the merger of Vistara and Air India is an important milestone in their journey to make Air India a truly world-class airline. He said they are transforming Air India, with the aim of providing a great customer experience, every time, for every customer.

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He further said that as part of the transformation, Air India is focusing on growing both its network and fleet, revamping its customer proposition, and enhancing safety, reliability, and on-time performance. He stated that both Tata Sons and Singapore Airlines are excited about the opportunity of creating a strong Air India which would offer both full-service and low-cost services across domestic and international routes. He also thanked Singapore Airlines for their continued partnership.

SAI chief executive officer Goh Choon Phong said the merger provides an opportunity to deepen the company’s relationship with Tata and participate directly in an exciting new growth phase in India’s aviation market.

SAI chief executive officer Goh Choon Phong said Tata Sons is one of the most established and respected names in India. SIA’s collaboration to set up Vistara in 2013 resulted in a market-leading full-service carrier, which has won many global accolades in a short time. He said with this merger, SIA has an opportunity to deepen its relationship with Tata and participate directly in an exciting new growth phase in India’s aviation market. He further said that they will work together to support Air India’s transformation programme, unlock its significant potential, and restore it to its position as a leading airline on the global stage.

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Nykaa CFO Arvind Agarwal resigns

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020.

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Arvind Agarwal

Nykaa chief financial officer Arvind Agarwal resigned from his position on Tuesday. The fashion and beauty e-commerce platform announced his resignation.

In a BSE filing, Nykaa informed that Agarwal will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space.

Nykaa’s founder Falguni Nayar hailed Agarwal for the crucial role he played in the company’s emergence as a listed and profitable start-up. Nayar said the company is conscious of Agarwal’s personal dreams and wishes him all the luck.

Upon his resignation, Agarwal said his journey in Nykaa has been incredible so far and all his learning and experiences have set them up for pursuing different personal growth opportunities in the field. He further wished Nykaa good luck for the growth path ahead.

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Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020. He was among the key managerial personnel and handled the initial public offer of the firm. Before Amazon, Agarwal worked with Vodafone India for more than 5 years. He had also worked with YOU Telecom, Adani Port, and Tata Teleservices.

Reports said Agarwal paid a total remuneration of Rs 19.58 million during the financial year 2021.

Apart from Nykaa, food delivery application Zomato also saw the resignation of its co-founder Mohit Gupta after 5 years of association with the company.

Gupta, in a message, stated that he decided to move on from Zomato to seek other unknown adventures. He also hailed Deepinder Goyal as he has become a more mature and confident leader who is capable of leading the business into a bright future.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

In light of the possibility of a global recession, Amazon founder Jeff Bezos advised consumers to refrain from making significant purchases during the holiday season. Given the state of the economy, he urged people to keep their money safe and refrain from irrational spending in the upcoming months.

The business tycoon said American families should avoid purchasing big-ticket items such as new cars, TVs, automobiles, and refrigerators as the US is staring at a recession. He said American household debt has reached a record high of $16.5 trillion, and people are switching to credit to get their ends meet.

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Bezos said Take some risk off the table, adding, Keep some dry powder on hand. Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.

He said things are slowing down and many sectors of the economy are seeing layoffs, and this is why you should hold onto your money.

Meanwhile, the founder of Amazon stated in the same interview that he will contribute the majority of his $124 billion income to charitable organizations in order to combat climate change and to help those who can bring mankind together in the face of escalating social and political conflicts.

Bezos did not say how much of his money he intended to donate. But he said, Yeah, I do, in response to the question of whether he will donate a significant percentage of his wealth to charity.

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