Headlines

The Supreme Court on Friday sought the opinion of former Intelligence Bureau director and former National Human Rights Commission member Rajiv Jain to look into the insolvency proceedings of Supertech Realtors as a recent CBI report has alleged siphoning of homebuyers’ money in 21 projects by the developer’s suspended director Ram Kishore Arora in 21 projects, the Economic Times of India reported.

India’s economy unexpectedly accelerated in the April-June quarter, as stronger government spending offset moderating industrial activity, the Wall Street Journal reported. Official data Friday showed that India’s economy grew 7.8% from a year earlier, up from 7.4% in the prior quarter. That topped the 6.6% median forecast in a Wall Street Journal poll, in which all 12 economists had predicted a slowdown. Manufacturing activity edged higher, with growth at 7.7% versus 7.6% a year earlier. Construction slowed, while mining and quarrying contracted on year. Agriculture grew 3.7%.

Hong Kong High Court Judge Linda Chan said that she would like to see more Chinese cities allowed to recognize the city’s insolvency proceedings under a pilot program, Bloomberg News reported. In 2021, courts in Shanghai, Shenzhen and Xiamen were allowed to recognize insolvency proceedings in Hong Kong. In practice, the Hong Kong High Court has assisted insolvency administrators appointed by mainland China courts to collect assets and investigate related corporate affairs in Hong Kong, according to Chan.

Montreal-based online fashion retailer Ssense plans to file for bankruptcy protection as its primary lender attempts to force a sale of the company, a Ssense spokesperson told CBC News in an email. According to the company, its primary lender has placed Ssense under Companies' Creditors Arrangement Act (CCAA) protection in order to launch a sale. Ssense says that its lender made the move without the company's consent. Lenders include Bank of Montreal, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia (Scotiabank) and JPMorgan Chase & Co.

Laurentian University has confirmed it is finalizing a deal on Aug. 28 to sell several properties to the province for $53.5 million, CBC.ca reported. Laurentian will use proceeds from the sale to pay creditors, following an insolvency in 2021. "The completion of the sale of real estate assets to the Province is a critical step in enabling Laurentian University to complete the requirements of the CCAA [Companies' Creditors Arrangement Act] process," Laurentian president and vice-chancellor Lynn Wells said in a statement.

One of the UK’s biggest suppliers of mobility aids has sold its product sales arm after collapsing into insolvency, PAMedia reported. Mobilitas Group has acquired the division from NRS Healthcare, also known as Nottingham Rehab, which collapsed after efforts to secure a buyer were unsuccessful. The acquisition will include a group of more than 13,000 products, from basic daily living aids to complex assistive technologies, as well as a team of specialist staff. A court appointed a liquidator to wind up NRS Healthcare earlier this month.

After a year-long hiatus, a parliamentary group in the UK is working to bring cryptocurrency back to the forefront of the legislative process, DLNews reported. New co-chairs of the All-Party Parliamentary Group for Crypto and Digital Assets — Gurinder Singh Josan and Edward Vaizey — are urging lawmakers to establish clear rules of the road. Singh Josan, a Labour Party backbencher, warns that the government’s failure to pass meaningful legislation risks pushing businesses to more welcoming jurisdictions.

The bankruptcy court in Mumbai has admitted AGS Transact Technologies for corporate insolvency resolution process (CIRP) on an application filed by the listed payment solution company's operational creditor Securitrans India Pvt Ltd., the Economic Times of India reported. The National Company Law Tribunal (NCLT) has also appointed Brijendra Kumar Mishra as the interim resolution professional of the company. AGS Transact is a provider of an integrated omnichannel payment solution across diverse sectors in India and in the manufacturing and supply of ATMs.

Bollywood actor Salman Khan has approached appellate tribunal NCLAT, challenging an NCLT order which had dismissed his plea to initiate insolvency proceedings against Jerai Fitness towards an unpaid amount of Rs 7.24 crore, the Economic Times of India reported. This dispute is related to 'BEING STRONG', a fitness equipment brand founded by Salman Khan, in collaboration with Jerai Fitness. The appeal filed by Khan was listed before a two-member bench of the National Company Law Appellate Tribunal (NCLAT) last week. However, it was adjourned on the request of his counsel.

The number of unemployed people in Germany has topped three million for the first time in a decade, labour office figures showed on Friday, raising the stakes for the government's huge investment plans to deliver quick results, Reuters reported. A total of 3.02 million people were unemployed in August in seasonally unadjusted terms, with an increase of 46,000 in the number of people out of work from the previous month. "In Germany, three million is not just a number.