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The U.S. Bankruptcy Court for the District of Delaware has issued an order holding Byju’s founder, Byju Raveendran, in civil contempt for failing to comply with earlier court orders related to limited expedited discovery, The Economic Times reported. “This court has personal jurisdiction over Raveendran,” it said in an order on Monday. The court has further directed Raveendran to comply with the discovery orders. “Raveendran shall remit to the clerk of court the sum of $10,000 for each day he remains in contempt of the orders,” it said.
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Lodha Developers Ltd has been directed to deposit Rs 520.80 crore as security in the Supreme Court against V Hotels Ltd, which the company acquired last year through an insolvency process, the Economic Times of India reported. In a regulatory filing on Wednesday, Lodha Developers Ltd informed that this matter is related to proceedings initiated by the Enforcement Directorate (ED) against the erstwhile promoter of V Hotels Ltd (VHL). This was in relation to a transaction of Rs 520.80 crore, allegedly routed through VHL before the start of the insolvency process.
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In a significant development in the ongoing insolvency resolution process of Jaiprakash Associates Ltd (JAL), the Adani Group is likely to have emerged as the leading contender with the highest bid to acquire the debt-laden company, sources familiar with the matter told BW Businessworld. The conglomerate is likely to have offered ₹16,000 crore to take over JAL, which is grappling with creditor claims exceeding ₹57,000 crore. Dalmia Bharat is likely to have emerged as the second highest bidder.
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An Essel Group company, Konti Infrapower and Multiventures, has moved the National Company Law Tribunal (NCLT) against Kotak Asset Management Company (AMC) over the asset management company's failure to honour certain contractual obligations, Zee Business reported. Claiming dues to the tune of Rs 12.99 crore, the Essel Group entity has stated that Kotak AMC, as a corporate debtor, is yet to meet its financial obligations under an agreement dated April 6, 2019.
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