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Time of India
a day ago
- Business
- Time of India
Jaiprakash Associates Ltd creditors extend bid deadline by 15 days
Jaiprakash Associates Ltd faces debt resolution. NARCL, the lead creditor, extends the bid submission deadline by 15 days. This decision follows requests from interested bidders. The company owes creditors ₹57,185 crore. Several companies including Adani Enterprises and Dalmia Bharat have shown interest. NARCL holds the majority of the debt. The resolution process continues under the Insolvency and Bankruptcy Code. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd ( NARCL ), have decided to extend the timeline for submission of bids by another 15 days from June 9. The decision was taken at the meeting of the committee of creditors (CoC) over the weekend after requests from some bidders for more time to submit their bids. "Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on Monday," said a person familiar with the process, who did not wish to be did not immediately reply to ET's email seeking comments. The debt-laden holding company of the real estate, cement and engineering, procurement and construction (EPC) group, operating mostly in Delhi-National Capital Region, owes creditors a total of ₹57,185 crore. Interested bidders have to submit an earnest money deposit and performance have also sought bank guarantees of ₹8.5 lakh against 100% margin (in the form of a lien marked fixed deposit), to cover for the mining plan for Degarhat Devmaudaldal leased limestone mine of reports said that more than two dozen varied bidders including power and cement companies, alternative asset managers and EPC companies have expressed interest in placing formal bids. They include large companies such as Adani Enterprises Vedanta , Patanjali Ayurveda, Naveen Jindal's Jindal Power, GMR Group, Kotak Alternate Asset Managers, Oberoi Realty and Torrent Power. ET could not immediately ascertain the names of the is the single largest creditor to the company, having taken over 87% of the ₹57,185 crore debt from banks in January. Acre ARC, with 4% of the debt, and Axis Bank, with 1.60% of the debt, are the other large is among the largest companies undergoing the corporate resolution process under Insolvency and Bankruptcy Code . In terms of debt size, the JAL resolution is only dwarfed by the ₹65,000 crore owed by Videocon Industries to its creditors.
Time of India
02-06-2025
- Business
- Time of India
Elon Musk reportedly stalls on final $100 million payment to Donald Trump amid reports of widening rift
Elon Musk Reportedly Owes Donald Trump $100 Million Amid Fallout Over Political Rift- In a surprising twist to one of the most high-profile political partnerships in recent years, billionaire tech mogul Elon Musk reportedly still owes Donald Trump $100 million, according to a report from The Wall Street Journal . The sum is part of a larger $300 million commitment Musk allegedly made to support Trump's reelection efforts — but tensions between the two appear to be disrupting the flow of funds. Is Elon Musk withholding $100 million from Donald Trump's campaign? According to WSJ , Trump's advisors have confirmed that the final $100 million installment hasn't been delivered. That missing amount has fueled speculation that the once-close relationship between Trump and Musk is unraveling. The pair shared a public alliance over the past year, especially during the election run and early days of the Trump administration. But the bond has since weakened, with insiders now describing the situation as 'strained.' What caused the rift between Elon Musk and Trump? One major source of tension appears to be Musk's frustration with a secretive meeting between Trump and OpenAI CEO Sam Altman, one of Musk's known rivals. The WSJ reported that Musk was so angered by the news that the meeting was delayed just to calm him down. Altman never made it to a planned public event with Trump, likely due to the behind-the-scenes drama. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Adding to the fallout, Trump administration officials have grown frustrated with Musk's behavior inside the Department of Government Efficiency (DOGE) — a division Musk was put in charge of. The tech billionaire often made decisions without coordinating with key Trump officials, according to WSJ . At one point, the tension reportedly got so bad that Trump had to assign someone to monitor Musk's actions, effectively acting as a political babysitter. Did Musk's White House influence come to an end? Over time, Musk's presence at the White House dwindled. From being there several days a week, he reduced his visits to just a few, signaling a shift in his engagement. Musk also clashed with Trump's economic policies — particularly the rollout of extreme tariffs and a costly legislative proposal dubbed the 'big, beautiful bill.' Live Events In a CBS News interview, Musk criticized the bill, saying it adds trillions to the federal deficit and undermines the DOGE team's efforts. His stark disapproval appeared to be the final straw, according to sources familiar with the situation. Is Tesla suffering from Musk's political entanglements? Meanwhile, Tesla's sales and revenue have sharply declined, with analysts pointing to Musk's increasing alignment with far-right ideologies as a contributing factor. His active role in reshaping federal policies and slashing budgets may have earned him political points early on, but now it's reportedly damaging his business reputation. Despite the internal friction, Trump hasn't openly admitted to a full-blown fallout. During Musk's recent farewell party at the White House, Trump claimed, 'Elon is not really leaving. He's going to be back and forth.' But many observers aren't so sure. Is this the end of the Musk-Trump alliance? The situation paints a picture of a once-powerful alliance turning cold. Trump himself recently questioned Musk's credibility in budget negotiations, allegedly asking his advisors, 'Was it all bullsh*t?', in reference to Musk's promise to slash $2 trillion in government spending — a number that now seems massively overestimated. For now, the $100 million question remains unanswered, both literally and figuratively. Whether Musk will fulfill his financial promise to Trump, or if this is a permanent split, is something only time will reveal. On the Elon Musk and Donald Trump political drama As the story unfolds, it highlights how fast political and business relationships can change — especially when ego, influence, and billions of dollars are involved. With The Wall Street Journal shedding light on the tension, all eyes are now on whether Musk will pay up — or pull away for good. FAQs: Q1: Why does Elon Musk owe Donald Trump $100 million? Musk reportedly pledged $300 million to support Trump's campaign but hasn't paid the final $100 million. Q2: What caused the fallout between Elon Musk and Donald Trump? Their rift began over policy disagreements, Musk's behavior, and Trump's secret meeting with Sam Altman.
NZ Herald
26-05-2025
- Business
- NZ Herald
Collapsed cannabis firm Greenfern leaves $3m debt and smokes $10.5m of shareholder capital
Failed medical marijuana company Greenfern Industries owes creditors $3 million and additional claims are expected, according to receivers Waterstone Insolvency's first report, released today. Debt funders Emdex Ltd pushed the company into receivership in February, following confirmation that the previously NZX-traded company could not meet its payment obligations. At the
Yahoo
21-05-2025
- Business
- Yahoo
Popular activewear brand goes bust
A popular Australian women's activewear company has gone bust, owing $13m to creditors. Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country. However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris. Commonwealth Bank – the secured creditor for the business – is owed $6.7m, while the brand owes unsecured creditors more than $6.2m. This includes $211,000 to manufacturers Active Apparel Group, $311,000 to Andorra Australia, $447,000 to Dongguan Huachen Sporting Goods Co and $416,000 to D and J International. The sporting brand also owes over $550,000 to e-commerce giant Shopify, $224,000 to American Express, $53,00 to PayPal , $136,00 to Invenco and $114,00 to Thread Collective Co. Customers have suffered a loss of $172,000, and the Noosa-based business owes $800,000 to the Australian Taxation Office (ATO). Employees have also been left $416,447 out of pockets, with $37,733 in unpaid superannuation. Minutes from the first meeting with creditors on April 23 said the business would continue trading to 'maximise the funds recovered from the sale of stock'. 'The administrators also intend to list the business for sale shortly,' the minutes read. 'After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain.' While the company's total assets are yet to be advised, the administrators estimate its stock to be valued at $2.5m. 'We have continued to trade the business to preserve its value, with the aim of maximising the return to creditor,' Mr Hudson said per Courier-Mail. 'This strategy has allowed the business to remain operational, thereby maintaining its goodwill, customer relationships and employee engagements. 'By trading the business, we have sought to facilitate a sale of the business as a going concern.' Exoticathletica was founded by Ms Chandler in 2014 and was inspired by 'Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves'. The brand is best known for its inclusive designs which aims to 'help women enhance and accentuate their bodies and unapologetically celebrate their uniqueness'. Between April 2020 and April 2021, the brand found success selling a wire-free crop top, with more than 140,000 customers purchasing the $49.99 activewear. A second meeting with creditors is expected to take place next week. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Politico
14-05-2025
- Business
- Politico
Sherrill's cash advantage
Good Wednesday morning! Before Ras Baraka's arrest at Delaney Hall, Mikie Sherrill and Steve Fulop seemed to be on the cusp of dominating the Democratic primary. Newly released campaign finance reports show just how different their strategies are. Sherrill as of May 9 was sitting on $4.7 million cash. Fulop: Just $787,000. They're both limited to spending $8.7 million in the primary because they're getting matching funds from the state. Sherrill has spent $4 million of that. Fulop has spent $8 million. Fulop has the least money on hand except for Sean Spiller, who's letting the NJEA's super PAC do pretty much everything for him. Spiller is not taking matching funds and has just $126,102.73 in the bank, not including the $28,000 he still owes to produce his campaign launch video. Josh Gottheimer, who's maxed out on matching funds, has $2 million in the bank, while Steve Sweeney has $2.2 million and room to take in about $1 million more. We won't know the details of what their super PACs are spending until May 30. But this leaves Sherrill with a lot more spending power in the final month of the campaign, and, but for Baraka's recent barrage of publicity, might have provided her a way to break away from the pack, which she narrowly leads in every public poll and every publicly released internal poll. Baraka has lagged most of his rivals in fundraising but has significant room to grow. He's only received about half the matching funds he's eligible for, and can spend another $3.7 million. He doesn't have much cash on hand — just $666,000 (a number I'm sure some of his critics see significance in) — but these numbers were as of his arrest Friday. His campaign was already fundraising off of it, so we'll see if it provides a significant boost. Baraka's brother and chief of staff Middy is running his field operation. Baraka's campaign has paid over $575,000 to his firm Bottom Up Consulting, of which $374,335 went to canvassers. I don't see any other campaigns paying 'walking around' money like that. But Baraka, unlike at least some his rivals, doesn't have a super PAC or county Democratic organizations doing field work for him. FEEDBACK? Reach me at mfriedman@ WHERE'S MURPHY? 'Ask Governor Murphy' at 7 p.m. on your local NPR affiliate QUOTE OF THE DAY: 'The only thing he and I wonder about is, Why the hell did we fight in the first place?' — George Norcross on Gov. Murphy HAPPY BIRTHDAY —Britnee Timberlake, John Graham WHAT TRENTON MADE WILL ANYONE BE ABLE TO TELL THE DIFFERENCE? — 'New Jersey is facing a possible transit strike. Here's what to know,' by The New York Times' Patrick McGeehan: 'Most threatened transit strikes, like the last one in New Jersey nine years ago, do not materialize. But the tone of these negotiations has grown harsher as the strike deadline has neared. Last week, Mr. Kolluri questioned the 'mental health' of Thomas Haas, the general chairman of the Brotherhood of Locomotive Engineers and Trainmen, after the union's members overwhelmingly rejected a previous agreement. ... Mr. Kolluri has refused to increase New Jersey Transit's offer, saying that any extra pay offered to the engineers would have to be paid to all 14 of the agency's other unions. 'This is the deal that was offered, that he shook my hands on, that he negotiated, and now he has to live with his consequences,' Mr. Kolluri said. Mark Wallace, the national president of the engineers' union, said that Mr. Kolluri was not interested in reaching a deal. 'He's trying to vilify us with the citizens of New Jersey,' Mr. Wallace said.' 3M x 150 — 3M settles PFAS cases with New Jersey for up to $450M, by POLITICO's Ry Rivard: New Jersey is set to collect up to $450 million over the next quarter-century from 3M after the chemical giant agreed to settle several state lawsuits alleging its products contaminated water supplies, state Attorney General Matt Platkin said Tuesday. The settlement, which is subject to public comment and court approval, is the largest single clean-water-related settlement in state history, Platkin said. 3M admitted no wrongdoing. The company announced aspects of the deal Monday after attorneys worked throughout the nights over the last week to reach an agreement. The deal allows 3M to avoid a trial next week in a lawsuit the state filed over pollution at the Chambers Works site in Salem County against makers and sellers of the chemicals, also known as PFAS, that are linked to a variety of health hazards, including cancer. Platkin said the company knew about the chemicals' harm 'and yet 3M kept selling as much PFAS as it could.' BARABBA — 'Was Ras Baraka's arrest — a MAGAverse stunt — actually fuel for his campaign?' by The Record's Charles Stile: 'Everyone who found themselves in the ugly scrum in front of the Delaney Hall detention facility on May 9 got what they came for. President Donald Trump's masked Homeland Security henchmen, dressed as if they were entering the battle for Fallujah, needlessly provoked a peaceful protest by liberal Democrats into a chaotic, made-for-Fox News mob scene. … The moment gave Alina Habba, New Jersey's new interim United States attorney, a wobbly moral perch and helped the Trump MAGAverse toward realizing its dream of 'turning New Jersey red' — an aspiration Habba put forth in a podcast interview. … On the other side of the political chasm, Baraka, a Democratic candidate for governor, also achieved his public relations aims. He burnished his standing among the six-candidate field as the combative Democrat who is willing to take the fight to Trump rather than just talk about it.' —'Arrest boosts Newark mayor as he runs for governor' —'Newark mayor returns to ICE detention center, 4 days after his arrest' TA-DUM — 'How New Jersey landed Netflix,' by The Hollywood Reporter's Tony Maglio: 'Look what's growing in the Garden State. The Hollywood Reporter was on-site Tuesday morning when Netflix broke ground on its new East Coast home, Netflix Studios Fort Monmouth in central New Jersey. … The gigantic renovation project, in which Netflix will turn a long-abandoned U.S. Army base into a dozen soundstages, a backlot, state-of-the-art post-production facilities, general office space and basically 500,000 square feet of all things Netflix, was brought to you by one thing: tax credits. … Before a wrecking ball even thrice ceremoniously slammed into some random, already-crumbling decommissioned military building (we were provided with hard hats, thank you for your concern), and before the pork roll, egg and cheese sandwiches were handed out to guests in attendance, including The Sopranos creator David Chase, Netflix had seven productions currently filming in New Jersey. In the coming years, that number is about to be a whole lot more.' —'ICE ups security at N.J. detention center as 'nice old ladies' protest nearby' —'Murphy says he doesn't expect to share who he supports in gov primary' —'New bill would remove some protections for temporary workers in New —'How would New Jersey's candidates for governor tackle NJ Transit?' —'Big, bitter moments in N.J. Democratic governor debate' TRUMP ERA ICED OUT — GOP proposal would boot 3 N.J. Democrats from House committees, by POLITICO's Nicholas Wu: Rep. Buddy Carter is proposing to strip three New Jersey lawmakers of their House committee assignments after they participated last week in a protest at a Newark migrant detention facility. The Georgia Republican introduced a one-page resolution that would remove Rep. Bonnie Watson Coleman from the Appropriations Committee, Rep. Rob Menendez from the Energy and Commerce Committee and Rep. LaMonica McIver from committees on Homeland Security and Small Business. 'This behavior constitutes an assault on our brave ICE agents and undermines the rule of law. The three members involved in this stunt do not deserve to sit on committees alongside serious lawmakers,' Carter said in a statement. BENEFITS — 'With Medicaid threatened, Kean's committee seat may cost him,' by NJ Spotlight News' Benjamin J. Hulac: 'People jockey and scrap to get seats on the Energy and Commerce Committee, one of the most prestigious panels in Congress … Now that [Tom] Kean has a seat on the sought-after panel, it could become politically toxic. Republicans on Capitol Hill are assembling a massive bill to cut taxes primarily for high-income earners and corporations while slashing spending on federal programs for the public, notably to a broad array of social safety net services. Kean is one of 30 Republicans on the committee that will begin debate Tuesday and potentially pass legislation that could take away health coverage through Medicaid. … Kean's office did not respond to a request for comment about how he plans to vote or if he would try to amend the bill About 73,000 people in his district are enrolled in Medicaid, according to data from KFF, a health policy research group, the lowest enrollment number of New Jersey's 12 congressional districts.' —'Kean gives thumbs up to GOP's Medicaid plan' —'Here's how the proposed deep cuts to Medicaid would affect N.J.' BULLET PROOF VESTED — 'Federal law now strips convicts like Bob Menendez of congressional pensions. he's likely still getting one anyway,' by New Jersey Globe's Joey Fox: 'Under the Honest Leadership and Open Government Act of 2007, members of Congress convicted of a variety of felonies like bribery, acting as a foreign agent, perjury, and racketeering had their congressional pensions revoked … But the act contained an enormous loophole: it would only take effect after a final conviction was reached, meaning that convicted ex-senators and representatives could drag out the legal process for years via appeals and retain their pension all the while. … Thus was born the No Corruption Act, which amended the law to strip pensions after an initial public corruption conviction rather than delaying it until a final conviction. … But that law, too, contains a loophole that Menendez can take advantage of: it only applies to convictions handed down after its enactment date of December 23, 2024. Menendez was convicted on July 16, meaning that because the House waited for a year and a half to take up the bill (despite it being so uncontroversial that it passed on a voice vote), its provisions don't apply to him.' I NEED A PIRRO! — 'Alina Habba weighs major career shake-up that could showcase her 'firecracker' personality,' by The Daily Mail's Katelyn Caralle: 'Alina Habba, 41, could be the next co-host of Fox News' The Five program. After a short stint as President Donald Trump's counselor, Habba left Washington, D.C., in March to move back to her home state and serve as acting U.S. attorney for the District of New Jersey. But a White House source told Daily Mail that Fox News is eyeing Habba to replace longtime Fox star Jeanine Pirro on their hit weeknight show.' —'Democrats who 'stormed' Newark ICE facility could be stripped of committees in new House bill' — Another NY Republican unleashes harsh criticism of top tax writer over contested deduction —'House Republicans are targeting three districts for their Hispanic voters' LOCAL HACKENSACKED — 'Labrosse ousted in Hackensack with five insurgents winning easily,' by New Jersey Globe's David Wildstein: 'Hackensack Mayor John Labrosse lost his bid for re-election to a fourth term, with a slate backed by the city's Democratic leader, Lynn Hurwitz, flipping five council seats in Bergen County's largest city by a wide margin. The 'Hackensack Unites' slate, which included Councilman Gerard Carroll, and newcomers Caseen Gaines, Agatha Toomey, Roberto Diaz, and Sonya Clark-Collins, will take office on July 1. Gaines, the top vote-getter on the winning slate, is considered the leading candidate to become the next mayor. A public school teacher active in his local union, Gaines helped the New Jersey Attorney General's office in their report aimed at combating bias and hate crimes among students.' — 'Results from May 13 municipal elections in Hackensack, Lyndhurst, Passaic and Cedar Grove,' —'Former Tenafly movie theater, which opened in the 1920s, being demolished' —'These North Jersey school districts cutting programs, raising taxes due to rising costs' —'Montclair CFO Who Won Settlement in Whistleblower Suit Parting for Piscataway' —'Ali: I won't take donations from any Jersey City contractors over the past 2 years' —'House explosion in Washington Twp. was a murder-suicide, say Gloucester County prosecutors' EVERYTHING ELSE GROUP HOMES — 'NJ group home staff are overburdened and underpaid, leading to care lapses,' by The Record's Ashley Balcerzak and Jean Rimbach: 'A caregiver left alone struggled to save four women with disabilities — only one who could walk unattended — when fire broke out at their group home. Another group home worker said she was 'thrown to the wolves,' forced to learn on the fly that one resident was prone to seizures and another would smear feces on walls. An aide with a criminal record pulled a knife on a colleague who confronted him for having sex on the job with a woman he brought to the group home. Workers on the front lines of New Jersey's group home system provide critical care for adults with intellectual and developmental disabilities amid chronic understaffing, low pay, and a lack of preparation and support that puts them — and vulnerable residents — in jeopardy.' HOBOKEN MAYORAL CANDIDATE SAYS SHE'S NO WEASEL — 'Are these mammals in the weasel family making a comeback in NJ? What to know about fishers,' by The Record's Kyle Morel: 'New Jersey wildlife officials are looking into the migration habits of a mammal that is making a comeback in the state after being driven out nearly a century ago. The fisher, a member of the weasel family more commonly found in the northern United States into Canada, is the subject of an ongoing research study by the New Jersey Division of Fish and Wildlife. The animal has been spotted in several areas north of Route 80 and west of Route 287 over the past two years, said senior biologist Peter Stark, a member of the division's bureau of wildlife management. … The animal was extirpated, or completely eliminated, from the Garden State early in the 1900s due to a combination of habitat loss and trapping, Stark said. … New York reintroduced fishers in the area of the Catskill Mountains in the 1970s, and Pennsylvania followed suit in the late 1990s, Stark said. Wildlife experts believe these two programs resulted in the animal reappearing in New Jersey despite no official reintroduction initiative of its own.' —'New cancer hospital with pinball machines, celebrity chefs aims to change patient care' —'$100 million New Jersey deli fraudsters father and son sentenced to prison' —'JPMorgan Chase announces another round of layoffs at N.J. offices'
