Page 16 - Insolvency And Bankruptcy Code

IBBI forms panel of 400 insolvency professionals to expedite process

An official said that the creation of the panel will help prevent administrative delays in the appointment of IPs

Govt starts interministerial discussions on the upcoming IBC Amendment Bill

MCA is aiming to bring the bill in the monsoon session of the parliament if the discussions are concluded by then

Leased petroleum assets under IBC to be exempt from moratorium: MCA

New rule aimed at ensuring national petro assets don't lie idle; petroleum ministry can repossess such assets such as oil wells and give them to another party

Go First creditors seek complete control over the resolution process

After replacing the interim resolution professional, lenders are now also looking to also replace other bankruptcy-related appointments made by the NCLT

Wilmington Trust moves insolvency plea against SpiceJet; hearing on Monday

Wilmington Trust is an affiliate of Aircastle, which had last month filed a similar case at the NCLT

Voting on resolution plan for Hinduja Group's Reliance Capital begins today

Reliance Capital was sent for debt resolution in November 2021 after defaulting on loans worth Rs 24,000 crore

IBBI proposes changes to voting on bids for bankrupt companies under IBC

IBBI has also proposed to increase the fee of the AR to be commensurate with the increased duties to double the current levels

Go First cancels flights until June 12 due to 'operational reasons'

Go First apprised DGCA of being able to operate 152 daily flights as soon as its resumption plan hits the tarmac

NCLT to hear Go First lessors' plea, directs IRP to file reply in one week

Insolvency tribunal NCLT on Monday directed the interim resolution professional of crisis-hit Go First to file a reply within one week over petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm. The three lessors, which approached the National Company Law Tribunal (NCLT), are BOC Aviation (Ireland), Jackson Square Aviation Ireland and Engine Lease Finance BV. A two-member NCLT bench has directed the IRP (interim resolution professional) to file a reply within 2 weeks and a rejoinder, if any, by the lessors. It had directed to list the matter on June 15 for the next date of hearing. Jackson Square Aviation Ireland has leased around 8 aircraft while Engine Lease Finance BV leased four engines to Go First. The lessors had moved to the NCLT after the appellate tribunal NCLAT had last month directed them to approach the insolvency tribunal over issues regarding the moratorium on their planes. Earlier, the NCLT on May 10, 2023, admi

Go First insolvency: NCLT issues notice in plea by Jackson Aviation

The tribunal directed the insolvency resolution professional (IRP) to file the response within a week

ITC Limited, Vidya Polymer submit resolution plans for Shakti Bhog

Shakti Bhog food which has defaulted on Rs 7,000 crore of bank loans

Spicejet insolvency: NCLT defers hearing of plea by Aircastle to June 1

Aircastle had filed a plea over unpaid dues for an order amounting to Rs 49 crore

NCLAT closes Insolvency case against Marvel Realtors & Developers

The National Company Law Appellate Tribunal (NCLAT) has closed the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd after taking on record settlement with its financial creditor. A two-member bench of NCLAT headed by Chairperson Ashok Bhushan said that the realtor has submitted a settlement letter dated 08th May 2023 with its financial creditor IDFC First Bank. "We take the settlement letter dated 8th May 2023 on record, close the CIRP against the Corporate Debtor setting aside the Order dated December 23, 2022," said NCLAT order. Moreover, it also rejected the plea of Catalyst Trusteeship, which had filed an intervention application opposing the withdrawal of CIRP against Marvel Realtors & Developers. "Intervener is at liberty to take its own proceeding in accordance with the law to protect it," it said. The appellate tribunal observed that in the present case, a Committee of Creditors (CoC) has not yet been constituted and rejected the

Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings

Only 10per cent% have ended in approval of resolution plans, while 31 per cent remain in the resolution process vs. 35 per cent as of the end of March 2022

Partial sale of companies won't be default under insolvency code: Report

The Ministry of Corporate Affairs proposed revisions to the IBC which would allow several resolution plans for different parts of an insolvent company to increase value realisation

Lessors seek status quo on aircraft, NCLAT to hear matter on Monday

This means that nobody would be able to touch the aircraft for any work until a final order is passed by the Tribunal. The next hearing is on Monday

Voluntary insolvency by Go First a fraudulent exercise: SMBC to NCLAT

Initiation of insolvency by Go First was a "fraudulent exercise", alleged one of the aircraft lessors of the Wadia group firm SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT). SMBC Aviation Capital through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency. "Go First has no rights over the planes, which it does not own," he said. Moreover, he also questioned the proceedings at the National Company Law Tribunal (NCLT), which completed its hearing over Go First's plea to voluntarily initiate insolvency proceedings against itself in one day only. Lessors opposing Go First's plea wanted to file a reply under Section 65 of IBC, which deals with fraudulent or malicious initiation of proceedings. However "Instead of giving an opportunity, we were denied," Kathpalia added. He further said prior to insolvency, the lease with Go

Two more aircraft lessors move NCLAT against Go First's insolvency

Two more aircraft lessors -- GY Aviation and SFV Aircraft Holding -- on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First's voluntary plea to initiate insolvency proceedings. SMBC Aviation Capital, which is one of the world's largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First's plea to initiate the insolvency resolution process against the airline. Ireland-based GY Aviation is the largest lessor of Go First with 9 aircraft, while SFV Aircraft Holdings has leased out one aircraft to the Wadia group-owned company. SMBC Aviation Capital has 5 aircraft on lease with Go First. Now the total number of lessors before the National Company Law Appellate Tribunal (NCLAT) against Go First's insolvency has become three. The NCLAT on Thursday heard the petition of SMBC Aviation Capital. The matter was partly heard and a two-m

No question of filing for insolvency, 'rumour baseless': SpiceJet CMD

Airline 'focused firmly' on reviving grounded fleet, says Ajay Singh

NCLAT to hear SMBC Aviation's plea against NCLT order on Go First today

Soon after the NCLT allowed Go First's plea on Wednesday, SMBC Aviation Capital's counsel moved the NCLAT