Page 16 - Insolvency And Bankruptcy Code

SpiceJet insolvency plea maintainable, engine lessor WLFC tells NCLT

WLFC's submission came in response to Spicejet's challenge to the maintainability of WLFC's petition to initiate insolvency proceedings against the airline

Indian CAs mull India-Singapore platform for insolvency resolution

Indian Chartered Accountants have initiated a strategy to build best practices based on global standards for managing insolvencies, bankruptcies and dispute resolution following their interactions with Singapore-based professionals with an international network. During a two-day convention held here last week, chartered accountants, financial experts, and legal and corporate affairs professionals from India and Singapore exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding. "Our interactions during the event, attended by over 300 professionals, have set a pace for studies and collaborations through sharing of knowledge with Singapore-based professionals who are already managing business-related disputes and insolvency issues of multinational corporations across the globe," Gyan Chandra Misra, an insolvency professional and a member of the Institute of Chartered Accountants of India (ICAI), told PTI over the weekend. "We are going bac

Lessors have applied for deregistration of 54 Go First planes: Govt

Lessors have sought deregistration of 54 aircraft of Go First and aviation regulator DGCA is closely monitoring the situation since the airline announced cancellation of flights in May, the government said on Monday. Cash-strapped budget carrier Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. In a written reply to Rajya Sabha, Minister of State for Civil Aviation V K Singh said the Directorate General of Civil Aviation (DGCA) has received applications from lessors for deregistration of a total number of 54 aircraft leased to Go First. "Processing of the applications by DGCA is subject to the outcome of the cases before National Company Law Tribunal, Delhi and the hon'ble High Court of Delhi," he said. The minister also said the regulator has been closely monitoring the situation since Go First on May 2 announced cancellation of their flights and their application for insolvency filed under the Insolvency and Bankruptcy Code 2016 ...

NCLT extends deadline for completion of Future Retail insolvency to Aug 17

The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of debt-ridden Future Retail Ltd (FRL) to August 17, 2023. The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP), the company informed in a regulatory filing. "In furtherance of the above, the NCLT on July 17, 2023, heard the application and granted the said exclusion of 33 days' from CIRP of FRL," said FRL. It further added: "Consequently, the last date for completion of CIRP of FRL is August 17, 2023." According to FRL, this is based on an oral pronouncement by NCLT bench and a written order is awaited. Earlier in April, the NCLT bench had granted FRL an extension of 90 days till July 15, 2023 for concluding the CIRP. The Insolvency & Bankruptcy Code (IBC) mandates to complete CIRP within 330 days, which includes time taken during litigations. The CIRP was initiated against FRL by NCLT on July 20, 2022, ..

NCLAT stays insolvency proceedings against Container Corporation of India

The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against Container Corporation of India. On July 12, the New Delhi-based Principal bench of the National Company Law Tribunal (NCLT) had admitted the petition filed by Roadwings International, an operational creditor of the public sector enterprise, and ordered to initiate Corporate Insolvency Resolution Proceedings (CIRP). The order was challenged by the Container Corporation of India Ltd (CONCOR) before the appellate tribunal, which passed an order on July 14 to stay the NCLT's decision. The appellate tribunal also issued notices to the operational creditor Roadwings International and the interim resolution professional (IRP), which was accepted by their counsel present in the hearing. NCLAT granted one week time to file a reply to the operational creditor and rejoinder by CONCOR, if any, to be filed within two weeks thereafter and directed to list this appeal on September 4, 2023 f

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Wadia Group in talks with investors to jointly bid for Go First: Report

The group wants to hedge its bets in the aviation sector and thus wants to partner with a financial investor while holding a majority stake

Go Airlines invites Expression of Interest for possible sale of carrier

The last date for receipt of interest for the airline is set for Aug. 9, according to a advertisement

SC issues notice to Centre over provisions of insolvency & bankruptcy code

The Supreme Court on Monday agreed to hear a batch of petitions challenging various provisions of the Insolvency and Bankruptcy Code (IBC) over claims that they are violative of fundamental rights like the right to equality of those against whom insolvency proceedings have been initiated. A bench comprising Chief Justice D Y Chandrachud and justices P S Narasimha and Manoj Misra issued notices to the Centre and others on as many as three petitions and ordered the pleas to be tagged with a pending petition on the issue. One of the petitions, which was taken up for hearing on Monday, was filed by R Shah, through advocate Anne Mathew, challenging the constitutional validity of sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Code. These provisions deal with the various stages of insolvency proceedings against a defaulting firm or individuals. The Impugned Provisions are inherently violative of the principle of natural justice and strike at the root of th

DGCA to conduct special audit of crisis-hit Go First facilities on July 4-6

Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for the resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. The senior official at DGCA on Friday said that after a preliminary review of the resumption plan submitted by the Resolution Professional (RP) for Go First on June 28, the regulator has planned to conduct a special audit. The audit of the facilities of the airline in Delhi and Mumbai will be conducted from July 4 to 6. "The special audit to be conducted from July 4 to 6 shall be focused on the safety-related aspects and continued compliance of the requirements to hold an Air Operator Certificate, as well as on physical verification of the arrangements made for the resumption of flight operations," the official said.

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