Page 18 - Insolvency And Bankruptcy Code

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

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