Page 19 - Insolvency And Bankruptcy Code

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

Go First likely to resume flights on May 24 with fewer aircraft: Report

Go First has also reportedly discussed the plans to resume flights with the Centre

NCLT admits Go First's insolvency plea, puts it under moratorium

Order prevents a viable airline from becoming an unviable one, says airline's CEO

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

Centre to come up with creditor-led insolvency resolution framework: Report

The creditors and debtors will be allowed to reach an informal agreement to resolve the bankruptcy case and later approach the NCLT to admit cases

Home buyers likely to get some relief from insolvency proceedings

The move is intended to reassure home buyers while also providing a tailored debt resolution regime for the real estate sector

IBBI seeks public ideas, comments on regulations under insolvency law

The Insolvency and Bankruptcy Board of India (IBBI) has sought public comments on the regulations notified till date under the insolvency law as it looks to crowd source ideas for the regulatory framework. Noting that public consultation enables collective choice, IBBI said participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations. IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in late 2016. "In a dynamic environment, despite the best of efforts and intentions, a regulator in such novel and emerging regulatory regime may not always be able to address the ground realities. "Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to ...

Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date

Stakeholders asked to share comments on all regulations by December 31

What happens when a company files for insolvency?

On May 2, Go First Airways filed for voluntary insolvency with the National Company Law Tribunal. What's next? Watch the video to find out

Lessor Aircastle files case against SpiceJet to initiate insolvency process

The first hearing of Aircastle's case will take place on Monday at the Delhi bench of NCLT

Safeguards for project-wise insolvency in real estate on the cards

The MCA said such projects will be recognised as distinct from the larger entity for the limited purpose of resolution

Go First seeks interim moratorium, NCLT says no such provision under IBC

Go First told the court that the primary aim of filing for insolvency was to revive the airlines and it seeks a comprehensive debt restructuring

Go First Airways owes financial creditors $798 mn, shows bankruptcy filing

Lenders were not aware of the airline's plans to file for voluntary insolvency and will meet soon to take stock of the situation, the report said

Easing the process: Guidelines for NCLT to deal with IBC cases in the works

MCA also planning to AI system for case management

48 firms selected as eligible bidders for Future Retail insolvency process

As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani group, are in the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include WHSmith Travel Ltd, Sahara Enterprises, Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and Universal Associates. Except Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final

Govt to introduce bills to amend insolvency laws in Parl's monsoon session

The government is planning to introduce bills to amend the companies and insolvency laws during the monsoon session of Parliament, a senior official said on Thursday. The session is likely to commence in late July or August. The corporate affairs ministry is implementing the Companies Act and the Insolvency and Bankruptcy Code (IBC). According to the official, amendments are being planned to the two laws, and bills in this regard are expected to be introduced in the monsoon session. Details about the proposed changes could not be immediately ascertained. On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. The ministry has received comments from the stakeholders on the changes proposed to the IBC. The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It