Go First, the crisis-hit airline currently undergoing voluntary insolvency resolution proceedings, has informed its staff that the Directorate General of Civil Aviation (DGCA) will conduct an audit to assess the airline’s readiness before granting approval for flight resumption. The head of operations at Go First conveyed this information to the employees. The cash-strapped airline ceased operations on May 3, and
The National Company Law Tribunal (NCLT) has reached a significant milestone by approving a record-breaking 180 resolution plans in the fiscal year 2022-23. This achievement has resulted in a total realization of Rs 51,424 crore from distressed assets, marking the highest-ever number of resolution plans sanctioned by the NCLT. While this accomplishment is commendable, it is the second-highest in terms
The National Company Law Tribunal (NCLT) has recently issued a notice in response to a plea filed by Jackson Aviation, one of the lessors of Go First. Jackson Aviation sought information regarding the status of aircraft whose leases were terminated before the imposition of the moratorium. Acknowledging the urgency of the matter, the tribunal has instructed the insolvency resolution professional
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed that the lenders of Mittal Corp were empowered to issue a fresh RFRP when none of the resolution
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
According to the government, there are over 21,000 cases pending before the National Company Law Tribunal (NCLT) as of the end of January this year. Of these, 12,963 cases are under the Insolvency and Bankruptcy Code (IBC), 1,181 cases are for mergers and amalgamations (M&A), and 7,061 are other cases. The pending cases have caused significant concern among resolution professionals
The Insolvency and Bankruptcy Code (IBC) Amendment Bill is set to be tabled in the upcoming Monsoon session. The amendment aims to facilitate group insolvency resolution by enabling lenders to take subsidiary companies to NCLT as a combined entity, said sources. This move will aid in streamlining insolvency processes, eliminating redundancy and promoting efficiency. The proposed amendment will address a
In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the penalty of INR 1,337 crore imposed on Google by the Competition Commission of India (CCI) for its anti-competitive conduct in the Android ecosystem. However, the appellate tribunal has set aside four critical directions of the ten non-monetary directives issued by CCI in its Android ruling of October
The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
