Realty firm Supertech Ltd aims to raise approximately Rs 1,600 crore from institutional investors by July to ensure the completion of its 18 ongoing housing projects across Delhi-NCR. Chairman RK Arora stated that these projects possess positive net worth, enabling the company to finish them through fresh funding and receivables from customers. Supertech has already signed a term sheet with
The Securities Appellate Tribunal (SAT) has issued a stay on the Insurance Regulatory and Development Authority of India’s (IRDAI) order to transfer the life insurance business of Sahara India Life Insurance Company Ltd to SBI Life Insurance Company Ltd. SAT emphasized that there is “no tearing hurry” for such a transfer and expressed surprise that the order was made without
The National Company Law Tribunal (NCLT) in Delhi is scheduled to hear the maintainability of Aircastle (Ireland) Limited’s second insolvency petition against SpiceJet, a low-cost carrier, on June 17. Aircastle, an aircraft lessor, has filed this plea in addition to their initial petition on April 28, which sought to initiate insolvency proceedings against SpiceJet under Section 9 of the Insolvency
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 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
Zee Entertainment Enterprises Limited (ZEEL) has successfully resolved the legal cases associated with the company in the National Company Law Tribunal (NCLT), according to CEO Punit Goenka. During an analyst briefing, Goenka assured that the pending cases before the tribunal are unrelated to ZEEL and do not pose a hindrance to the impending merger between Zee and Sony. He also
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
