It’s been nearly five months since Wadia Group’s Go First airline went bankrupt. Amid the efforts to revive the airline, a billionaire has stepped forward as the only bidder for the bankrupt airline. metrorailnews That billionaire is 53-year-old Indian industrialist Naveen Jindal, who is the promoter of Jindal Power. He is understood to have put in an expression of interest…
The National Company Law Tribunal (NCLT) has admitted Indian Overseas Banks petition seeking initiation of a corporate insolvency resolution process against textile manufacturer Shrivallabh Pittie South West Industries. The tribunal appointed Avil Menzes as the interim resolution professional to take over the day-to-day affairs of the company. Indian Overseas Bank, one of the financial creditors,…
Naveen Jindal, the promoter of Jindal Steel and Power, is understood to have put in an expression of interest (EoI) to buy insolvent airline Go First, multiple highly placed sources close to the development told ET. The Wadia family-owned Go First is India’s first commercial carrier to have voluntarily sought bankruptcy protection.The EoI has been…
Naveen Jindal, the promoter of Jindal Steel and Power Ltd., has shown interest in venturing into airlines through the insolvent Go First. The promoter has submitted an expression of interest in buying the airline, according to two people familiar with the matter. This is an opportunistic play from the company, as it is looking…
Jindal Power (JPL), led by Naveen Jindal, has submitted an expression of interest (EoI) for Go First, which has been undergoing an insolvency process since May of this year, according to sources. Go Firsts resolution professional invited EoIs for the carriers sale in July. Sources have confirmed that JPL has filed an EoI for Go…
SpiceJet (SG, Delhi International) will settle a USD29.9 million dispute with Celestial Aviation Leasing after reaching a deal on the sidelines of a National Company Law Tribunal (NCLT) hearing in Delhi on October 10. The matter, Celestial Aviation Services Ltd v. SpiceJet Limited, was first listed in early June 2023 and concerns unpaid leases for…
CPA Australia and CA ANZ have both opposed an increase in the default bankruptcy threshold from $10,000 to $20,000 in responses to the Attorney-Generals personal insolvency discussion paper. In its submission CPA Australia said the proposal would fail to alleviate cost-of-living pressures. For many, mortgage stress is their leading financial concern. The amount of such…
The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of the insolvency case involving IDBI Bank and Zee Entertainment Enterprises Limited (ZEEL), a part of the Essel Group, to November 8, 2023. This decision was made on Wednesday, following IDBI Bank’s insolvency plea against ZEEL over unpaid dues amounting to Rs 150 crore…
Mumbai: The National Company Law Tribunal on Wednesday admitted Indian Overseas Banks petition seeking initiation of corporate insolvency resolution process against textiles manufacturer Shrivallabh Pittie South West Industries. Indian Overseas Bank, one of the financial creditors, had dragged the debt-laden firm to NCLT over non-payment of dues after it failed to make a payment of…
The boss of a failed plumbing firm that owes $12 million to creditors has copped criticism after appearing to splash his cash on an overseas holiday. In August, news.com.au revealed that Victorian-based C & S Plumbing Pty Ltd had gone into liquidation with all 70 employees losing their jobs on the spot. More than 100…