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…
Company directors have a duty to act in the best interest of creditors (the creditor duty). But at what point is that duty engaged? Put another way, when should directors start worrying about the duties they might owe to creditors? In this briefing, Jolyon Connell, David Fletcher and Oliver Blundell explain how the recent case…
Germany is a bellwether for international economic robustness, but the first half of the year saw the number of German companies filing for insolvency proceedings rise by a hefty 20.5% compared to the first half of 2022 (according to Destatis). This is the largest percentage jump in more than two decades. No wonder that investors…
The number of insolvencies in the third quarter of the year was up 54% on the same period last year. Between July and September, 185 insolvencies were recorded, compared to 120 during those three months in 2022. But new data from credit risk analyst, CRIFVision-Net, shows that while insolvencies grew during that period, so too…