The number of court actions filed by the Australian Taxation Office has surged above pre-COVID levels, new figures show, as turnaround professionals urge small businesses to grasp the last olive branch extended to firms with outstanding debts. In its latest credit risk report, issued Tuesday, monitoring agency Alares showed the ATO initiated 386 court actions…
Travel agents are planning to boycott Go First if it restarts operations without providing clarity on refunds and credit shells even as travellers who had booked in its cancelled flights see no end in sight to their wait for refunds. Individual customers are going to get caught in this (process of getting back their money)…
Go First executives have informed the Directorate General of Civil Aviation (DGCA) that the airline is prepared to operate 152 daily flights once it resumes its operations. Mint could not confirm the news developments independently. As reported by Business Standard, the airline, currently being managed by insolvency resolution professional Abhilash Lal, has been non-operational since…
The NCLT on June 5 directed the IRP of Go First to file a reply within one week over the petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). A two-member NCLT bench directed the IRP…
The NCLT on Monday directed the IRP of Go First to file a reply within one week over the petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). A two-member NCLT bench directed the IRP (interim…
New Delhi, Jun 5 (PTI) The NCLT on Monday directed the IRP of Go First to file a reply within one week over the petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). Advertisment A two-member…
Operational creditor Section 5(20) of the Insolvency and Bankruptcy Code, 2016 (Code for short) defines the expression operational creditor as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. Operational debt Section 5(21) of the Code defines the expression operational debt…
NEW DELHI: Insolvency tribunal NCLT approved 180 resolution plans in FY23, the highest-ever number so far, resulting in a total realisation of Rs 51,424 crore from stressed assets. In terms of the realisation for creditors, this is the second highest after FY19, when the total realisation was Rs 1. 11 lakh crore after completing 77…
NEW DELHI: Insolvency tribunal NCLT approved 180 resolution plans in FY23, the highest-ever number so far, resulting in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was Rs 1.11 lakh crore after…
Insolvency tribunal NCLT approved 180 resolution plans in FY23, making it the highest-ever annual number so far.With this, NCLT has clocked in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was Rs…