Insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has a new Executive Director, Jitesh John. John, a 2001 batch Indian Economic Service Officer, previously served as an Economic Advisor in the Ministry of Power. He assumed charge of his new role at IBBI on Friday. John has a post-graduate degree in Economics and has…
Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly restructuring or liquidation that is consistent across the various jurisdictions involved. This note considers the recent Singapore cases that demonstrate this approach and highlights…
NEW DELHI : Go First on Thursday informed the Delhi High Court that it had exhausted the funds provided by the Committee of Creditors and was dealing with a shortage of manpower and financial constraints. The airline had received interim financing of Rs100 crore from the CoC for service maintenance costs. The resolution professional (RP)…
Go First CEO Kaushik Khona announced his exit from the airline in an e-mail to employees six months after it voluntarily entered into insolvency resolution due to a fund crunch it blamed on Pratt and Whitney engine failures. Things have not worked in our favour inspite of huge efforts. Even salaries have not been paid…
Peter Connor, the latest recruit at insolvency and corporate recovery practice Inquesta Insolvency and corporate recovery practice Inquesta has strengthened its team with the appointment of Peter Connor, who has over 25 years experience in the field. Peter has joined Inquesta as a business development manager. He has previously worked in similar roles at firms…
MUMBAI : The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the liquidator of insolvent firm Bharati Defence and Infrastructure Ltd to admit Union Bank of Indias claim amounting to Rs208 crore as an operational debt. The liquidator had rejected the state-owned banks claim in February 2019 saying it did not qualify…
The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Ms. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member), has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI (Liquidation Process) Regulations 2016. The Bench has further recommended IBBI to conduct…
The Supreme Court has held that when the National Company Law Tribunal (NCLT) exercises its power under Section 31(2) of the Insolvency and Bankruptcy Code, 2016 to not approve a resolution plan, then a reasoned order must be passed. It was emphasized that recording of cogent reasons while passing an order is the duty of…
A sharp increase in construction costs and continued supply chain shortages caused by the pandemic led to the Voluntary Administration of Privium, leaving behind over 2,100 home buyers in a state of flux. Situation Privium Pty Ltd was a major residential builder in Queensland, New South Wales and Victoria, with over 2,100 active contracts and…
The airline has moved a Delaware court to enforce the arbitration ruling, but has run short of funds to pursue the case after it stopped flying in May. The idea of litigation finance was suggested by Go Firsts resolution professional since all the current parameters are pointing towards liquidation” as the only alternative left, one…