The Insolvency and Bankruptcy Code, 2016 (Code for short) provides the procedure for the conducting of corporate insolvency resolution process (CIRP for short) that may be filed by the financial creditor or operational creditor against the corporate debtor. The Code provides that the Adjudicating Authority shall appoint the Interim Resolution Professional under Section 16 of…
Major Tasmanian cooperage, MasterCask, has entered voluntary administration as it seeks a resolution to unresolvable internal shareholder issues. Yesterday (6 June), Cam Brett, President of the Tasmanian Whisky and Spirits Association, shared the following message with members of industry group, Australian Distillers. I have received advice today from the largest secured creditor of MasterCask, which…
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…