The National Company Law Appellate Tribunal (NCLAT) is set to deliver its verdict on May 22 regarding the petitions filed by three aircraft lessors against Go First’s voluntary insolvency resolution proceedings. Stakeholders eagerly await the decision of the NCLAT, which will have far-reaching implications for Go First and its lessors. The two-member bench, led by…
Go First: An aircraft lessor has moved the Delhi High Court seeking directions to the authorities to release the plane leased to cash-strapped Go First. Earlier this month, the Wadia Group-owned Go First filed for voluntary insolvency resolution and said it can no longer continue to meet financial obligations. Following this move, some aircraft lessors moved…
Mumbai: Preliminary talks on a possible rescue of grounded budget carrier Go First through the insolvency process have been initiated with a few financial investors, including a leading global private equity fund, said people with knowledge of the matter. Those approached as potential bidders include several large global structured credit and special situations funds that…
South Australian builder Felmeri Homes has entered into voluntary administration, leaving many customers with unfinished builds in limbo. The Wayville-based family business has been in the industry for 30 years, but more recently, a number of new homeowners complained their builds were delayed and found to have defects. WATCH VIDEO ABOVE: Customers in limbo as…
On Friday, the National Company Law Tribunal (NCLT) dismissed IDBI Banks petition to seek insolvency against media giant Zee Entertainment, finding that the petition was barred by Section 10A of the Insolvency and Bankruptcy Code (IBC). Section 10A provides that no financial and operational creditors may apply to any debtor to initiate a Corporate Insolvency…
Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code (IBC) but not the first globally to undergo insolvency in 2023. It filed for a voluntary corporate insolvency resolution process (CIRP) under Section 10 of the IBC on May 3, 2023. The…
The Wadia Group is a prominent Indian conglomerate with interests in textiles, real estate, FMCG and aviation, among other sectors. The recent announcement by the group’s aviation arm, GoFirst, to undergo voluntary insolvency under the Insolvency and Bankruptcy Code (IBC) has generated significant interest in the market. It would be the first voluntary insolvency application,…
The National Company Law Tribunal (NCLT) on Friday rejected IDBI Bank’s plea seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). Section 10A mandates no application for initiation of corporate insolvency resolution process (CIRP) can be filed against any debtor by any…
In a significant relief to broadcaster Zee Entertainment Enterprises, the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday rejected an insolvency petition filed against it by IDBI Bank. On 15 December last year, the lender sought the initiation of the corporate insolvency resolution process (CIRP) against Zee, alleging default of a Rs149…
Insolvency Decline of 15% Recorded, Yet Experts Caution That Challenges Remain – BusinessMole May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 May 19, 2023 0 Read the full article at: https://www.businessmole.com/insolvency-decline-of-15-recorded-yet-experts-caution-that-challenges-remain/