The first meeting of the committee of creditors (CoC) regarding the insolvency proceedings of Jet Airways is likely to take place early next week, sources told FE. The National Company Law Tribunal (NCLT) had on June 20 passed an order to initiate insolvency proceedings against the grounded airline following a plea filed by State Bank of India, The Financial Express reported. The first fortnightly report by the court-appointed interim resolution professional (RP) was submitted to NCLT on July 5.
More than a year after the onset of an economic calamity that has shaken the once-indomitable hold of Turkey’s strongman president, Recep Tayyip Erdogan, this nation of 80 million people remains stuck in uncomfortable proximity to crisis, he International New York Times reported. The latest indication came on Monday, as the Turkish currency, the lira, surrendered more than 3 percent of its value against the dollar in early trading in Asia before slightly recovering. The drop followed Mr. Erdogan’s abrupt dismissal of the nation’s central bank governor on Saturday.
When she was a teenager in the 1970s, Zhou Xiaoguang peddled trinkets city to city and slept on trains, a formative chapter in her creation of the world’s largest costume jeweler, Neoglory Holdings Group Co. Leveraging her empire of baubles, China’s “fashion-accessory queen” added hotels, offices and malls. The magnate took a seat in China’s national parliament, accepted business accolades, including Ernst & Young’s “Entrepreneur of the Year,” and erected the tallest skyscraper in Yiwu, a trading city south of Shanghai. Now, China’s economic slowdown is making Ms.
Shares in Punjab National Bank slid after the lender said it had reported a suspected 38 billion rupee ($554.63 million) fraud in Bhushan Power & Steel Ltd’s account, potentially delaying a sale of the firm’s assets and consequent repayments to creditors, Reuters reported. PNB is among nearly 34 financial creditors who have claimed a collective 473.03 billion rupees from Bhushan Power & Steel Ltd, which the Reserve Bank of India referred to a bankruptcy court in 2017.
After a year of relentless currency crisis, a credit freeze and slide into recession, some global investors are betting Turkey has weathered the worst of its biggest financial and economic shock since its 2001 banking collapse - by accident or design, Reuters reported. While Turkey faces numerous unresolved political and economic challenges, the more extreme fears of a sovereign funding squeeze that threatened national bankruptcy and international bailout, or even a return to its dark past of hyperinflation, appear to have eased.
India will inject another 700 billion rupees ($10.2 billion) into state banks, giving them a bigger cushion to absorb loan losses and bolster credit growth at a time when the country’s shadow banks are in retreat, Bloomberg News reported. The new infusion will “boost capital so that credit can be further improved,” Finance Minister Nirmala Sitharaman said on Friday, while presenting the federal budget for the year to March 2020. New measures will be introduced to improve governance at the state lenders, she added, without giving details.
The National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15 Videocon group companies within next three weeks, Business Standard reported. The NCLAT said that taking into consideration the nature of the matter, the National Company Law Tribunal (NCLT) Mumbai should pass an order within three weeks over the insolvency plea filed by banks. The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company.
Sales of riskier rupee corporate bonds have all but dried up in recent months, in another negative for India’s slowing economy as companies struggle to raise cash, Bloomberg News reported. Issuance of notes graded A+ and lower plunged 84% last quarter from a year earlier to 22.6 billion rupees ($329 million), the least in five years, according to data compiled by Bloomberg. Borrowing costs have also jumped for issuers with lower debt scores, as a crisis in India’s shadow banking sector saps investor demand for riskier securities.
The IRP has given time till July 24 for the employees of Jet Airways to submit their claims…JetLite employees meanwhile are examining their legal options, the official added. JetLite employees have been left stranded in the insolvency proceedings of Jet Airways, the Financial Express reported. As a part of the process, the court-appointed interim resolution professional (IRP) has invited claims from employees of the grounded airline. However, claims of employees who were a part of JetLite, the low-cost arm of the airline, have been rejected, sources said.
The respite from defaults in China’s onshore bond market isn’t seen lasting as risks to the country’s economy grow, Bloomberg News reported. While the number of defaults in China’s $13 trillion bond market slid for a second straight quarter, down from a record high last year, June saw a resurgence as borrowing costs rose and liquidity tightened. Analysts and investors expect debt failures to rise in the months ahead, in tandem with slowing economic growth. New bond defaults dipped to this year’s low in May amid China’s targeted support measures to shield the economy from a U.S. trade war.