The Supreme Court on Friday ruled that a bank can initiate proceedings under the Insolvency and Bankruptcy Code (IBC) against a corporate guarantor if the principal borrower defaults on repayment of loans and the debt is declared nonperforming asset (NPA), the Times of India reported.
Ireland’s High Court cleared the way on Friday for Norwegian Air to raise new capital and emerge from bankruptcy protection in Ireland and Norway in May by approving the airline’s restructuring scheme, Reuters reported. Norwegian’s survival plan, announced last year, puts a definitive end to its long-haul business, leaving a slimmed-down airline focusing on Nordic and European routes. “We can now go forward with the reconstruction in Norway and initiate a capital raise.” Chief Executive Jacob Schram said in a statement following the ruling.
