Headlines

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by Aircastle (Ireland) Ltd, the Economic Times of India reported. The aircraft lessor is seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. " There was no adverse ruling against SpiceJet.

A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets, Reuters reported. Since March, creditors including a unit of O-I Glass, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals and mining firms Rusoro Mining and Gold Reserve, have been granted rights to seize shares in the parent of Venezuela-owned refiner Citgo, PDV Holding.

An Irish High Court judge has dismissed a challenge by a company whose shareholders include rugby star Ronan O'Gara and businessman Michael O'Flynn to an order relating to the personal insolvency arrangement in favour of fellow shareholder John O'Driscoll, the Irish Examiner reported. The application was regarded as a new bid to set aside the PIA and seek a new hearing.

Australia is headed for its first budget surplus since 2008 as windfall tax revenue from a fully employed economy and elevated commodity export prices combine to swell the government’s coffers, Bloomberg News reported. Treasurer Jim Chalmers will forecast a surplus of around A$4 billion ($2.7 billion) in the 12 months through June 2023 when he hands down the budget at 7:30 pm local time Tuesday at Parliament House in Canberra. The document will also show smaller deficits over future years than previously anticipated.

German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe's largest economy, Reuters reported. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. In a Reuters poll, analysts had pointed to a 1.3% fall. "After a buoyant performance by industrial production at the beginning of the year, there was an unexpectedly sharp decline in March," the economics ministry said.

Investors shouldn’t count on the European Central Bank’s unprecedented bout of interest-rate increases ending in July, as the majority of economists currently predicts, according to Governing Council member Martins Kazaks, Bloomberg News reported. “I don’t think it is that clear yet,” the hawkish Latvian official told Bloomberg on Monday by phone.

Mexico’s annual inflation slowed for the third consecutive month to 6.25% in April, data from statistics agency INEGI showed on Tuesday, fueling expectations the Bank of Mexico's monetary tightening cycle may be ending, Reuters reported. April's reading was nearly as low as October 2021, though it came slightly above the consensus forecast of 6.23%, as determined by a Reuters poll. Consumer prices fell 0.02% in April, according to non-seasonally adjusted figures, against an expected 0.04% fall. The core index, which strips out some volatile food and energy prices, rose 0.39% during the month.

According to data collected by Dun & Bradstreet, bankruptcy rates have been on the rise in Finland. However, there are signs of stabilization in some regions, such as Pohjanmaa, Lappi, and Etelä-Savo, where the number of bankruptcies decreased compared to the previous year, the Helsinki Times reported. The cumulative number of bankruptcies in Finland began to deviate from previous years in June 2022, with a 26% increase from the previous year.

Go First on Monday asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, the Economic Times of India reported. The beleaguered Wadia Group-led airlines, Go First, on Thursday pleaded to the National Company Law Tribunal (NCLT) here for an interim moratorium after facing an acute cash crunch. The airline has also sought direction to appoint an insolvency resolution process (IRP) for the betterment of Go First. The NCLT, after the hearing, reserved its order on Go Airlines' plea.

Brisbane-based Everledger, which used blockchain technology to track the provenance of diamonds and other precious goods, has been quietly placed into voluntary administration after expected investor funding failed to happen, the Australian Financial Review reported. The move came despite it securing backing from the federal government and Chinese internet giant Tencent. The company was founded in 2015 by serial entrepreneur and former Queensland chief entrepreneur Leanne Kemp, as a way to use blockchain technology to track the provenance of diamonds.