Boeing’s 737 MAX jetliner is set to fly again in India after two-and-a-half years, with SpiceJet NSE 1.51% planning to resume operations of the aircraft from October 5, The Economic Times reported. The no-frills airline’s pilots are currently being retrained on these planes, which were banned for flying by several countries, including India, in 2019 following two crashes blamed on computer glitches. Regulators have now started allowing resumption of operations with the narrow-body aircraft.
DS Kulkarni Developers Ltd. owners are accused of cheating more than 30,000 investors of more than ₹2,000 crore, the Hindustan Times reported. The case is being investigated by the economic offences wing (EOW) of the Pune police. Pune Investors in the DS Kulkarni group of companies have demanded that the Enforcement Directorate (ED) investigate alleged payments made by DSK firms to various money lenders and brokers. A consortium comprised of Ashdan Properties, Classic Promoters and Builders and Atul Builders will take over the debt-ridden group through the insolvency process.
If the Insolvency and Bankruptcy Board of India (IBBI) finds evidence of criminal irregularities, it will approach the special courts, set up under the provisions of the Companies Act, 2013, to punish the guilty, the Financial Express reported. Amid clamour for a greater scrutiny of the conduct of lenders, the IBBI is set to oversee complaints against members of the committee of creditors (CoC) if they fail to comply with a proposed code of conduct while resolving toxic assets.
India is planning new measures to clarify a landmark corporate bankruptcy law that was meant to bring the nation's largest corporate borrowers to heel, amid complaints it has become a “mockery of justice,” Nikkei Asia reported. The law giving more power to creditors was one of the Modi government’s signature reforms, but five years after it went into effect, banks are still taking big losses in bankruptcies, and the debt-resolution process has been plagued by delays and legal uncertainty.