Go Airlines (India) Ltd has received claims worth 240 billion rupees ($2.9 billion) from operational and financial creditors so far as part of the carrier's ongoing insolvency, two banking sources told Reuters. The process is in line with procedural requirements under Indian law which allow every creditor a right to payment and remedy by submitting claims if a company is under bankruptcy. Once the claims are filed, the resolution professional has to check its authenticity.
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India on Thursday ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets, Reuters reported. The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops.
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IDBI Bank on Thursday moved the National Company Law Appellate Tribunal (NCLAT) challenging a National Company Law Tribunal (NCLT) order of 19 May, which had rejected the bank's plea to initiate insolvency proceedings against Zee Entertainment Enterprises, said a counsel aware of the matter, Live Mint reported. The insolvency application was filed before the dedicated bankruptcy tribunal to recover dues of ₹149.60 crore from Zee Entertainment. The case has been filed with the court registrar, but is yet to be listed for hearing.
In a rare development, the promoters of realty developer Rashmi Housing, while the company was still undergoing the Corporate Insolvency Resolution Process (CIRP), sold 82 apartments in the company’s projects in contravention of the law. The tribunal has now set aside the sale of these 82 flats and has also imposed a fine of Rs 3 lakh on each of the promoters, the Economic Times of India reported.
The resolution plan put in place to revive Jet Airways is not workable due to the Jalan-Kalrock Consortium (JKC) failing to make the promised payments to creditors, Simple Flying reported. In a recent hearing, the lawyers stated that if creditors were to see any of their promised monies, Jet Airways would need to be wound up. The JKC has already received multiple extensions since 2022, both from the creditors and the court, but they seem to have failed to keep their promise. Jet Airways was originally launched in 1993 and became a household name with premium air travel in India.
The administrator of Reliance Capital has filed the resolution plan given by the Hinduja group entity IndusInd International Holding, approved by lenders, with the National Company Law Tribunal, said people aware of the transaction, the Economic Times of India reported. Nageswara Rao Y, the Reserve Bank of India-appointed administrator, submitted a plan by IndusInd International Holding (IIHL), which offered Rs 9,660 crore. On June 29, ET reported that 99.6% of lenders voted for IIHL’s resolution plan. The administrator has admitted Rs 24,755 crore of claims from lenders.
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The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC), the Economic Times of India reported.
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The retail arm of Reliance Industries RELI.NS is among three companies eligible to submit a plan for the debt-ridden Future Enterprises FURE.NS's bankruptcy proceedings, Future's resolution professional disclosed in an exchange filing on Wednesday, Reuters reported. Indian billionaire Mukesh Ambani's Reliance Retail Ventures, galvanised steel sheet maker Jindal (India) and Donear Industries-owned textiles maker GBTL DONE.NS have been listed as prospective resolution applicants for the Future Group company, said Avil Menezes.
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Billionaire Gautam Adani is weighing a bid for the coal-fired power plants belonging to beleaguered Indian tycoon Anil Ambani that are currently being auctioned by an Indian bankruptcy court, Bloomberg News reported. Adani, fresh from a $2.8 billion capital raising, may face intense competition for Vidarbha Industries Power Ltd., which operates the 600-megawatt generation facilities in central India, according to the people, who asked not to be identified as the plans are private. Ambani’s Reliance Power Ltd.
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The State Bank of India-led lenders on the monitoring committee of debt laden airline Jet Airways on Monday told the Supreme Court that the Jalan Fritsch consortium’s approved resolution plan has been rendered “unviable” and “unworkable” as nothing has been paid to it so far and even no money has been infused for the revival of the grounded carrier, the Economic Times of India reported.
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