A resolution professional appointed to oversee the insolvency process for Go Airlines (India) Ltd has invited Expression of Interest for the sale of the carrier as part of the process, the Economic Times of India reported. According to the advertisement placed in the Economic Times, the last date for receipt of interest for the airline is set for August 9.The EoI process means the formal commencement of seeking buyers, or investors, for a potential investment, as required by Indian law.
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An Indian court on Wednesday allowed leasing companies to access aircraft leased to Go First for inspection and maintenance, though they were still unable to repossess them while the airline's operations remain stalled, Reuters reported. Lessors of Go First, which was granted bankruptcy protection on May 10, have made several attempts to reclaim planes for missed payments, filing over 50 requests with the watchdog to allow repossession.
IDFC First Bank said on Monday its board had given the green light for a merger with IDFC Ltd, just days after the landmark $40 billion merger between Housing Development Finance Corp and HDFC Bank came into effect, Reuters reported. IDFC Ltd shareholders will receive 155 shares of IDFC First Bank for each set of 100 shares they currently own in IDFC Ltd, according to an exchange filing. The boards of Housing Development Finance Corp and HDFC Bank on Friday approved July 1 as the effective date of the two financial behemoths' merger, the largest in India's corporate history.
Byju’s and some of its lenders have restarted negotiations in a bid to restructure its $1.2 billion term loan after the Indian education-technology firm breached certain terms of its debt agreement, Bloomberg News reported. The renewed talks come as the company and lenders aim to avoid escalation of a legal brawl, said the people, who asked not to identified because the talks are private. The parties are seeking a swift resolution and execution of an amendment, they said.
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The National Company Law Tribunal (NCLT) has approved withdrawal of the liquidation proceedings against Prag Distillery, an arm of liquor maker Tilaknagar Industries, following a settlement by the company with its financial creditors Standard Chartered Bank and DCB Bank, the Economic Times of India reported. With the development, the board of directors of Prag Distillery, situated in Andhra Pradesh, has been reinstated.
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Go First, the low-cost carrier currently under bankruptcy protection, has received approval for interim funding of Rs 450 crore from its lenders, the Times of India reported. The funding, approved during a joint lenders’ meeting over the weekend, is crucial for revival after the company’s aircraft were grounded in May following insolvency proceedings. The decision to grant in-principle approval for the interim funds was made during the meeting, subject to the respective boards of the banks providing their final approval.
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The committee of creditors (CoC) for Go First Airlines has approved an in-principle interim funding of ₹425 crore so that the grounded carrier, the first in the country to voluntarily seek bankruptcy protection, manages to fly again soon, the Economic Times of India reported. The funding is, however, subject to the carrier being given a no-objection certificate (NOC) by the Directorate General of Civil Aviation (DGCA). Permissions linked to the funding are the DGCA's green light to allow the airline to fly and a security clearance.
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The Reserve Bank of India on Monday fined four credit bureaus, including TransUnion CIBIL, for not complying with the rules on maintaining borrower data, a move that comes as the central bank pushes for more accountability following customer complaints, Reuters reported. Certain data related to the credit information maintained by TransUnion CIBIL, Experian Credit Information Company of India, Equifax Credit Information Services and CRIF High Mark Credit Information Services was "not accurate and complete," the central bank said in four separate statements.
India is working to resolve discrepancies between global aircraft leasing rules and its national bankruptcy laws, the country's aviation secretary told Reuters on Monday on the sidelines of the Paris Airshow, Reuters reported. A resolution could help lessors to Go First airline reclaim their planes and fly them out of the country after the carrier filed for bankruptcy protection in May, a move that resulted in a freeze on all its assets including the jets.
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The National Company Law Tribunal on Friday adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17, the Economic Times of India reported. The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition filed by Aircastle (Ireland). Aircastle (Ireland) has filed two separate petitions to initiate a corporate insolvency resolution process against the airline.
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