The bankruptcy regulator will prepare a "common panel" of insolvency professionals (IPs) from those registered with it and share the list in advance with the adjudicating authority to choose from to oversee various cases of resolution or liquidation from July 1, the Economic Times of India reported. At present, the Insolvency and Bankruptcy Board of India (IBBI) is required to recommend the IP's name only after receiving reference from the National Company Law Tribunal (NCLT) in a corporate insolvency resolution process (CIRP).
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Adani Group is in talks with lenders, including global banks, as it seeks to refinance up to $3.8 billion of a loan facility taken for its acquisition of Ambuja Cements Ltd. last year, Bloomberg News reported. The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan, said the people, who asked not to be identified as the discussions are private.
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India is providing Egypt with a credit line of unspecified value, Egyptian Supply Minister Ali El-Mosilhy said, in the latest support from an ally for the North African nation’s troubled economy, Bloomberg News reported. The Middle East’s most populous nation is racing to turn around an economy that was heavily exposed to the shock waves of Russia’s invasion of Ukraine and is a major importer of wheat and other commodities. Egypt has agreed on a $3 billion deal with the International Monetary Fund, while its Gulf Arab allies have pledged billions of dollars in investment.
Manufacturer of wagons, high-speed brake systems, and railway and engineering equipment, Jupiter Wagons Ltd (JWL), on Friday, June 9, said Kolkata National Company Law Tribunal (NCLT) has approved the company's resolution plan to acquire a controlling stake in Stone India under CIRP of IBC, CNBCTV18.com reported.
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The National Company Law Tribunal (NCLT) on Monday admitted applications filed by Go First lessors Jackson Square Aviation Private Ltd and Engine Lease Finance BV and directed the insolvency resolution professional (IRP) to reply within a week, the Economic Times of India reported. Jackson Square had filed an interlocutory application asking the court to restrain Go First from flying the eight aircraft leased by the company to the airline.
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Insolvency tribunal NCLT approved 180 resolution plans in FY23, making it the highest-ever annual number so far, the Economic Times of India reported. With this, NCLT has clocked in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was Rs 1.11 lakh crore after completing 77 insolvency proceedings including some big-ticket matters such as Essar Steel and Monnet Ispat.
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Go First, an Indian low-cost airline, collapsed in May under the weight of four years of losses, citations for safety lapses and operating confusion that, in January, resulted in a flight from Bangalore to Delhi carrying baggage but forgetting a third of its passengers. At least the carrier held valuable assets in the form of 45 or so aircraft stranded at Indian airports. And, as a high-priority case, it was supposedly subject to expedited bankruptcy hearings, according to The Economist.
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Crisis-hit Go First Airlines on Tuesday (May 30) informed that its scheduled flight operations will remain cancelled till June 4, adding that a full refund will be issued to the passengers, The Hindu reported. Earlier flight operations were cancelled till May 30. The airline operator had recently filed for voluntary insolvency. The Directorate General of Civil Aviation (DGCA) last week advised Go First Airlines to submit a comprehensive restructuring plan for a sustainable revival of operations.
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Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech.
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The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of real estate and construction company Renaissance Indus Infra against the bankruptcy court’s ruling to admit the company under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship, the Economic Times of India reported. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore.
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