The National Company Law Tribunal (NCLT) Mumbai recently had allowed an application filed by Edelweiss Asset Reconstruction Company Limited and initiated Corporate insolvency proceedings against well known art director Nitin Desai’s ND’s Art World Pvt Ltd over a debt of Rs 252 crore, the Economic Times of India reported. Edelweiss had filed the company petition last year to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for unresolved financial debt of Rs 252 crore.
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National Company Law Tribunal has appointed EY-backed Shailendra Ajmera as resolution professional (RP) of Coffee Day Global, according to an order uploaded on its website, the Economic Times of India reported. The bankruptcy court has admitted Coffee Day Global company for insolvency proceedings on the behest of IndusInd Bank, which filed a claim in court that the company had defaulted on term loans of Rs 115 crore that were disbursed to it in 2019. Ajmera is also the resolution professional of insolvent Wadia group airline, Go First.
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A group of lenders to Byju’s will work with the Indian education-technology startup to change the terms of a $1.2 billion loan after the company fell into distress, Bloomberg News reported. A steering committee of creditors — who together own more than 85% of the term loan — and Byju’s have agreed to work toward a “signed and completed” amendment before Aug. 3, the lenders said in a statement Monday, confirming a Bloomberg News story.
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Indian auto parts maker Samvardhana Motherson International (SMIL)said on Monday that it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million), Reuters reported. Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process.
Coffee Day Global, which operates the Cafe Coffee Day chain across India, was admitted for corporate insolvency by the Bengaluru bench of the bankruptcy court last week, said people aware of the development, the Economic Times of India reported. The National Company Law Tribunal (NCLT) passed an oral order on Thursday to admit the unlisted company based on a petition filed by IndusInd Bank. A detailed order is yet to be uploaded by the tribunal.
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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.