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.
Read more
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.
Read more
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.
Read more
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.
Read more
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).
Read more
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.
Read more
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.
Read more
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.
Read more