The bankruptcy court has dismissed an application filed by IDBI Trusteeship Services Ltd to initiate the corporate insolvency resolution process (CIRP) against Dish TV's promoter group company Direct Media Distribution Ventures Pvt Ltd, the Economic Times of India reported. Former Dish TV chairman and MD Jawahar Goel, along with his family, is a promoter of Dish TV. Goel is Essel Group chairman Subhash Chandra's younger brother.

The National Company Law Tribunal (NCLT) has admitted JC Flowers Asset Reconstructions' application to initiate insolvency proceedings against Tulip Hotels over defaults of ₹900 crore, the Economic Times of India reported. The application was originally filed by Yes Bank, the lender. The debt was subsequently assigned to JC Flowers, which filed a substitution application that was allowed on March 6. Tulip Hotels had challenged this debt assignment. However, the same was dismissed on March 23.

The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against leading bulk tea producer McLeod Russel following a settlement between the promoter and IL&FS Infrastructure Debt Fund, the Economic Times of India reported. A supplementary affidavit was filed before NCLAT by the appellant (Aditya Khaitan), whereby an agreement between the parties dated May 5, 2023 was brought on record.

Pratt & Whitney on Thursday opposed Go Airlines (India) Ltd's push to enforce an arbitration ruling in an engine dispute, with the U.S. company arguing in a Delaware court that the Indian airline's bankruptcy filing has raised risks for it, Reuters reported. The Indian airline, widely known as Go First, approached the Delaware court to enforce an arbitration order in Singapore against Pratt & Whitney, which it blames for its financial troubles by arguing the U.S. firm failed to supply engines on time.

Indian low-cost carrier SpiceJet Ltd said on Thursday it had no plans to file for insolvency, days after the National Company Law Tribunal (NCLT) issued a notice to the Ajay Singh-promoted private carrier on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against it, the Economic Times of India reported.

Go Airlines (India) Ltd was granted bankruptcy protection on Wednesday, bolstering the country's fourth largest carrier's chances of getting back on its feet, but lessors have started mounting legal challenges to repossess planes, Reuters reported. The low-cost carrier, recently rebranded as Go First, was plunged into financial crisis this year, sparked by what it called "faulty" Pratt & Whitney engines that grounded about half its 54 Airbus A320neos. The U.S. engine maker, part of Raytheon Technologies, in a statement said Go First's allegations were "without merit".

The Indian government is considering a creditor-led insolvency resolution mechanism under the bankruptcy law to fast-track settlement and ease the burden on the National Company Law Tribunal (NCLT), people aware of the development said, the Economic Times of India reported. Under this mechanism, creditors and debtors can reach informal agreements on the plans to resolve bankruptcy and then approach the NCLT to quickly admit the cases, one of the persons said. The details will be finalised after broader stakeholder consultations.

An Indian tribunal will decide on Wednesday on Go Airlines (India) Ltd's bankruptcy request, a notice on the tribunal's website showed, as leasing companies step up pressure to repossess planes following missed rental payments, Reuters reported. The low-cost carrier filed for bankruptcy protection last week, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its 54 Airbus A320neos. P&W, part of Raytheon Technologies, has called the airline's claims "astounding" and without evidence.

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by Aircastle (Ireland) Ltd, the Economic Times of India reported. The aircraft lessor is seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. " There was no adverse ruling against SpiceJet.

Go First on Monday asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, the Economic Times of India reported. The beleaguered Wadia Group-led airlines, Go First, on Thursday pleaded to the National Company Law Tribunal (NCLT) here for an interim moratorium after facing an acute cash crunch. The airline has also sought direction to appoint an insolvency resolution process (IRP) for the betterment of Go First. The NCLT, after the hearing, reserved its order on Go Airlines' plea.