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.
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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.
The administrator of Reliance Capital has filed the resolution plan given by the Hinduja group entity IndusInd International Holding, approved by lenders, with the National Company Law Tribunal, said people aware of the transaction, the Economic Times of India reported. Nageswara Rao Y, the Reserve Bank of India-appointed administrator, submitted a plan by IndusInd International Holding (IIHL), which offered Rs 9,660 crore. On June 29, ET reported that 99.6% of lenders voted for IIHL’s resolution plan. The administrator has admitted Rs 24,755 crore of claims from lenders.
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The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC), the Economic Times of India reported.
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The retail arm of Reliance Industries RELI.NS is among three companies eligible to submit a plan for the debt-ridden Future Enterprises FURE.NS's bankruptcy proceedings, Future's resolution professional disclosed in an exchange filing on Wednesday, Reuters reported. Indian billionaire Mukesh Ambani's Reliance Retail Ventures, galvanised steel sheet maker Jindal (India) and Donear Industries-owned textiles maker GBTL DONE.NS have been listed as prospective resolution applicants for the Future Group company, said Avil Menezes.
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Billionaire Gautam Adani is weighing a bid for the coal-fired power plants belonging to beleaguered Indian tycoon Anil Ambani that are currently being auctioned by an Indian bankruptcy court, Bloomberg News reported. Adani, fresh from a $2.8 billion capital raising, may face intense competition for Vidarbha Industries Power Ltd., which operates the 600-megawatt generation facilities in central India, according to the people, who asked not to be identified as the plans are private. Ambani’s Reliance Power Ltd.
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The State Bank of India-led lenders on the monitoring committee of debt laden airline Jet Airways on Monday told the Supreme Court that the Jalan Fritsch consortium’s approved resolution plan has been rendered “unviable” and “unworkable” as nothing has been paid to it so far and even no money has been infused for the revival of the grounded carrier, the Economic Times of India reported.
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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.