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. At present, the Insolvency and Bankruptcy Board of India (IBBI) is required to recommend…
MUMBAI : EY India, the designated process adviser to Go Airlines (India) Ltds corporate insolvency resolution process, is likely to recommend the airlines lead creditors to infuse as much as 500 crore into the carrier to facilitate the immediate resumption of flight operations as Indias aviation industry records a resurgence in air passenger traffic, a…
From Khaitan & Co., the deal was led by Siddharth Srivastava (Partner, Restructuring & Insolvency/ Banking & Finance), Mohit Kishore (Counsel), Udita Singh (Senior Associate) and Shikha Mohini (Associate). The tax aspect of the deal was led by Vinita Krishnan (Director, Direct Tax), Rahul Jain (Principal Associate) and Sambhav Mama (Senior Associate) Khaitan & Co…
The National Company Law Tribunal, in the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process, adjourned the matter on Monday. The matter is likely to be listed on July 16. This is the third case filed by the company against the airline. Two other cases…
The National Company Law Tribunal (NCLT) on Thursday granted two weeks to aircraft leasing company Aircastle (Ireland) to file a reply to Spicejet‘s application questioning the maintainability of the insolvency petition filed by the lessor.Aircastle (Ireland) had filed a petition under section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to start the corporate…
The NCLT has reportedly rejected the resolution plan of Anirudh Agro Farms for Viceroy Hotels following the expiry of bank guarantees and directed the continuation of the corporate insolvency resolution process (CIRP) and asked the resolution professional to call for fresh bids. According to MoneyControl.com, the tribunal found the plan to be in breach of…
Insolvency regulator, IBBI, proposes to stipulate mandatory audit of Insolvency Resolution Process Costs (IRPC) in resolution cases where the assets of the corporate debtor (CD) is in excess of 100 crore. This proposal forms part of the nine new measures that the Insolvency and Bankruptcy Board of India (IBBI) has mooted in a new discussion paper…
Food and drink businesses have been on the frontline of supply chain disruption, inflation and rising interest rates. These challenges have taken a toll on M&A in the sector but changed strategies are driving trade and private equity buyers. Nicholas Neveling reports. Few industries have been as directly impacted by inflation, rising interest rates, labour…
A prominent regional New South Wales winemaker has fallen into voluntary administration, citing significant financial losses brought about by COVID-19 pandemic, natural disasters and the Chinese government. Key points: Cassegrain Wines is the largest winemaker on the New South Wales Mid North Coast The family-run business says it has appointed voluntary administrators Administrators says operations will continue…
In this weeks TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient. Key…