Insolvency Guardian Media Centre
Delhi High Court Chief Justice Manmohan noted that a growing economy cannot afford to have too many stressed assets and a quick resolution of a disputes is essential. However, in a commercial dispute, stakeholders have various interests and a resolution mechanism must ensure that such competing interests are balanced.
“We all know National Company Law Tribunals (NCLTs) are overburdened. Judicial system has a limited capacity, but in a country that is growing fast we need to look for new tools to resolve disputes. Mediation is one of the tools to try. It will be a game changer,” he stated.
He further opined that mediation offers flexibility from legal procedures and that mediation in insolvency will not only achieve the desired…
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Low-cost airline SpiceJet’s shares rose in early trade on Thursday after aircraft lessor Aircastle withdrew its insolvency case against the airline. This development followed a mutually agreed settlement between the two parties. SpiceJet announced the news in a press release, marking a step forward in its efforts to strengthen relationships with its partners.
Following the announcement, SpiceJet’s shares climbed to Rs 63.40, a nearly 3% increase. By 11:10 AM, the shares were trading at Rs 61.98, up almost 1%. .
In September, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. The settlement amount was agreed at $5 million,…
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Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline’s efforts to rebuild and strengthen ties with its partners.
Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. The settlement was reached for an aggregate sum of $5 million, alongside an agreement on the treatment of certain aircraft engines. Both parties opted for an amicable negotiation process, successfully avoiding prolonged courtroom…
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SpiceJet on Thursday announced that aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against the airline before the National Company Law Tribunal (NCLT), after reaching a $5.6 million settlement. This comes as a major relief for SpiceJet. The development follows a mutually agreed-upon settlement, marking a positive turn in the airline’s efforts to rebuild and strengthen ties with its partners, SpiceJet said in a statement.
Earlier last month, SpiceJet had announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. “The settlement was reached for an aggregate sum of $5 million,…
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The NCLT Mumbai bench of Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member) has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code.
Brief Facts
The Present Application is preferred by the Applicant for seeking various concessions and reliefs in relation to the assets sold as going concern Corporate Debtor.
The Company Petition No. 1088 of 2020 was filed to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor i.e. Topsgrup Services and Solutions Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted…
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Debt clearing structure will help fiscal planning, stability The Herald
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Credit card debt is on the rise, and with rates at their highest point on record, it’s no surprise.
For many consumers, Black Friday — and the entire upcoming holiday season — will only aggravate the issue, leading to even more in stressful credit card debt. Fortunately, there are things you can do to prepare and, ideally, reduce your debt before going into the holiday season.
Want to make sure you’re prepared as Black Friday rolls around? We asked some experts for their suggestions.
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As part of the settlement, all ongoing litigations and disputes between Spicejet and Aircastle (Ireland) Designated Activity Company have been withdrawn from the appropriate forums.
Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd.
Spicejet on Thursday said aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against the budget airline before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline’s efforts to rebuild and strengthen ties with its partners.
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We had our concerns a few months ago when BASF Forward AM announced a strategic buyout decision. These concerns have been followed by rumors of an insolvency process undertaken by the newly created company in the midst of Formnext. These concerns have now been confirmed by the company that began insolvency proceedings with the District Court of Heidelberg on November 21, 2024.
Forward AM has stated that it is dedicated to fulfilling current and upcoming orders, with the insolvency process aimed at securing new investments. The company hopes these investments will provide a stronger foundation for long-term success.
The District Court of Heidelberg has appointed Tobias Wahl, a partner at…
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Aussies scoop up cheap gifts from sports company liquidation The Canberra Times
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On 6 November 2024, the Federal Court dismissed the Australian Securities and Investments Commission’s (ASIC) case against Paul Ryan, a director of Dixon Advisory & Superannuation Services Pty Limited (DASS). The case alleged that Mr Ryan had breached his directors’ duties by failing to consider the interests of DASS’ creditors when the company was approaching insolvency.
The findings from this case demonstrate that a director who acts in good faith, reasonably relies on professional advice, and independently assesses the assumptions behind that advice may be able to successfully defend against claims of breaching their duties as a director when making decisions when facing a potential insolvency.