Adani Power Ltd announced that they have received approval from the National Company Law Tribunal (NCLT) Hyderabad Bench for its Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd. 

This acquisition is a part of Lanco Amarkantak Power Ltd’s ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

In its regulatory filing, the company said, “this is to inform that National Company Law Tribunal, Bench at Hyderabad (NCLT), has placed on its website on 22 August22 August, 2024, its order dated 21 August21 August, 2024, approving the resolution plan submitted by Adani Power…

The average time taken for the conclusion of the corporate insolvency resolution process (CIRP) has surged to 680 days, as of March 2024, from 611 days a year ago, official data shows. This primarily reflects the huge backlog of cases that the NCLT is finding difficult to grapple with, say experts.

Finance Minister Nirmala Sitharaman had said during her Budget speech last month that appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Following which, an official told FE that the government is likely to double the strength of NCLTs, in a few months.

The plan is to increase the NCLT benches to 30, and its member-strength to 115, from 15…

Attributable to Virgin Australia Group CEO Jayne Hrdlicka: 

This is a difficult moment for Australian aviation with Rex entering voluntary administration and announcing the immediate suspension of its 737 jet operations. It is also a reminder of the challenging nature of our industry. 

Our team is now moving quickly to support Rex’s customers and people.   

Impacted Rex customers will be supported with rebooking on an equivalent Virgin Australia service free of charge. Customers will need to contact Virgin Australia before 14 August 2024 to take up this offer. 

Rex customers with imminent travel in the next 48 hours should contact the Virgin Australia Guest Contact Centre on 13 67 89. Those travelling outside 48 hours…

We also explored how a Harris-Walz administration might approach student loans here.

With nearly 43 million Americans burdened by federal student loan debt, the debate over how lawmakers should address this issue is deeply polarized along party lines. While the Biden-Harris administration has made student loan forgiveness a policy priority, speculation grows about the future of student loans under a potential second Trump presidency.

While we don’t have a crystal ball, we spoke with political analysts and experts about what student loan forgiveness might look…

Los Angeles Dodgers star Shohei Ohtani has broken his silence over a betting scandal involving his interpreter by strongly denying any involvement.

The 29-year-old baseball player, who last year signed a record-breaking $700m (£557m) deal with the team, told a press conference he was never knowingly involved in gambling.

It comes after his translator and close friend Ippei Mizuhara was sacked last week following allegations he engaged in “massive theft” to pay off betting debts.

Addressing reporters at Dodger Stadium on Monday night, the two-time MVP (Most Valuable Player) also denied ever knowingly paying off any gambling debt accumulated by his interpreter, who was reported by the Los Angeles Times and ESPN to have racked…