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Two years since it stopped flying, Jet Airways awaits NCLT clearance April 18, 2021 The airline was grounded on April 17, 2019 “I am hoping we won’t see a third anniversary of Jet’s grounding within the next three to four months,” says Ashish Chhawcharria, the Resolution Professional looking after the airline s sale under the insolvency process. April 17 marked the second year since Jet Airways was grounded over multi-crore unpaid dues after 25 years of operations. Six months ago, on October 17, 2020, the Committee of Creditors had voted in favor of the consortium UAE based Kalrock Capital and Entrepreneur Murari Lal Jalan. The airline had drawn curtains on its operations on April 17, 2019 over unpaid dues to the tune of Rs 8,000 crore. Soon after its grounding, State Bank of India had dragged the airline to the insolvency court. ....
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 Cr NPA for Indian and Foreign Banks By IANS | 3 Views
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 Cr NPA for Indian and Foreign Banks. Image Source: IANS News New Delhi, April 18 : The National Company Law Appellate Tribunal (NCLAT) ruling of last week in the Aircel Vs. Department of Telecommunications (DOT) case has cast a shadow on the resolution plans of Aircel and Reliance Communication Ltd. (RCOM). According to experts, based on the NCLAT Judgement, the Resolution Plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel, which was approved in June 2020, will be unworkable and the company will be heading for liquidation, resulting in zero recovery for Rs 18,000 crore owed to the lenders. ....
Jaypee Infratech insolvency: Lenders ask NBCC, Suraksha group to improve bid, seek more land parcels Premium . Updated: 18 Apr 2021, 05:19 PM IST PTI Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process, as per the direction of the Supreme Cour Share Via Read Full Story NEW DELHI : Jaypee Infratech s lenders have asked state-owned NBCC Ltd and Suraksha group to improve their bid and offer more land parcels under an insolvency process to acquire debt-laden realty firm. Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court. ....
Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K cr SECTIONS Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K crPTI Last Updated: Apr 18, 2021, 09:07 PM IST Share Synopsis According to the experts and sources working with a committee of creditors, who did not wish to be named, the order may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders. Agencies Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them. ....
NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan SECTIONS Share Synopsis Amtek Auto, which owed lenders Rs 12,700 crore, was among the first cases referred by the Reserve Bank of India to the National Company Law Tribunal (NCLT) in 2017. In February last year, the Committee of Creditors approved DVI’s resolution plan. The National Company Law Appellate Tribunal (NCLAT) on Friday dismissed Deccan Value Investors’ (DVI) appeal against the implementation of its resolution plan for debt-ridden auto parts-maker Amtek Auto. It also imposed a Rs 1 lakh cost and said the appeal was yet another effort on the part of DVI to wriggle out of its obligations and seek withdrawal of the resolution plan in a different garb. ....