<span style="color: rgb(53,53,53);background-color: rgb(255,255,255);font-size: 14px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji;">New Delhi/Mumbai: Go First, a financially troubled airline, has petitioned the National Company Law Tribunal (NCLT) to begin voluntary insolvency resolution proceedings on Thursday, raising concerns that tickets may spike on some routes as a result of flight cancellations.
A day after the budget carrier cited grounding of more than half of the fleet due to non-supply of engines by Pratt &amp; Whitney as the reason for its financial crunch, the US-based engine maker on Wednesday said it is complying with the arbitration order regarding the airline and continues to prioritise delivery schedules for all customers.
Travellers who had reservations with Go First were understandably upset when the airline abruptly cancelled their flights, and the TAAI, an organisation representing travel agencies, raised worries about the potential loss of revenue owing to the crisis at the cheap airline. Beginning on Wednesday, flights will be cancelled for a total of three days.—Inputs from Agencies

Go First, a financially troubled airline, has petitioned the National Company Law Tribunal (NCLT) to begin voluntary insolvency resolution proceedings on Thursday, raising concerns that tickets may spike on some routes as a result of flight cancellations.

NCLT to hear Go First plea for insolvency proceedings on Thursday; airfares likely to rise as airline cancels flights

Mumbai: Lessors have requested deregistration for a total of 36 aircraft since cash-strapped Go First cancelled all of its flights less than a week ago, with requests for taking back another 13 aircraft arriving on Monday.
Go First has asked the National Company Law Tribunal (NCLT) to rule on its petition for voluntary insolvency resolution proceedings as soon as possible because lessors have already begun deregistering their aircraft.
After Go First requested investigation, the tribunal decided to do so.—Inputs from Agencies

Lessors have requested deregistration for a total of 36 aircraft since cash-strapped Go First cancelled all of its flights less than a week ago, with requests for taking back another 13 aircraft arriving on Monday.

Lessors want 36 Go First planes deregistered

New Delhi: The public sector lender State Bank of India (SBI) has petitioned the NCLT to begin bankruptcy proceedings against PC Jeweller, a city-based jewellery producer and retailer, alleging a default.
Last week, PC Jeweller was notified by the chief bench of the NCLT in Delhi that it must respond to the section 7 Insolvency and Bankruptcy Code plea brought by its financial creditor SBI.
The matter was directed to be listed as SBI's plea on August 2 for further consideration by the principal bench presided over by President Justice Ramlingam Sudhakar.—Inputs fromAgencies

The public sector lender State Bank of India (SBI) has petitioned the NCLT to begin bankruptcy proceedings against PC Jeweller, a city-based jewellery producer and retailer, alleging a default.

PC Jeweller faces insolvency plea from SBI; NCLT adjourns hearing till Aug 21

New Delhi: The RP of Future Retail Ltd has petitioned the National Company Law Tribunal (NCLT) for a further extension until September 15 to finish the corporate insolvency resolution process (CIRP) of the financially troubled company.
According to a filing with the SEC, the RP of Future Retail Ltd has petitioned the Mumbai bench of the NCLT to omit 29 days from the company's CIRP.
For example: "The Resolution Professional of Future Retail Limited (FRL) has filed an application before National Company Law Tribunal, Mumbai seeking exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL," etc.—Inputs from Agencies

The RP of Future Retail Ltd has petitioned the National Company Law Tribunal (NCLT) for a further extension until September 15 to finish the corporate insolvency resolution process (CIRP) of the financially troubled company.

Future Retail resolution professional moves NCLT to seek extension of insolvency deadline till Sept 15

New Delhi: The RP of Future Retail Ltd (FRL) has filed an application with the NCLT, naming Kishore Biyani, Rakesh Biyani, and eight other organisations as defendants in a "fraudulent transaction" case.
This application "has been filed pursuant to the findings in the report received from Nangia &amp; Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," Future Retail Ltd (FRL) stated in a regulatory filing.
When a transaction is reported under Section 66 of the Code for adjudication by the NCLT, the Transaction Review Auditor's role is to assist the RP in performing his duties and making the determination.—Inputs from Agencies

The RP of Future Retail Ltd (FRL) has filed an application with the NCLT, naming Kishore Biyani, Rakesh Biyani, and eight other organisations as defendants in a "fraudulent transaction" case.

Future Retail resolution professional moves NCLT against Kishore Biyani and family alleging fraudulent transaction

Mumbai: In a setback for Torrent Investment, the NCLT's Mumbai bench has rejected its plea seeking a stay on the ongoing resolution process of Reliance Capital.
The NCLT will now hear the Reliance Capital resolution plan approval application of the administrator on September 26.
In its plea, Torrent Investment had sought NCLT's directions to keep the Reliance Capital resolution plan approval in abeyance till the final orders are passed by the Supreme Court.
Torrent had also asked the NCLT to direct IIHL - the successful resolution applicant, the administrator, and the COC to not undertake any further actions in respect of the conclusion of the resolution process of the Reliance Capital.
Notably, Torrent's application that had challenged the second round of auction for the sale of Reliance Capital assets is pending before the SC, but the apex court refused to grant any stay on the resolution process proceedings before the NCLT.
The counsel for the COC informed the court that due to the pendency of the resolution plan, the lenders of Reliance Capital are incurring a loss of Rs 42 crore per week.
While rejecting Torrent's plea, the NCLT stated that there is no stay from the Supreme Court on the proceedings before the tribunal. The court also said that Torrent did not participate in the second round of auction.
In June, the COC had approved the IIHL's Rs 9,800 crore resolution plan with 99.6 per cent votes. Post that, the Administrator had filed the final plan before the NCLT for approval.
Torrent challenged the COC's approval on the plan and tried to seek stay on the resolution process from the Supreme Court, but it refused to grant any stay on its application.
—IANS

In a setback for Torrent Investment, the NCLT's Mumbai bench has rejected its plea seeking a stay on the ongoing resolution process of Reliance Capital.

The Hawk

Tag : NCLT

NCLT to hear Go First plea for insolvency proceedings on Thursday; airfares likely to rise as airline cancels flights

Nidhi Khurana

The Hawk

Tag : NCLT

NCLT to hear Go First plea for insolvency proceedings on Thursday; airfares likely to rise as airline cancels flights

Nidhi Khurana

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