News

PHDCCI organised Conference on Insolvency & Bankruptcy Code, 2016 PHDCCI organized a Conference on Insolvency & Bankruptcy Code on 19th  August 2023 in PHD House New Delhi. Dr. UK Chaudhary, Sr. Advocate & President, NCLT Bar Association mentioned that there have been a number of legislations in the past on sickness and revival, but all failed completely. After so many failures, and so much pile up of NPAs; IBC is the one that has achieved success for the creditors. He emphasised on the challenges, viz. structure under IBC does not recognize op...
PHDCCI organised Conference on Insolvency & Bankruptcy Code, 2016
PHDCCI organised Conference on Insolvency & Bankruptcy Code, 2016
Source: PR Agency
21/08/2023 3:48:41 PM
Jet Airways` air operator certificate renewed by DGCA till September 3 The Jalan-Kalrock Consortium, which is the resolution applicant for the cash-strapped Jet Airways, has successfully secured the renewal of the airline's air operator certificate (AOC) from the Directorate General of Civil Aviation (DGCA). This crucial development clears the path for the grounded passenger carrier to resume its operations and revive its services in India. In a statement issued on Monday, the Jalan-Kalrock Consortium said that the successful resolution applicant of Je...
Jet Airways` air operator certificate renewed by DGCA till September 3
Jet Airways` air operator certificate renewed by DGCA till September 3
Source: IANS
31/07/2023 6:13:45 PM
Tilaknagar Industries on high with subsidiary out of NCLT net For a change, the makers of Mansion House brandy Tilaknagar Industries Ltd are on a high as its subsidiary Prag Distillery Pvt Ltd is now out of the National Company Law Tribunal (NCLT). The NCLT has also allowed reinstatement of the Board of Directors of Prag Distillery for management of operations. Prag Distillery is situated in Andhra Pradesh and has a bottling capacity of approximately six lakhs cases per annum, said Tilaknagar Industries in a statement. Tilaknagar Industries sai...
Tilaknagar Industries on high with subsidiary out of NCLT net
Tilaknagar Industries on high with subsidiary out of NCLT net
Source: Accord Fintech
28/06/2023 3:22:58 PM
DGCA grants 30 days to Go First to submit revival plan The Directorate General of Civil Aviation (DGCA) has granted 30 days to cash-strapped airline Go First to submit a restructuring or revival plan, including on fleet, pilots, and maintenance plans. The low-cost airline had stopped flying on May 3 and is undergoing voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT). The aviation regulator's order came after the airline had submitted their response to the show cause notice issued by the DGCA on ...
DGCA grants 30 days to Go First to submit revival plan
DGCA grants 30 days to Go First to submit revival plan
Source: IANS
26/05/2023 9:23:16 AM
Power Minister highlights sector reforms, challenges at CII Annual Session The Centre on Thursday said that significant improvements have been made in the power sector, and efforts made to address the viability concerns faced by power distribution companies (discoms) and the broader industry issues. Speaking at the CII Annual Session 2023 being held here, Raj Kumar Singh, the Union Minister of Power, New and Renewable Energy stated, "We have taken on challenges that would have deterred you, one of them being viability. We have effectively taken care of this ...
Power Minister highlights sector reforms, challenges at CII Annual Session
Power Minister highlights sector reforms, challenges at CII Annual Session
Source: IANS
25/05/2023 1:56:32 PM
Relief for Go Airlines as NCLAT upholds NCLT order  The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the NCLT's order granting moratorium to the Wadia group's Go Airlines (India) Ltd. The NCLAT decided on the petitions filed by some lessors who had leased aircraft to Go Airlines. They had challenged the moratorium granted to Go Airlines by the NCLT. The lessors' contention was that the lease agreement with Go Airlines had ended before the NCLT admitted Go Airlines insolvency petition and hence, the a...
Relief for Go Airlines as NCLAT upholds NCLT order
Relief for Go Airlines as NCLAT upholds NCLT order
Source: IANS
23/05/2023 10:25:12 AM
Indian tribunal upholds Go First bankruptcy in setback to lessors An Indian appeals tribunal upheld insolvency proceedings against Go First on Monday, throwing a spanner in the works for the airline's lessors, who are attempting to take back their planes. At least three leasing companies, including SMBC Aviation Capital, had challenged a tribunal ruling granting Go Airlines (India), widely known as Go First, bankruptcy protection earlier this month. In granting bankruptcy protection, the tribunal had ordered a moratorium on Go First's ass...
Indian tribunal upholds Go First bankruptcy in setback to lessors
Indian tribunal upholds Go First bankruptcy in setback to lessors
Source: Reuters
22/05/2023 5:30:25 PM
Shoot and scoot policy by Go Airlines and Pratt & Whitney Shoot and scoot seems to be the communication policy being adopted by the two warring groups in the aviation sector - Indias Go Airlines (India) Ltd and the US aircraft engine maker Pratt & Whitney. Incidentally, Pratt & Whitney India is headed by Ashmita Sethi, who was earlier the Vice President Communications and Public Affairs, South Asia, for Rolls Royce and Director, Communications and Corporate Affairs at Boeing as per her LinkedIn page. In times of crisis, the principle t...
Shoot and scoot policy by Go Airlines and Pratt & Whitney
Shoot and scoot policy by Go Airlines and Pratt & Whitney
Source: IANS
6/05/2023 2:32:11 PM
Tata Electronics to become a key Apple player after Wistron`s iPhone plant acquisition As Apple doubles down on local manufacturing in India, Taiwan-based iPhone manufacturer Wistron is reportedly winding up its operations in the country and Tata Electronics is set to take over Wistron's Karnataka factory and manufacture new Apple products. The move will only give a fillip to the government's local manufacturing dream, at a time when iPhone exports from the country surged to cross $5 billion (over Rs 40,000 crore) in FY23. Wistron's factory in Karnataka, that ...
Tata Electronics to become a key Apple player after Wistron`s iPhone plant acquisition
Tata Electronics to become a key Apple player after Wistron`s iPhone plant acquisition
Source: IANS
5/05/2023 10:11:48 AM
India's Go First airline files for bankruptcy, blames Pratt & Whitney engines Cash-strapped Indian airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the fierce competition in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata conglomerate. Go First's total debt to financial creditors was 65.21 billion rup...
India's Go First airline files for bankruptcy, blames Pratt & Whitney engines
India's Go First airline files for bankruptcy, blames Pratt & Whitney engines
Source: IANS
2/05/2023 4:46:35 PM
Reliance Capital lenders to meet on Monday to resolve concerns of bidders The lenders of Reliance Capital (RCap) will meet on Monday to resolve concerns raised by bidders ahead of the second round of auction on April 26. Torrent Investment and IndusInd International Holdings Ltd (IIHL) of Hinduja Group have expressed many reservations on the scheduled auction and its terms. Both the bidders reportedly have conveyed to the Committee of Creditors (CoC) that unless the issues raised by them are resolved, they are unlikely to participate in the auction. Both t...
Reliance Capital lenders to meet on Monday to resolve concerns of bidders
Reliance Capital lenders to meet on Monday to resolve concerns of bidders
Source: IANS
24/04/2023 8:59:20 AM
Reliance Capital resolution process completion deadline extended to July 16 NCLT Mumbai has extended Reliance Capital's resolution process deadline by 90 days to July 16. The current deadline ended on April 14. The deadline extension was necessitated as the lenders have decided to hold a second round of auction on April 26 in order to maximise the recovery from the sale of Reliance Capital assets. The three bidders, i.e., Torrent, IIHL and Oaktree have confirmed their participation in the auction. Earlier, the second round of auction was scheduled for Ap...
Reliance Capital resolution process completion deadline extended to July 16
Reliance Capital resolution process completion deadline extended to July 16
Source: IANS
18/04/2023 1:43:10 PM
Future Retail touches roof on the BSE Future Retail is currently trading at upper limit of Rs. 2.97, up by 0.14 points or 4.95% from its previous closing of Rs. 2.83 on the BSE. The scrip opened at Rs. 2.69 and has touched a high and low of Rs. 2.97 and Rs. 2.69 respectively. So far 845762 shares were traded on the counter. The BSE group 'Z' stock of face value Rs. 2 has touched a 52 week high of Rs. 30.45 on 21-Apr-2022 and a 52 week low of Rs. 2.10 on 03-Apr-2023. Last one week high and low of the scrip stood a...
Future Retail touches roof on the BSE
Future Retail touches roof on the BSE
Source: Accord Fintech
17/04/2023 12:30:54 PM
Viacom18 completes strategic partnership with Reliance, Bodhi Tree Systems, Paramount Global Viacom18 on Wednesday announced that following the sanction by National Company Law Tribunal (NCLT) Mumbai, the scheme of merger of Reliance Storage Limited with itself has become effective. Viacom18 has as a result allotted shares to Bodhi Tree Systems and RIL group entities as consideration for the scheme of merger. Upon consummation of this merger, (i) the integration of JioCinema into Viacom18 has been completed; and (ii) Viacom18 has access to Rs 15,145 crore of cash for its planned g...
Viacom18 completes strategic partnership with Reliance, Bodhi Tree Systems, Paramount Global
Viacom18 completes strategic partnership with Reliance, Bodhi Tree Systems, Paramount Global
Source: IANS
14/04/2023 11:18:27 AM
Adani Ports acquires Karaikal Port, to infuse Rs 1,485cr to pay creditors  The Adani group gained a further foothold in the port sector on the eastern coast by acquiring the all-weather deep water Karaikal Port owner Karaikal Port Private Ltd. The Karaikal Port was acquired by Adani Ports and Special Economic Zone Limited (APSEZ) by submitting a resolution plan which was approved by the Committee of Creditors of the former and by the National Company Law Tribunal, Chennai Bench, Adani Ports said. As per the Resolution Plan, APSEZ will infuse Rs 1,485 cro...
Adani Ports acquires Karaikal Port, to infuse Rs 1,485cr to pay creditors
Adani Ports acquires Karaikal Port, to infuse Rs 1,485cr to pay creditors
Source: IANS
2/04/2023 10:11:02 AM
Relief for 20K homebuyers as NCLT approves Suraksha Group`s bid to acquire Jaypee Infratech (Ld) In a relief to over 20,000 homebuyers, the National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha Group's bid to buy Jaypee Infratech Ltd. A two-member principal bench of NCLT headed by president Ramalingam Sudhkar approved the resolution plan, after concluding the hearing and reserving the order in November last year. The Suraksha Group had proposed to complete around 20,000 flats in Noida and Greater Noida, which came as a relief to homebuyers who have ...
Relief for 20K homebuyers as NCLT approves Suraksha Group`s bid to acquire Jaypee Infratech (Ld)
Relief for 20K homebuyers as NCLT approves Suraksha Group`s bid to acquire Jaypee Infratech (Ld)
Source: IANS
8/03/2023 9:34:21 AM
Zee Entertainment zooms as NSE to include company back into futures and options segment Zee Entertainment Enterprises is currently trading at Rs. 194.30, up by 11.30 points or 6.17% from its previous closing of Rs. 183.00 on the BSE. The scrip opened at Rs. 190.00 and has touched a high and low of Rs. 197.75 and Rs. 188.40 respectively. So far 697407 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 308.65 on 04-Apr-2022 and a 52 week low of Rs. 176.60 on 27-Feb-2023. Last one week high and low of th...
Zee Entertainment zooms as NSE to include company back into futures and options segment
Zee Entertainment zooms as NSE to include company back into futures and options segment
Source: Accord Fintech
28/02/2023 3:37:53 PM
Indian startups hail Supreme Court ruling on Google-CCI case Home-grown startup founders on Thursday hailed the Supreme Court's order where it refused to interfere with the National Company Law Appellate Tribunal (NCLAT) decision, declining to stay operation of the Competition Commission of India (CCI) order imposing Rs 1,337.76 crore fine on Google. Google had moved the apex court after the setback at the NCLAT, which did not stay the CCI order on abuse of dominant position in multiple markets in the Android mobile device ecosystem case. Roh...
Indian startups hail Supreme Court ruling on Google-CCI case
Indian startups hail Supreme Court ruling on Google-CCI case
Source: IANS
20/01/2023 9:40:47 AM
PVR books PAT of Rs 12.93 crore for Q3  Multiplex cinema major PVR Ltd on Thursday said it closed the third quarter of FY23 with a net profit of Rs 12.93 crore. In a regulatory filing, the company said it had logged an after tax profit of Rs 12.93 crore for the quarter ended December 31, 2022 (Q3FY22 net loss of Rs 24.53 crore) on a total income of Rs 858.96 crore (Rs 626.28 crore). The company's total expenses for the period under review stood at Rs 837.56 crore (Rs 664.56 crore). Meanwhile, the company said the...
PVR books PAT of Rs 12.93 crore for Q3
PVR books PAT of Rs 12.93 crore for Q3
Source: IANS
19/01/2023 5:29:39 PM
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders Reliance Jio Thursday completed the acquisition of Reliance Communication Ltd.'s (RCOM) tower and fiber assets by paying Rs 3,720 crore to the lenders. According to sources, the company has deposited Rs 3,720 crore in the escrow account of the State Bank of India (SBI). In November, the National Company Law Tribunal (NCLT) had given its approval to Jio for the acquisition of Reliance Infratel (RITL), an RCOM subsidiary that houses the tower and fibre assets. The tribunal had allo...
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders
Source: IANS
22/12/2022 2:34:31 PM
Kalpataru Power Transmission surges on the BSE Kalpataru Power Transmission is currently trading at Rs. 532.20, up by 3.65 points or 0.69% from its previous closing of Rs. 528.55 on the BSE. The scrip opened at Rs. 549.00 and has touched a high and low of Rs. 549.00 and Rs. 527.80 respectively. So far 25929 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 576.00 on 14-Dec-2022 and a 52 week low of Rs. 332.30 on 11-May-2022. Last one week high and low of the s...
Kalpataru Power Transmission surges on the BSE
Kalpataru Power Transmission surges on the BSE
Source: Accord Fintech
22/12/2022 11:49:34 AM
Jet Airways creditors at odds with owners over recovery plan Jet Airways' creditors and its new owners are deadlocked over a resolution plan to lift the Indian airline out of bankruptcy, putting its future in limbo, four sources said. Creditors may approach India's aviation ministry to seek approval to liquidate Jet's assets if there is no resolution on Tuesday in a critical court hearing, a senior banker said. "There are concerns the resolution plan may fall apart so we are looking to see if we can at least get something out of ...
Jet Airways creditors at odds with owners over recovery plan
Jet Airways creditors at odds with owners over recovery plan
Source: Reuters
29/11/2022 10:54:41 AM
Cumulative recovery rate under insolvency resolution processes declines to 30.18% in Q2FY23 Care Ratings in its latest report has said that the cumulative recovery rate under the insolvency resolution processes of debt-ridden companies declined to 30.18 per cent at the end of the September quarter (Q2FY23), indicating that lenders took more haircut on their exposure. The recovery rate has fallen steeply from a peak of 43 per cent in Q1 FY20. As per an analysis of Insolvency and Bankruptcy Board of India (IBBI) data done by Care Ratings, of the Rs 7,90,626.2 crore claims from the ...
Cumulative recovery rate under insolvency resolution processes declines to 30.18% in Q2FY23
Cumulative recovery rate under insolvency resolution processes declines to 30.18% in Q2FY23
Source: Accord Fintech
28/11/2022 11:34:23 AM
NCLT orders corporate insolvency resolution in BPTP The National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process of real estate company, BPTP Ltd on November 14. Rakesh Kumar Gupta has been appointed the IRP and the creditors have been asked to provide claims with proof by November 27. RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003. The applicant is a MSME engaged in infrastructure activities that contribute to the completi...
NCLT orders corporate insolvency resolution in BPTP
NCLT orders corporate insolvency resolution in BPTP
Source: IANS
18/11/2022 9:30:25 AM
Hinduja Global Solutions zooms on completing acquisition of NXTDIGITAL`s digital media business in India Hinduja Global Solutions is currently trading at Rs. 1303.45, up by 48.70 points or 3.88% from its previous closing of Rs. 1254.75 on the BSE. The scrip opened at Rs. 1271.90 and has touched a high and low of Rs. 1316.25 and Rs. 1252.90 respectively. So far 9933 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1974.00 on 04-Jan-2022 and a 52 week low of Rs. 847.00 on 13-May-2022. Last one week high and low of th...
Hinduja Global Solutions zooms on completing acquisition of NXTDIGITAL`s digital media business in India
Hinduja Global Solutions zooms on completing acquisition of NXTDIGITAL`s digital media business in India
Source: Accord Fintech
14/11/2022 3:32:05 PM
Nxtdigital surges on getting NCLT`s sanction to scheme of arrangement with HGS Nxtdigital is currently trading at Rs. 411.80, up by 11.55 points or 2.89% from its previous closing of Rs. 400.25 on the BSE. The scrip opened at Rs. 414.00 and has touched a high and low of Rs. 418.35 and Rs. 408.50 respectively. So far 1843 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 526.00 on 24-Aug-2022 and a 52 week low of Rs. 320.00 on 21-Jun-2022. Last one week high and low of the scrip stood at Rs....
Nxtdigital surges on getting NCLT`s sanction to scheme of arrangement with HGS
Nxtdigital surges on getting NCLT`s sanction to scheme of arrangement with HGS
Source: Accord Fintech
14/11/2022 11:40:06 AM
Key Stock News: Inox Green, Adani Ports, Amara Raja, NCLT, HDFC , JSW Ports - ARETE Securities   Key News Inox Green Energy plans to launch Rs 740-cr IPO in next 30-45 days: CEO Inox Green Energy Services, a subsidiary of Inox Wind, is planning to come out with its Initial Public Offering (IPO) by October this year to raise Rs 740 crore to fund its expansion plans. The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI...
Key Stock News: Inox Green, Adani Ports, Amara Raja, NCLT, HDFC , JSW Ports - ARETE Securities
Key Stock News: Inox Green, Adani Ports, Amara Raja, NCLT, HDFC , JSW Ports - ARETE Securities
Source: ARETE Securities Ltd
19/09/2022 9:30:27 AM
Holiday Inn Express Hotel at IGI Airport goes up for sale New Delhi, Sep 2  The Holiday Inn Express hotel, situated at Terminal 3 of the national capital's Indira Gandhi International Airport, is up for sale at an asking price of Rs 230 crore, as per media reports. According to reports, the 93-room hotel is controlled by Devraya Hospitalities, which is a fully-owned subsidiary of Radius Developers. Radius Developers was admitted under the National Company Law Tribunal last year, the reports said, attributing that this may be the reaso...
Holiday Inn Express Hotel at IGI Airport goes up for sale
Holiday Inn Express Hotel at IGI Airport goes up for sale
Source: IANS
2/09/2022 8:27:38 PM