Diabytes
Insolvency News
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SpiceJet has received notice from National Company Law Tribunal, however, the airline is claiming that rumours of insolvency are false, and it is focussing on recovery of its fleet.
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Go First Insolvency: According to the order by NCLT, IRP has been asked to take necessary steps including execution of the arbitral awards, keep it as a going concern and run its services smoothly.
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Amid cash crunch, Go First, a Wadia-group owned airline has submitted a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA).
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The overall recovery rate implies a haircut of around 70 per cent for the lenders.
The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).
The cumulative recovery rate has been on a downtrend.
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This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.
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In the liquidation case pertaining to Sterling Biotech, the NCLAT has set aside a bankruptcy court order to liquidate a debt-ridden company while allowing its promoters to take back control of the firm after making full payment to the lenders.
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In the voting process that concluded on June 10, majority of banks voted against NBCC's bid to acquire the debt-laden firm. Most homebuyers voted in favour of the NBCC bid.
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He was responding to a query on whether Jet Airways is a fit case to be referred under the Insolvency and Bankruptcy Code (IBC).
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The Centre is inclined towards the UK system with some modifications, sources have said.
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The plea of Anil Ambani-run RCom was mentioned today before the bench of the National Company Law Appellate Tribunal (NCLAT), seeking an urgent hearing on the issue.
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Anil Ambani-run RCom's plea is expected to be heard by the appellate tribunal in the coming week.
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The IBBI has evolved a transparent and consultative process to make regulations.
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The insolvency and bankruptcy code is a very positive financial sector reform, especially for the the banking sector, as it will give creditors a legal path for recovering their dues in a time-bound manner, says a Nomura report.
Insolvency and Bankruptcy Code will make it easy for a budding entrepreneur to start or exit from the startup business, Commerce and Industry Minister Nirmala Sitharaman said on Thursday.
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