The development comes months after IDBI Bank approached NCLT in December last year seeking an insolvency proceeding against the debt-laden media giant, in order to recover ₹149.60 crore dues.
One player going bust makes bankers, lessors, vendors and all other stakeholders wary as the Indian aviation space is getting a reputation for frequent airline failures.
NCLT has appointed Vijaykumar V Iyer of Deloitte India Insolvency Professionals LLP as the interim resolution professional for the insolvency proceedings against Future Retail.
Another meeting with secured and unsecured creditors of the listed Future Group companies is scheduled for today.
The lender’s move to seek insolvency proceedings against the embattled retailer is likely to affect its ₹24,713 crore asset sale deal with Reliance Industries.
The NCLT has appointed Hitesh Goel as the insolvency resolution professional, who is expected to kickstart the corporate insolvency resolution process soon
Pre-packs—processes where a sale or turnaround plan is finalised for a business before the start of the insolvency process—make for a speedy resolution. But are they viable under Indian laws?
In the time of a pandemic, dispute resolution needs to change from standing before a bench to sitting across a table.
With banks now seeking a resolution under the Insolvency and Bankruptcy Code, it perhaps is the end of the road for India’s premier airline Jet Airways.
The IL&FS Group will cut almost 65% of its total workforce.
