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NCLT allows Go First to use leased aircraft amid insolvency proceedings; resolution brings hope for airline's revival. DGCA grants conditional approval

NCLT refuses to restrain Go First from flying leased planes

NCLT refuses to restrain Go First from using leased aircraft amid insolvency proceedings; resolution brings hope for airline's revival. DGCA grants conditional approval

Insolvency tribunal NCLT on Wednesday rejected Go First lessors' petitions to take back the planes leased to the grounded airline.
The NCLT clarified that since the Directorate General of Civil Aviation (DGCA) had not deregistered Go First's aircraft, they can be used to resume operations, provided they adhere to safety norms set by regulators.
Engine and aircraft lessors had sought permission to inspect the aircraft, but the NCLT rejected the plea, stressing the resolution professional's duty to maintain the aircraft and engines efficiently and safely.
The Committee of Creditors has allocated funds to restore Go First's operations and pay lease rents, offering hope for the airline's revival.
Previously, the Delhi High Court had permitted eight aircraft lessors to inspect and maintain 30 aircraft owned by Go First. However, the NCLT clarified that its decision would align with the Insolvency &amp; Bankruptcy Code, 2016.
The tribunal noted that the lessors were aware of Go First's insolvency plea and any attempt to terminate lease agreements during the moratorium period would be considered evasive.
With a conditional approval from DGCA, Go First can now take steps towards resuming operations and overcoming financial challenges. The airline's revival prospects brighten as it continues efforts to attract potential investors through Expression of Interest.
In conclusion, the NCLT's decision allows Go First to keep its planes flying, paving the way for a possible turnaround in its fortunes and survival in the aviation sector.

The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4

NCLT issues notice to SpiceJet on aircraft lessor's insolvency petition

The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17.
The petition was filed by Aircastle (Ireland) Ltd.
A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing.
A SpiceJet spokesperson said that in the Aircastle issue, notice was issued in normal course.
" There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same," he said.
The latest development also comes at a time when crisis-hit rival Go First has filed for voluntary insolvency resolution proceedings.
Aircastle filed the petition against SpiceJet on April 28.
Last week, SpiceJet said there were no aircraft from Aircastle in the airline's fleet and that the filing of the petition will in no way affect its operations.
According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending before it.
The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4.

Section 10 of the Insolvency & Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default

NCLT to hear crisis hit Go First's insolvency plea on May 4

Section 10 of the Insolvency &amp; Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default

The National Company Law Tribunal tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First's voluntary insolvency resolution plea.
The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi-bench headed by President Justice Ramalingam Sudhakar.
The bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing.
The Wadia group-owned carrier has moved the National Company Law Tribunal (NCLT), Delhi, seeking voluntary insolvency resolution proceedings.
Section 10 of the Insolvency &amp; Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default.
Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings.
The airline, which has been grappling with engine issues since January 2020, said it has been forced to move the NCLT as P&amp;W refused to comply with an order issued by the Singapore International Arbitration Centre (SIAC), an emergency arbitrator.
The arbitrator had ordered P&amp;W to take all reasonable steps to release and dispatch without delay to the airline at least 10 serviceable spare leased engines by April 27 and another 10 spare leased engines per month until December 2023, as per the statement.

Delhi-NCR based real estate developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT).
This comes after Union Bank of India's (UBI) filed a petition claiming default with the NCLT against Supertech, following which the company went into insolvency. 
The declaration of bankruptcy may impact 25,000 homeowners awaiting possession of their homes booked with the developer for several years.
In August 2021, the Supreme Court ordered the demolition of Supertech's multi-story under-construction in Noida for violating building norms.Supertech stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the move.

NCLT declares Supertech bankrupt; 25,000 homeowners could be impacted

Real estate developer Supertech has said it will file an appeal with the National Company Law Appellate Tribunal 

Real estate developer Supertech declares bankruptcy; 25,000 homeowners could be impacted

In a setback for thousands of home buyers,&nbsp;the National Company Law Tribunal or NCLT has declared&nbsp;real estate&nbsp;developer&nbsp;Supertech&nbsp;bankrupt.&nbsp;&nbsp;
The decision came after Union Bank of India filed a petition&nbsp;claiming that the Delhi-NCR&nbsp;based developer had defaulted, following which the company went into insolvency.&nbsp;
The declaration of bankruptcy may impact 25,000 homeowners waiting for possession of their homes being developed by Supertech.&nbsp;
Supertech&nbsp;will file an appeal with the National Company Law Appellate Tribunal&nbsp;against the move.

Real estate developer&nbsp;Supertech&nbsp;has said it will file an appeal with the National Company Law Appellate Tribunal&nbsp;

Delhi-NCR&nbsp;based real estate&nbsp;developer Supertech&nbsp;was declared bankrupt by the National Company Law Tribunal (NCLT).
This comes after Union Bank of India's (UBI)&nbsp;filed a petition&nbsp;claiming default with the NCLT&nbsp;against Supertech, following which the company went into insolvency.&nbsp;
The declaration of bankruptcy may impact 25,000 homeowners awaiting possession of their homes booked with the developer for several years.
In August 2021, the Supreme Court ordered the demolition of Supertech's&nbsp;multi-story under-construction in Noida&nbsp;for violating building norms.Supertech&nbsp;stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the move.

A recent suit in the National Company Law Tribunal (NCLT) has brought to the surface a family feud in Analjit Singh's Max Group. In a petition registered with the NCLT on March 15, claimed “diversion and siphoning” off of funds by her husband from a group holding company.
In her submissions in the tribunal, she has also sought an investigation into the affairs of Max Ventures Investment Holdings Pvt Ltd and directions to declare Analjit Singh “unfit” to be a director and shareholder of the company.
What's the matter 
Neelu Analjit Singh, who owns 24.1% in the company, has claimed that the company’s assets were being sold, alienated or siphoned off through sham transactions and that she was being ousted by her husband from the business. She has requested the NCLT to order an independent audit of the company, and restrain Analjit Singh and other directors from using its funds.
Next hearing?
The petition was registered on March 15, as per information available on the NCLT's website, and no relief was granted in the first hearing on March 17. The next hearing is scheduled on March 31.
About MAX Group 
The latest closing share price reveals that the holding company owns stakes worth Rs 4000 crore in three listed Max Group companies – Max Financial Services, Max India and Max Ventures & Industries.

Max Family Feud: New saga featuring fund diversion and affairs 

Max Group founder Analjit Singh’s wife Neelu Singh has alleged that she was facing shareholder oppression at a group holding company

Here's the full report: 



Submissions by Neelu Analjit Singh's advocates in the tribunal state that proceeds of Rs 1,081 crore from the sale of shares in the three companies during the financial year 2020-21 had been parked as advance by the holding company in two entities where Neelu Analjit Singh had no shareholding.
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Analjit Singh's&nbsp;wife&nbsp;Neelu&nbsp;Singh has alleged that she was facing shareholder oppression at a group holding company and accused directors, including her husband, of mismanagement of affairs

This family feud has 'Max'imum&nbsp;drama as top industrialists wife alleges&nbsp;&ldquo;diversion and siphoning&rdquo; off of funds and benefits provided to a 'significant other'.&nbsp;&nbsp; A petition filed with&nbsp;National Company Law Tribunal (NCLT) has&nbsp;Max Group founder&nbsp;Analjit Singh's&nbsp;wife&nbsp;Neelu Analjit Singh&nbsp;alleging that he diverted and siphoned off funds from the company. Neelu&nbsp;also has asked the company to declare&nbsp;Analjit Singh &ldquo;unfit&rdquo; to be a director and shareholder of the company.
Allegations Against Analjit
Neelu Analjit Singh, who&nbsp;owns 24.1% in the company,&nbsp;has claimed that&nbsp;the company&rsquo;s assets were being sold, alienated or siphoned off through sham transactions and that she was being ousted by her husband from the business. Neelu&nbsp;also alleges that fund diversion was being done to aid an affair Analjit&nbsp;was having. She also claims that the undisclosed woman was&nbsp;on the boards of various companies that were subsidiaries or associate companies of a private venture led by Analjit Singh. She has requested the NCLT to order an independent audit of the company, and restrain Analjit Singh and other directors from using its funds.
What Next?&nbsp;
The petition was registered on March 15, as per information available on the NCLT's website, and no relief was granted in the first hearing on March 17. The next hearing is scheduled on March 31.
About MAX&nbsp;Group&nbsp;
The latest closing share price reveals that the holding company owns stakes worth Rs 4000 crore in three listed Max Group companies &ndash; Max Financial Services, Max India and Max Ventures &amp; Industries.

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp;DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one.More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

RBI bans DHFL from taking deposits from customers, revokes status

RBI has banned bankrupt&nbsp;DHFL&nbsp;from taking any deposits even after the&nbsp;Piramal&nbsp;resolution.&nbsp;

<ul>
<li>RBI&nbsp;bans DHFL&nbsp;from taking deposits&nbsp;</li>
<li>RBI&nbsp;revokes&nbsp;deposit-taking status of DHFL</li>
<li>DHFL&nbsp;NCLT&nbsp;order: Piramal's&nbsp;to acquire firm for Rs 35,250 cr</li>
<li>DHFL&nbsp;lenders to take a 65% haircut&nbsp;</li>
<li>DHFL&nbsp;first financial firm to go bankrupt&nbsp;</li>
<li>DHFL&nbsp;now a non-deposit taking NBFC&nbsp;</li>
</ul>

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Anil Agarwal’s Vedanta Group will now be  the owners to Venugopal Dhoot's empire of Videocon companies. National Company Law Tribunal approved Anil Agarwal-backed Twin Star Technologies’ bid to acquire Videocon Industries Ltd for ₹2,900 crore. This is against Videocon’s overall debt of around ₹ 46,000 crore meaning banks led by SBI & IDBI will have to take a hit of over ₹42,000 crore. Videocon, which is in multiple businesses ranging from oils to consumer durables, was controlled by the Dhoot family before lenders dragged it to the NCLT in 2017. The NCLT rejected offer by Dhoot to take back the company paving the way for Agarwal's takeover. 

Dhoot's envy Vedanta's pride, Videocon gets a new owner

Dhoot's envy Vedanta's pride, Videocon gets a new owner. Banks to take a hit of over Rs 40,000 cr.

Dhoot's envy Vedanta's pride, Videocon gets a new owner

<a href="https://www.editorji.com/partner/all-india-management-association/the-unstoppable-leading-vedanta-s-relentless-growth-1649870069645" target="_blank">Anil Agarwal&rsquo;s Vedanta Group</a> will now be&nbsp; the owners to Venugopal&nbsp;Dhoot's empire of Videocon&nbsp;companies.&nbsp; National Company Law Tribunal approved&nbsp;Anil Agarwal-backed Twin Star Technologies&rsquo; bid to acquire Videocon Industries Ltd for ₹2,900 crore. This is against&nbsp;Videocon&rsquo;s overall debt of around ₹ 46,000 crore&nbsp;meaning banks&nbsp;led by&nbsp;SBI&nbsp;&amp; IDBI will have to take a hit of over ₹42,000&nbsp;crore.&nbsp; Videocon, which is in multiple businesses ranging from oils to consumer durables, was controlled by the Dhoot family before lenders dragged it to the NCLT in 2017. The NCLT&nbsp;rejected offer by Dhoot&nbsp;to take back the company paving the way for Agarwal's&nbsp;takeover.&nbsp;

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