Creditor News

Creditors will discuss the eligibility criteria for prospective resolution applicantsOther issues on the agenda are updates on the insolvency process, a resolution strategy

The CoC has decided January 15 as the last date of submission of EoIs and February 17 as the last date of submission of resolution plansThe tribunal directed the CoC members, who have not honoured the order of the court, to remain present on February 19 - the next date of hearing

The decision was taken at a meeting of the committee of creditors on 17 DecemberSo far, Synergy Group, controlled by 69-year-old Bolivia-born billionaire Germán Efromovich, has emerged as the sole bidder for Jet Airways

The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex courtFor homebuyers, NBCC is looking to reduce the deadline for completing pending flats from four years timeline proposed in the bid submitted on November 17

The draft forensic audit report will be presented to the board once it is finalizedOut of the around ₹27,000 cr worth of loans raised by DHFL from banks for on-lending to home buyers, around ₹10,050 cr was invested in mutual funds, findings of the audit revealed

NCLAT says the Dutch administrator will be part of CoC meeting and will be given minutes of the meetingsAppellate tribunal also sets aside the earlier order of the Mumbai bench of the NCLT, which had denied to recognize the Dutch insolvency proceedings

The proceeds will be utilized for aircraft maintenance, to pay staff processing claims made by various creditors of the grounded airline, said the reportA consortium of 26 bankers had earlier approached the tribunal in June to recover dues of over ₹8,500 crore from the grounded airline

Only a small segment of bondholders have agreed to be on board the proposed resolutionThe process has been further complicated as certain bondholders have also initiated a process to take DHFL to bankruptcy court

The government’s proposed amendments of the code are welcome, but some additional tweaks could go a long way

The NCLT will hear the insolvency case and the progress report by the insolvency resolution professional (IRP) on 23 JulyJet Airways has not flown since 18 April because of funding woes