ZBA’s Post

Wilmington Trust contests SpiceJet dismissal at NCLAT. Aircraft lessor Wilmington Trust SP Services has moved the National Company Law Appellate Tribunal (NCLAT) by filing an appeal against an earlier order of the National Company Law Tribunal (NCLT). The NCLT had dismissed Wilmington Trust’s insolvency plea against the low-cost carrier SpiceJet. The appeal is scheduled for a hearing on March 21 before a bench led by Chairperson Justice Ashok Bhushan at the NCLAT. In June 2023, Wilmington Trust SP Services filed an insolvency petition against SpiceJet due to unpaid dues. However, SpiceJet argued that Wilmington was associated with Aircastle, which had previously filed two insolvency pleas. Wilmington contended that it acted as a trustee of Aircastle and maintained that its plea was valid under the Insolvency & Bankruptcy Code. SpiceJet faced insolvency pleas from various aircraft lessors, including Willis Lease, Aircastle Ireland Ltd., Wilmington, and Celestial Aviation. Recently, another Ireland-based aircraft lessor, Alterna Aircraft BV Ltd., withdrew its insolvency plea against SpiceJet at the National Company Law Tribunal (NCLT) and plans to pursue the matter in an appropriate forum. In December 2023, the NCLT also dismissed an insolvency plea filed by aircraft lessor Willis Lease. Source: http://surl.li/spekr #aaainsolvency #legal #insolvency #bankruptcy #valuation #nclat #nclt #finance #financial #banking #lawyers

Wilmington Trust contests SpiceJet dismissal at NCLAT. Aircraft lessor Wilmington Trust SP Services has moved the National Company Law Appellate Tribunal (NCLAT) by filing an appeal against an earlier order of the National Company Law Tribunal (NCLT). The NCLT had dismissed Wilmington Trust’s insolvency plea against the low-cost carrier SpiceJet. The appeal is scheduled for a hearing on March 21 before a bench led by Chairperson Justice Ashok Bhushan at the NCLAT. In June 2023, Wilmington Trust SP Services filed an insolvency petition against SpiceJet due to unpaid dues. However, SpiceJet argued that Wilmington was associated with Aircastle, which had previously filed two insolvency pleas. Wilmington contended that it acted as a trustee of Aircastle and maintained that its plea was valid under the Insolvency & Bankruptcy Code. SpiceJet faced insolvency pleas from various aircraft lessors, including Willis Lease, Aircastle Ireland Ltd., Wilmington, and Celestial Aviation. Recently, another Ireland-based aircraft lessor, Alterna Aircraft BV Ltd., withdrew its insolvency plea against SpiceJet at the National Company Law Tribunal (NCLT) and plans to pursue the matter in an appropriate forum. In December 2023, the NCLT also dismissed an insolvency plea filed by aircraft lessor Willis Lease. Source: http://surl.li/spekr Follow: AAA Legal #aaalegal #legal #insolvency #bankruptcy #valuation #nclat #nclt #finance #financial #banking #lawyers 

Wilmington Trust contests SpiceJet dismissal at NCLAT. Aircraft lessor Wilmington Trust SP Services has moved the National Company Law Appellate Tribunal (NCLAT) by filing an appeal against an earlier order of the National Company Law Tribunal (NCLT). The NCLT had dismissed Wilmington Trust’s insolvency plea against the low-cost carrier SpiceJet. The appeal is scheduled for a hearing on March 21 before a bench led by Chairperson Justice Ashok Bhushan at the NCLAT. In June 2023, Wilmington Trust SP Services filed an insolvency petition against SpiceJet due to unpaid dues. However, SpiceJet argued that Wilmington was associated with Aircastle, which had previously filed two insolvency pleas. Wilmington contended that it acted as a trustee of Aircastle and maintained that its plea was valid under the Insolvency & Bankruptcy Code. SpiceJet faced insolvency pleas from various aircraft lessors, including Willis Lease, Aircastle Ireland Ltd., Wilmington, and Celestial Aviation. Recently, another Ireland-based aircraft lessor, Alterna Aircraft BV Ltd., withdrew its insolvency plea against SpiceJet at the National Company Law Tribunal (NCLT) and plans to pursue the matter in an appropriate forum. In December 2023, the NCLT also dismissed an insolvency plea filed by aircraft lessor Willis Lease. Source: http://surl.li/spekr Follow: AAA Insolvency Professionals LLP #aaainsolvency #legal #insolvency #bankruptcy #valuation #nclat #nclt #finance #financial #banking #lawyers 

Wilmington Trust contests SpiceJet dismissal at NCLAT. Aircraft lessor Wilmington Trust SP Services has moved the National Company Law Appellate Tribunal (NCLAT) by filing an appeal against an earlier order of the National Company Law Tribunal (NCLT). The NCLT had dismissed Wilmington Trust’s insolvency plea against the low-cost carrier SpiceJet. The appeal is scheduled for a hearing on March 21 before a bench led by Chairperson Justice Ashok Bhushan at the NCLAT. In June 2023, Wilmington Trust SP Services filed an insolvency petition against SpiceJet due to unpaid dues. However, SpiceJet argued that Wilmington was associated with Aircastle, which had previously filed two insolvency pleas. Wilmington contended that it acted as a trustee of Aircastle and maintained that its plea was valid under the Insolvency & Bankruptcy Code. SpiceJet faced insolvency pleas from various aircraft lessors, including Willis Lease, Aircastle Ireland Ltd., Wilmington, and Celestial Aviation. Recently, another Ireland-based aircraft lessor, Alterna Aircraft BV Ltd., withdrew its insolvency plea against SpiceJet at the National Company Law Tribunal (NCLT) and plans to pursue the matter in an appropriate forum. In December 2023, the NCLT also dismissed an insolvency plea filed by aircraft lessor Willis Lease. Source: http://surl.li/spekr Follow: AAA Legal #aaagroups #legal #insolvency #bankruptcy #valuation #nclat #nclt #finance #financial #banking #lawyers 

Dear all, I write for Centre for Business and Commercial Laws, NLIU on the recent notification issued by the Ministry of Corporate Affairs (MCA). The notification pertains to Section 14 of the Insolvency and Bankruptcy Code 2016, which provides for a moratorium restricting institution of proceedings against a Corporate Debtor (CD), with the aim of protecting its assets and status as a "going concern". With the notification, MCA exempts aircraft companies from the moratorium imposed under the Code, in effect, attempting to incorporate the Cape Town Convention on International Interests in Mobile Equipment 2001. The piece argues that the notification violates fundamental principles of insolvency process in India, which seeks to pursue and maintain the CD's status as a "going concern". Moreover, utilisation of a notification route leads to an inadequate adoption of the Cape Town Convention as, in its present form, the Code doesn't incorporate the Convention's procedure in its entirety, preventing CDs from accessing the balanced approach that the Convention actually envisages. Overall the article aims to highlight the issue from the perspective of intended beneficiaries of the Code-the Corporate Debtors. Check it out at https://lnkd.in/gTUhi73R #corporatelaw #insolvencylaw #insolvencyandbankruptcy

Liquidations in the British Virgin Islands can be either an insolvent liquidation governed by the Insolvency Act 2003 (as amended), or a solvent liquidation governed by the BVI Business Companies Act (as amended). Edmond Fung at Loeb Smith Attorneys provides an overview of insolvent liquidations in the British Virgin Islands, focusing on the process, the role and duties of liquidators, and the termination of liquidation under the Insolvency Act 2003. Visit Law.asia for more legal intelligence. 📢 Sign up for the latest updates in the legal industry: https://lnkd.in/gGwWP7D7 #ablj #asia #hongkong #offshore #bvi #liquidation #insolvency #corporatelaw #legaladvice #inhousecounsel #business #legalprofession #lawfirms #lawyers #legal #law #lawdotasia

NCLT gives fourth extension of 60 days to Go First to complete insolvency- The National Company Law Tribunal (NCLT) has granted an extension of 60 days to the grounded air carrier Go First for completing the insolvency process. This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer. The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations. As per Section 12(1) of the Code, CIRP should be completed within 180 days. However, the maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days, failing which a corporate debtor is sent for liquidation. On May 10, 2023, the NCLT admitted the plea of Go First -- which stopped operating flights on May 3 -- to initiate voluntary insolvency resolution proceedings. Source - ET #ibc #cirp #timeboundmanner #aviation #law #nclt https://lnkd.in/dfYs_rNb

[Op Eds] Need for International Harmonisation of Cross-Border Insolvency Laws: Challenges and Prospects Introduction and Overview of the Concept of Cross-Border Insolvency Law in India by HARSHITH SAI BODDU Read Full Article Here- https://lnkd.in/g8fpVZNT #OpEd #ChallengesandProspects #CrossBorderInsolvencyLaws #InsolvencyandBankruptcyProfessionals #InsolvencyLawCommittee #InternationalAssociationofRestructuring #InternationalTradeLaw #MinistryofCorporateAffairs #NeedforInternationalHarmonisation #UnitedNationsCommission #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

🖋️ 𝙋𝙧𝙤𝙪𝙙 𝙩𝙤 𝙨𝙝𝙖𝙧𝙚 𝙤𝙪𝙧 𝙡𝙖𝙩𝙚𝙨𝙩 𝙘𝙤𝙡𝙡𝙖𝙗𝙤𝙧𝙖𝙩𝙞𝙫𝙚 𝙖𝙧𝙩𝙞𝙘𝙡𝙚 𝙤𝙣 𝘼𝙫𝙞𝙖𝙩𝙞𝙤𝙣 𝙄𝙣𝙨𝙤𝙡𝙫𝙚𝙣𝙘𝙮 𝙞𝙣 𝙄𝙣𝙙𝙞𝙖, 𝙘𝙤-𝙖𝙪𝙩𝙝𝙤𝙧𝙚𝙙 𝙬𝙞𝙩𝙝 Avni Singhania , Anjana Devi K, 𝙖𝙣𝙙 Aayush Shah. 🔍 𝙏𝙝𝙞𝙨 𝙥𝙞𝙚𝙘𝙚 𝙚𝙭𝙥𝙡𝙤𝙧𝙚𝙨 𝙩𝙝𝙚 𝙞𝙣𝙩𝙧𝙞𝙘𝙖𝙩𝙚 𝙙𝙮𝙣𝙖𝙢𝙞𝙘𝙨 𝙗𝙚𝙩𝙬𝙚𝙚𝙣 𝙩𝙝𝙚 𝘾𝙖𝙥𝙚 𝙏𝙤𝙬𝙣 𝘾𝙤𝙣𝙫𝙚𝙣𝙩𝙞𝙤𝙣 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙄𝙣𝙨𝙤𝙡𝙫𝙚𝙣𝙘𝙮 𝙖𝙣𝙙 𝘽𝙖𝙣𝙠𝙧𝙪𝙥𝙩𝙘𝙮 𝘾𝙤𝙙𝙚 (𝙄𝘽𝘾), 𝙝𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙞𝙣𝙜 𝙩𝙝𝙚 𝙪𝙣𝙞𝙦𝙪𝙚 𝙘𝙝𝙖𝙡𝙡𝙚𝙣𝙜𝙚𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙖𝙫𝙞𝙖𝙩𝙞𝙤𝙣 𝙨𝙚𝙘𝙩𝙤𝙧: ✈️ Analyzing Go First’s proactive insolvency filing due to persistent engine supply issues. 📜 Detailing how the IBC aims to safeguard stakeholders and facilitate restructuring, tailored to the needs of the aviation industry. 🌐 Discussing the protective measures for aircraft lessors under the Cape Town Convention, ensuring their rights during insolvency scenarios. 🏛️ Reflecting on India's efforts to harmonize its insolvency laws with global standards, promoting a secure environment for aircraft leasing. A special thank you to Laura Pierallini for her support in getting this article published through the International Bar Association. 𝙒𝙚 𝙞𝙣𝙫𝙞𝙩𝙚 𝙚𝙫𝙚𝙧𝙮𝙤𝙣𝙚 𝙩𝙤 𝙧𝙚𝙖𝙙 𝙖𝙣𝙙 𝙙𝙞𝙨𝙘𝙪𝙨𝙨 𝙝𝙤𝙬 𝙩𝙝𝙚𝙨𝙚 𝙧𝙚𝙜𝙪𝙡𝙖𝙩𝙤𝙧𝙮 𝙛𝙧𝙖𝙢𝙚𝙬𝙤𝙧𝙠𝙨 𝙞𝙢𝙥𝙖𝙘𝙩 𝙗𝙤𝙩𝙝 𝙩𝙝𝙚 𝙡𝙚𝙜𝙖𝙡 𝙖𝙣𝙙 𝙖𝙫𝙞𝙖𝙩𝙞𝙤𝙣 𝙡𝙖𝙣𝙙𝙨𝙘𝙖𝙥𝙚𝙨. #AviationLaw #Insolvency #IBC #CapeTownConvention #LegalInsight #BusinessLaw #KsinghaniaCo #India

A Study on Doctrine of Public Policy under Cross Border Insolvency – By K Yamini Reddy and Devendra Saikumar Musunuri, Student of NALSAR University of Law, Hyderabad & IICA India That several potential issues related to cross-border insolvency have been identified in the extensive research on the subject in recent years. An important question is whether these issues are acknowledged in all nations and if their judicial systems and insolvency administrators are capable of promptly addressing them. The effective execution and synchronisation of cross-border insolvency proceedings rely on two contrasting perspectives. Firstly, the universalist approach advocates for a comprehensive platform that addresses all #insolvency law matters. Secondly, the territorialism approach prioritises domestic interests, potentially disregarding the concerns of all creditors. The efficient facilitation of cross-border bankruptcy should be based on the principles of modified universalism and the objective of promoting collaboration between domestic courts, while also considering justice and local public policy. https://lnkd.in/grHPhf5N