Jet Airways and Etihad Airways are working together on a resolution plan to make the airline robust and viable, the two airlines said in a joint statement on Monday. The communication comes in the backdrop of lessor actions to ground planes and threats from a section of pilots to stop flying over salary delays. “Jet […]
Day: February 26, 2019
Adani group forays into airport sector; wins bid to operate 5 airports
Gautam Adani-led Adani Enterprises is the highest bidder for airports in Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Lucknow, according to industry sources aware of the development. The government invited bids for these from private players, to manage them for 50 years. The aggressive bids made by Adani revealed how eager they were to enter the sector. […]
No decision taken on referring debt-ridden Jet Airways to NCLT, says SBI
Jet Airways Ltd’s largest lender State Bank of India (SBI) said on Monday media reports on the state-run bank referring the debt-laden carrier to the National Company Law Tribunal (NCLT) to recover loans were “speculative”, and that no such decision had been taken. Reports earlier said SBI was mulling moving the NCLT to recover its […]
GMR wins bid for Andhra’s greenfield Bhogapuram Int’l Airport Project
Airports and infrastructure major GMR has emerged as the highest bidder for green-field Bhogapuram International Airport project for which Andhra Pradesh government had invited bids from prospective developers in July last year. The financial bids were opened by the officials of Andhra Pradesh Airports Development Corporation (APADCL), a government nodal agency, on Monday. The successful […]
EPFO says exempted firms, not staff, to bear losses of investments in IL&FS
The Employees Provident Organisation (EPFO) is reviewing the investments made by companies, managing their own provident fund, towards crisis-hit Infrastructure Leasing & Financial Services (IL&FS). The EPFO has written to 1,374 companies managing the employees’ provident fund (EPF) accounts of their employees on their own, known as exempted firms, asking them about the exposure towards […]
Banks can’t declare accounts of debt-ridden IL&FS as NPA without NCLAT nod
No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT’s permission, the appellate tribunal said on Monday. A two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by Chairman Justice S J Mukhopadhaya, said that this is done in the interest of IL&FS […]
IL&FS, subsidiaries can be declared NPAs only after nod, says NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Monday ruled that accounts of Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries could not be classified as non-performing assets (NPAs) without approval from the tribunal. “Without going into the rival contention of the parties, we make it clear that due to non-payment of dues by […]