Jet Airways aircraft sale

Posted By: Ramesh Sharma Posted On: Sep 06, 2023
Ace Aviation had initially moved the NCLAT against an interim order passed by the Mumbai NCLT in July, rejecting its plea to purchase the aircraft. . AFP PHOTO/Sajjad HUSSAIN

New Delhi: Malta-based Ace Aviation, a potential buyer of grounded Jet Airways aircraft, has requested the National Company Law Appellate Tribunal (NCLAT) to hear its appeal against an order by the Mumbai bench of the NCLT in two weeks.

The NCLT bench on 30 August reserved the final order on the sale of the grounded carrier's aircraft. The bench is likely to pass a final order in the coming days.

The appellate tribunal, while deferring the matter, noted that Ace Aviation can withdraw its appeal if the NCLT delivers a favourable judgement. The tribunal is scheduled to hear the matter next on 27 September.

Ace Aviation had initially moved the NCLAT against an interim order passed by the Mumbai NCLT in July, rejecting its plea to purchase the aircraft. The NCLT had said that either allowing or restraining the sale of the aircraft would lead to a reopening of the approved resolution plan.

In a previous hearing on 10 August, the NCLAT expressed a desire to settle the matter of pending dues between the lenders and the Jalan-Kalrock consortium before deciding on Ace Aviation's request. The NCLAT also mentioned that it cannot force the monitoring committee to sell the aircraft.

During the hearing, senior lawyer Ritin Rai, representing Ace Aviation, reiterated that the successful bidder for the insolvent airline, Jalan-Kalrock Consortium, had stated in the resolution plan that they were not interested in keeping the aircraft and that it could be put up for sale.

Rai also pointed out that Ace Aviation had received a letter of intent as the successful bidder but the seven-member committee – consisting of three members from JKC, three lenders, and one resolution professional — had stalled the purchase process.

Rai informed the court that Ace Aviation had already released ₹50 crore and had brought the remaining ₹350 crore of the total ₹400 crore for the aircraft purchase.

In previous proceedings, Ace Aviation had argued that the asset valuation of the parked aircraft was declining due to the ongoing deadlock between the lenders and the consortium.

In a related matter of JKC versus lenders led by State Bank of India, the NCLAT had on 28 August provided a lifeline to Jet Airways by granting the successful bidder time till 30 September to clear dues worth ₹350 crore.

Within 48 hours of the order, JKC announced that they had released the first instalment of ₹100 crore to lenders. According to the payment schedule approved by the NCLAT, JKC was required to pay ₹200 crore to lenders by 30 August, with the remaining ₹150 crore to be encashed from the performance guarantee. While lenders did not oppose the extension of time, they objected to the encashing of the bank guarantee.

Additionally, JKC filed a caveat in the Supreme Court to safeguard its interests in the event of lenders moving the top court against the NCLAT's interim ruling. The next hearing in the NCLAT for this case is expected to take place on 4 October.

Source: Live Mint
Related Posts: JET AIRWAYS,NCLAT,JALAN-KALROCK CONSORTIUM,NCLT,ACE AVIATION,STATE BANK OF INDIA

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Key trends shaping debt resolution under IBC

Posted By: Aditya Gogoi Posted On: Sep 19, 2023
At the end of the June quarter, of the 6,811 cases admitted in the NCLT, 3,034 cases were initiated by financial creditors, accounting for 45% of the cases.. (Mint)

The Insolvency and Bankruptcy Code (IBC) that came into force in 2016 has helped clean up the balance sheets of businesses and lenders and changed the behaviour of corporate borrowers. The major users of the IBC to initiate bankruptcy action are financial creditors, such as banks and institutions, and operational creditors, such as suppliers to distressed companies. Mint takes a look at the latest trends in the operation of the code.

Who triggers bankruptcy action most under IBC?

Under the IBC, in addition to operational and financial creditors, distressed companies can also initiate debt resolution action. Official data show that financial creditors like banks and institutions and operational creditors like suppliers to distressed company are the major users of IBC in initiating bankruptcy action. At the end of the June quarter, of the 6,811 cases admitted in the National Company Law Tribunal (NCLT), 3,034 cases were initiated by financial creditors, accounting for 45% of the cases. Operational creditors initiated 3,369 cases and corporate debtor initiated 408 cases. In the initial years of IBC--FY18 to FY22, operational creditors were the largest class of stakeholders to initiate bankruptcy action. However, that has changed in FY23, when financial creditors overtook operational creditors in terms of the number of bankruptcy action initiated. That trend has also continued in the June quarter.

Why operational creditor-initiated bankruptcy proceedings are declining?

A key observation made by experts about the operation of IBC so far has been that many parties have attempted to use it as a tool for recovery of dues although IBC has been conceptualised as a forum to rescue viable companies and to liquidate unviable ones quickly before the value of their assets erodes. Experts believe that the jurisprudence evolved by courts and adjudicatory authorities over the years that the IBC should not be treated as a recovery mechanism is helping to change creditor behaviour. Also, the fact that operational creditors do not get to be part of the committee of creditors set up under a tribunal's watch to restructure the defaulting company is proving to be a disincentive for them to invoke IBC.

Why past transactions of bankrupt firms are being questioned?

Increasingly, resolution professionals are bringing the past questionable transactions of distressed companies under the scanner. The idea is to see if those transactions executed in the period when the company was facing financial troubles, but before its admission to NCLT for debt resolution, involved any financial irregularity or were meant to divert funds. The law allows a resolution professional to approach the tribunal to annul an undervalued transaction of the bankrupt company dating back up to two years in the case of related party transactions and up to one year in the case of others.

What is the extent of such transactions questioned by resolution professionals?

So far, 947 such ‘voidable' transactions worth ₹2.95 trillion have been questioned by resolution professionals, of which 200 transactions worth ₹44,871 have been dealt with by the tribunals, and over ₹5,200 crore have been recovered, as per data from IBBI. In the June quarter, 76 cases involving ₹10,220 crore of allegedly questionable past transactions of insolvent companies have been taken to tribunals by resolution professionals.

Source: Live Mint
Related Posts: BANKRUPTCY CODE,INSOLVENCY AND BANKRUPTCY CODE,BANKRUPTCY PROCEEDINGS,IBC,NCLT,CORPORATE BORROWERS,RESOLUTION PROFESSIONALS

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NCLAT allows Go First lessor to inspect planes

Posted By: Pawan George Posted On: Aug 31, 2023
In the engine lessor case, the NCLAT modified the NCLT's July 26 order that allowed Go First to operate the leased aircraft.(PTI)

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed Jackson Square Aviation Ireland Ltd, the lessor for Go First, to carry out an inspection of their grounded aircraft.

The tribunal's approval was based on observation in its 18 August order in the case of Engine Lease Finance BV, where NCLAT granted it similar rights.

In the engine lessor case, the NCLAT modified the NCLT's 26 July order that allowed Go First to operate the leased aircraft. In its own directive, the NCLAT disagreed with the part of the NCLT's order that restricted the lessor from inspecting the engines. In its 18 August order, the Appellate Tribunal directed the RP to set an inspection date within 10 days.

The lessor filed this latest plea against the resolution professional (RP) of the airline, Shailendra Ajmera, challenging the NCLT July 26 order.

According to media reports, Go First's Ireland-based lessor, ACG Aircraft Leasing, informed the court that critical components, including fan blades, escape slides, and other vital parts, are missing from at least two aircraft. ACG submitted pictures and details of the missing items from two Airbus A320planes in a non-public filing at the Delhi High Court on July 28th.

The list of missing items includes the captain's "side stick" used for flying the aircraft, a tiller for ground steering, engine fan blades that were "completely missing," a partially absent toilet seat, and a removed escape slide.

Meanwhile, the case regarding deregistration of the grounded aircraft, filed by the lessors, is undergoing regular hearings before the Delhi High Court's single bench. Both the high court's division bench and the Supreme Court upheld the single bench's ruling, permitting lessors to conduct inspections of parked aircraft.

Mint earlier reported how despite approvals from the aviation regulator DGCA, Go First RP Shailendra Ajmera has not been able to raise funds due to a Delhi High Court order.

The airline has approached the CoC for an immediate infusion of ₹100 crore into the airline and to be able to service its insurance and other statutory obligations.

Go First, earlier owned by the Wadia Group, filed for insolvency attributing financial troubles to Pratt and Whitney's faulty engines. NCLT admitted the case on May 10, suspending the board, and imposing a moratorium on the airline's financial obligations.

The moratorium prompted several Go First aircraft lessors, including SMBC Aviation Capital, SFV Aircraft Holdings, and GY Aviation Lease, to move to the NCLAT. However, the NCLAT rejected their plea to stay NCLT proceedings.

Subsequently, lessors like Pembroke Aircraft Leasing 11 Ltd, SMBC Aviation Capital Ltd, Accipiter Investments Aircraft 2 Ltd, EOS Aviation 12 (Ireland) Ltd, SFV Aircraft Holdings IRE 9 DAC Ltd, ACG Aircraft Leasing Ireland Ltd, and DAE SY 22 13 Ireland Designated Activity Company approached the Delhi High Court. They sought the deregistration of aircraft leased to Go First.

Source: Live Mint
Related Posts: GO AIR,NCLAT,DGCA,NCLT,ENGINE LESSOR CASE

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Complex legal battles hold Jet Airways’ return

Posted By: Tarun Kumar Posted On: Aug 28, 2023
Jet Airways ceased operations on 17 April, 2019, after 26 years of service, due to financial difficulties.. AFP PHOTO/Sajjad HUSSAIN

NEW DELHI: Monday is set to be a crucial day for the grounded airline Jet Airways, with the National Company Appellate Tribunal (NCLAT) expected to pronounce an order today in the ongoing case between the airlines' successful bidder Jalan-Kalrock Capital consortium and erstwhile lenders led by State Bank of India (SBI).

Jet Airways ceased operations on 17 April, 2019, after 26 years of service, due to financial difficulties. Seeking revival, Jet Airways filed for insolvency in June 2019 with the National Company Law Tribunal (NCLT) in Mumbai. However, the process was derailed by the covid-19 pandemic and legal complexities raised by various stakeholders.

In October 2020, the Murari Lal Jalan-Kalrock Capital consortium emerged victorious in the bid, earning approval from the Committee of Creditors (CoC) and the NCLT. Their revival plan involves injecting ₹475 crore within the first two years and raising ₹125 crore through the sale of non-core assets by the end of the first year. However, the revival process has been stuck since.

Mint examines the prevailing legal disputes that are obstructing Jet Airways' efforts to revive and resume operations.

Challenging the Winning Bidder and Pending Dues

The successful bidder, Kalrock Capital Murari Lal Jalan consortium (JKC), faced opposition from former lenders led by SBI in the NCLAT. SBI contested the NCLT Mumbai bench declaration of the consortium as the winning bidder, arguing that the consortium hadn't fulfilled the outlined conditions in the resolution plan, including settling dues of approximately ₹800 crore.

The successful bidder for Jet Airways, JKC, is facing legal challenges from the airline's workers and employees, all of whom are seeking to recover their pending dues. Both the workmen and lenders took their grievances to the Supreme Court, pursuing the recovery of amount from the consortium.

Adding to the legal web, a Malta-based aviation company, Ave Aviation, sought NCLAT's permission to purchase aircraft from Jet Airways. However, the NCLT Mumbai bench dismissed their plea in July, with Ave Aviation accusing lenders of obstructing the aircraft sale.

The Crucial NCLAT Extension Plea

At the heart of the matter lies the extension plea filed by the successful bidder, JKC, which has requested a 90-day extension from the NCLAT to pay pending dues amounting to ₹350 crore. The SBI-led lenders set a deadline for JKC to deposit ₹350 crore by August 31, as a condition for ownership transfer.

JKC proposed paying the dues in two installments, with ₹150 crore by August 31 and the remaining ₹150 crore by September 30. JKC has accused lenders of deliberately blocking ownership transfer through legal roadblocks and seeks the tribunal's intervention to ensure a smooth transition.

While the NCLAT reserved its decision for 28 August regarding the extension, lenders expressed willingness to extend support to JKC. However, they contested JKC's attempt to modify the resolution plan's terms, including the addition of a performance bank guarantee of ₹150 crore.

Workers' Plea and Aircraft Purchase Dispute

Workers of Jet Airways took their plea to the NCLAT in October 2022, leading to a favourable ruling. The NCLAT directed JKC to pay around ₹224 crore in remaining dues along with provident and gratuity funds to the grounded airline's employees.

The Supreme Court upheld this NCLAT order in February, instructing the airline to reinstate 169 workers with full wages. These workers were deemed temporary by the airline, despite fulfilling the 240-day service requirement on a fixed-term contract.

Regarding the dispute involving Ace Aviation, NCLAT postponed the matter until the dues issue between JKC and lenders was resolved. The next hearing for the Ace Aviation case is scheduled for 6 September.

Regulatory Hurdles and Stalled Operations

The Directorate General of Civil Aviation (DGCA) on 28 July renewed Jet Airways' air operator certificate (AOC) that had lapsed in May 2022 due to JKC's failure to resume operations. However, despite AOC renewal, legal obstacles continue to prevent the airline from resuming flights.

The airline's spat with DGCA over slot allocation further compounds the situation. In June 2021, DGCA asserted that old slots wouldn't be reinstated based on the airline's 25-year operational history. NCLT's final order also rejected Jet Airways' claim for pre-allowed slots under the 'use it or lose it' rule.

What lies ahead

With these intricate legal proceedings in play, the fate of Jet Airways' revival hangs in balance. The NCLAT's forthcoming decision is anticipated to shed light on the extension plea, payment date, and the viability of a performance bank guarantee. The airline also saw key executives like CEO-designate Sanjiv Kapoor and airline's accountable manager P.P. Singh leave the airline since the new promoters were not even being able to pay full salaries and all keep executives were working on pay cut. The airline, sources say, currently has a very low number of employees in the operational departments, a key prerequisite for any airline. Amidst this legal maze, the future of Jet Airways and its revival aspirations remain uncertain.

Source: Live Mint
Related Posts: JET AIRWAYS,JALAN-KALROCK CAPITAL CONSORTIUM,STATE BANK OF INDIA,NCLAT,COVID-19 PANDEMIC,NCLT,DGCA

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SBI Chairman Dinesh Khara to receive 10-month extension

Posted By: Aditya Gogoi Posted On: Aug 25, 2023
Dinesh K. Khara - MD & CEO - SBI Funds Management Pvt Ltd. Photographed on 5 December 2014 by S Kumar/ Mint.

SBI Chairman Dinesh Khara is likely to remain at the top post for another 10 months. The official – appointed in October 2020 – may now remain at the role beyond this three year term. SBI rules mandate retirement at the age of 63 for its chairman – an age that Khara will reach in August next year.

According to a CNBC TV18 report quoting sources, SBI MD Ashwini Kumar Tewari may also receive an extension. While his current term is slated to end in January 2024, the publication indicates the possibility of a two year extension.

More to come…

Source: Live Mint
Related Posts: SBI,STATE BANK OF INDIA,DINESH KHARA,ASHWINI KUMAR TEWARI,SBI CHAIRMAN

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SBI posts record profit on lower provisions

Posted By: Ramesh Sharma Posted On: Aug 05, 2023
SBI headquarters in Mumbai.

MUMBAI : India’s largest lender State Bank of India (SBI) on Friday reported a net profit of ₹16,884 crore for the three months through June, more than double of last year, led by a surge in other income and lower provisions to cover bad loans.

For the state-owned bank, the June quarter profit was its highest ever, beating the Bloomberg estimate of ₹15,032 crore.

The substantial annual increase in other income was on a low base, a result of mark-to-market (MTM) loss in Q1 of FY23. Its net interest income— the difference between interest earned and expended— rose 25% to ₹38,905 crore.

The bank's domestic net interest margin (NIM), a key indicator of profitability, however, contracted 37 basis points (bps) sequentially but showed an improvement of 24 bps from the previous year to 3.47%.

Like its peers, SBI is also seeing the impact of its deposits repricing, an effect that kicks in with a lag. The bank's cost of domestic deposits increased 56 bps sequentially to 4.55%.

“NIM is always dynamic because the yield on advances will keep on changing and the cost of deposits will also keep on changing," said Dinesh Khara, chairman, SBI.

“We are very mindful that we should try to have a decent NIM, which also means we should not unnecessarily overprice our borrowers and should not underpay our depositors."

While asset quality improved in Q1, with gross bad loans as a percentage of total loans declining 2 bps sequentially and 115 bps y-o-y, its fresh slippages rose sequentially. SBI reported fresh slippages of ₹7,659 crore in Q1 FY24, as against ₹3,185 crore in the March quarter and ₹9,740 crore in the June quarter last year.

The lender's special mention accounts (SMA), an indicator of incipient stress, rose from ₹3,260 crore in the March quarter to ₹7,221 crore as on 30 June.

Of this, the bank has already regularized about ₹1,500 crore till the end of July.

Khara said there is no stress in corporate and retail segments, but some stress has originated from the small business and agriculture portfolio. The bank, Khara said, has already been able to course-correct these accounts to some extent.

“It is a function of the economy on ground and I would say that cash flow disruptions lead to some kind of impact on repayment timing. But more or less in terms of quality, it is much better," he said.

SBI reported a 15% y-o-y growth in domestic advances. Including loans from foreign offices, the loan growth was 14% and the aggregate loan book stood at ₹33 trillion.

“The bank will be very selective in international loans. We may not grow as we would be growing in the domestic market, as the international markets are very choppy and we will be growing in those markets if at all we can take care of the quality of assets," said Khara.

He added that the bank has set a target of 14-16% credit growth and a 13-14% deposit growth in 2023-24.

SBI's corporate loans grew at 12.4% and retail loans were up 16.5% in the three months through June.

The bank has a pipeline of about ₹ 3.5 trillion in corporate working capital and term loans, which will aid credit growth in the coming months.

Khara also mentioned that the bank has seen corporate credit demand from manufacturing, road and infrastructure, and renewable energy companies, among others.

“We will be growing everywhere. When it comes to corporates, we are open to all kinds of opportunities, maybe renewable, services, infrastructure, but it should be in our risk appetite," said Khara.

Shares of SBI closed at ₹573.25 on the BSE on Friday, 2.9% below their previous close.

Source: Live Mint
Related Posts: SBI,RECORD PROFIT,GROWTH,JUNE QUARTER,STATE BANK OF INDIA,NET PROFIT,SURGE IN OTHER INCOME,BAD LOANS

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Fortune Global 500 list

Posted By: Ramesh Sharma Posted On: Aug 03, 2023
(Representative image)

Fortune Global 500 list has been released and eight Indian companies have been featured in the list. Notably, billionaire Mukesh Ambani's Reliance Industries has maintained its high rank, furthering another sixteen places. Reliance Industries is now ranked at number 88.

Reliance Industries had been ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021, according to a report by PTI.

The ranking of number 88 is the best-ever achieved by Reliance on the Fortune Global 500 ranking list.

Meanwhile, Life Insurance Corporation of India (LICI) which slipped nine places to rank at 107. Notably, LICI had been featured in the Fortune Global 500 list for the first time in 2022.

A total of eight companies had featured in this years Fortune Global 500 list.

In that state-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.

Further, Oil and Natural Gas Corporation was ranked at number 158, Bharat Petroleum Corporation Ltd at number 233, and State Bank of India was placed at number 235 on the list. These were also the other state-owned firms on the list.

Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.

It is now the 20th year of Reliance being a part of the Fortune Global 500 list - much longer than any other private sector company in India.

Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before 31 March 2023.

Reliance Industries closed FY23 with record-high consolidated revenues of ₹9,76,524 crore, up 23.2 per cent, and EBITDA of ₹1,54,691 crore, up 23.1 per cent, with each of the O2C, retail and digital services businesses posting all-time high revenues.

(With inputs from PTI)

Source: Live Mint
Related Posts: RELIANCE INDUSTRIES,TATA MOTORS,STATE BANK OF INDIA,MUKESH AMBANI,FORTUNE GLOBAL 500,INDIAN OIL CORPORATION,FORTUNE GLOBAL 500 LIST 2023,FORTUNE GLOBAL 500 LIST 2022

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