Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
The government is planning to draft rules for the National Company Law Tribunal (NCLT) to deal with Insolvency and Bankruptcy (IBC) cases, according to official sources. The Ministry of Corporate Affairs (MCA) is also looking to fill all vacant posts at various NCLT Benches by August and put in place an IT-enabled system that would use artificial intelligence (AI) for case management. The NCLT, adjudicating authority for matters related to company affairs, was constituted before the IBC came into effect.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
'He has dealt with such tremendous odds that he understands things at a level that not many people do.'
Faadu: A Love Story looks like one of those old movies with a socialist bent that glorified honest poverty and looked down upon ambition and enterprise, notes Deepa Gahlot.
Commander Abhilash Tomy of the Indian Navy will set sail from France on the 30,000-mile Golden Globe Race only with a compass, printed maps, star and planetary movements and 140 litres of fuel.
The bodies of 13 people who were killed in a landslide at Plaupally in Koottikkal village (Kanjirapally Taluk, Kottayam District) were recovered.
Commander Abhilash Tomy KC, who is representing India in the Golden Globe Race, suffered a back injury on Friday after the yacht was dismasted due to extremely rough weather and sea conditions in the Indian Ocean.
After a stellar November that saw companies mop up over Rs 36,000 crore from the primary market via initial public offers (IPOs) and offers for sale (OFS), the current month, analysts said, will test investor's willingness to stay on with their investments as the one-month mandatory lock-in period for anchor investors begins to loosen. A note by Edelweiss Alternative Research suggests that in calendar year 2021 (CY21), 51 companies went public. Of these, 41 issuances' anchor selling dates are already over.
Rediff.com's Anita Aikara and Rajesh Karkera spotted these stylish attendees at the Lakme Fashion Week.
Banking and financial stocks got more than their fair share of foreign portfolio investor (FPI) flows in February. Overseas investors pumped in $3.56 billion into domestic equities last month. Of this $1.96 billion went into financial stocks, data analysed by Edelweiss shows. "The sector now has 34.8 per cent of FPI assets, up from 33.8 per cent in January.
Reader Abhilash Jaiswal sent us this photograph from New Delhi.
'Very thankful to #IndianNavy & all who rescued me,' Tomy was quoted as saying in the Indian Navy spokesman's tweet.
Madhya Pradesh Cricket Association (MPCA) on Sunday said it is ready to host the premier Ranji Trophy as well as the Syed Mushtaq Ali T20 tournament and has already informed the BCCI about its decision.
Over 40 per cent of the total season tickets of the India-Bangladesh Test beginning November 14 have been sold out so far in the last four days.
Reader Abhilash Nair sent us this picture from South Africa.
While the stocks met various other inclusion parameters, there were fears they may still get disqualified given the sharp run up in their stock prices.
There are all sorts of genres on OTT, ready to cater to all of one's moods.
OTT has been flooded with a number of film and Web series releases, and many of them are very entertaining.
A PhD scholar from Kerala pursuing doctoral studies at the Indian Institute of Technology in Kanpur allegedly committed suicide by consuming cyanide.
The decision has come amid a spike in the number of infection cases, which had crossed 35,000 on Saturday.
Commander Abhilash Tomy of the Indian Navy sailed the oceans and conquered likely death after a storm badly injured his spine and destroyed his boat. Archana Masih/Rediff.com met the decorated sailor who fought all odds to return home alive.
Lieutenant Commander Abhilash Tomy set off on his adventure a solo, non-stop circumnavigation of the world -- from Mumbai on Thursday.
News of all that transpired on and off the football field
Some families also got together to clean their houses, for lunch and even board games, which they said has not happened in a long time.
Experts said banking is a play on the economy and the latest buying into this space is underpinned by hopes of a sharper-than-expected recovery in the economy.
Paresh C Palicha recommends Anuraga Karikkinvellam.
22 bodies, 13 from Kottayam district and 9 from Idukki were recovered from various rain-hit areas while National Disaster Response Force teams continued their rescue operations.
It will be a dream come true for Lt Commander Abhilash Tomy when President Pranab Mukherjee felicitates him in Mumbai on Saturday for completing a non-stop solo circumnavigation of the globe under sails in 150 days.
Tomy was battling for life on the dismasted sailboat Thoriya with a severe back injury, the officials said.
Rediff.com's Manu Shankar speaks to Lieutenant Commander Abhilash Tomy of the Indian Navy, who will set out an extraordinary trip from November 1 -- a solo, non-stop circumnavigation, covering about 21,600 nautical miles -- in 180 days!
India's first 1000 MW atomic power plant built with Russian collaboration at Kudankulam is just two steps away from going critical, a top official said on Friday.
Maharashtra's young cricketer Kishor Bhikane, 25, was on Sunday killed in a road accident while another player Abhilash Lokhande sustained serious injuries, police said.
I can never forget the day when in a remote corner of the planet that mariners call the Horn, or the Everest of the Seas, I hoisted the Indian flag on my boat and gave a salute to our tricolour. It was the proudest moment of my life, says Indian Navy Lieutenant Commander Abhilash Tomy, the first Indian and second Asian to solo circumnavigate the globe on a sailboat -- nonstop and unassisted.
Govind Podder (51) crafted a patient half-century and Deepak Behera a crucial unbeaten 35 under pressure to lead Odisha to a four-wicket win over Haryana in their Ranji Trophy Group B match, in Rohtak, on Tuesday.
Abhilash Kanaparthi, an alumnus of Indian Institute of Management, Raipur tells you why you can expect these 6 hottest subjects in a B-school Group Discussion this year.
The film jolts you and keeps you riveted to the screen.
Be brave to fail, learn, and lead, advises Abhilash R, founder and CEO, Bloombloom Dreambiz (P) Ltd and B-HUB Lifespaces.
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