Weekly Newsletter: Liquidation of Go First, relisting of Reliance Naval and Engineering
The week gone by saw the imminent liquidation of Go First airlines — a fate that was written on the wall, the moment the airline went into corporate insolvency resolution process. A similar fate awaits Tulip Hotels. But not everything was dark and bleak — there were some positive news as well. The shares of Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited, RNEL) got relisted on the exchanges at ₹35.99 per share. Read on our weekly newsletter what all happened in the insolvency and bankruptcy space last week.
1. SWAMIH Fund Enables Completion of 50,000 Stalled Homes
Date: January 25, 2025
The SWAMIH Investment Fund I has emerged as a transformative initiative in India’s real estate sector, delivering over 50,000 homes to buyers by providing last-mile funding to stalled housing projects. This government-backed fund aims to revive delayed projects and boost buyer confidence in the real estate market.
2. Indian Banks Face Risks Amid Unsecured Retail Loan Stress: Fitch Ratings
Date: January 23, 2025
Fitch Ratings has expressed concerns about increasing stress in Indian banks’ unsecured retail loan portfolios, which could challenge projections for improved asset quality. The rating agency warns that rising delinquencies in personal loans and credit card segments may impact the profitability and capital positions of banks.
3. Bookstore Chain Books Inc Files for Chapter 11 Bankruptcy
Date: January 23, 2025
Books Inc., the San Francisco Bay Area’s oldest independent bookstore chain, announced on January 21, 2025, that it has filed for Chapter 11 bankruptcy protection. The company cited challenges arising from the digital transformation of the book industry and increased competition from online retailers as primary reasons for the filing.
4. NCLT Dismisses Akshay Kumar’s Insolvency Plea Against Ed-Tech Firm Cue Learn
Date: January 22, 2025
Bollywood actor Akshay Kumar recently faced a setback in his legal battle as the National Company Law Tribunal (NCLT) dismissed his insolvency petition against ed-tech firm Cue Learn. The tribunal found that the dispute between the parties was contractual in nature and did not fall under the purview of insolvency proceedings.
5. RBI Relaxes Loan Settlement Rules for ARCs
Date: January 21, 2025
The Reserve Bank of India (RBI) has leveled the playing field for asset reconstruction companies (ARCs) by relaxing norms for loan settlements. ARCs can now settle loans with borrowers without the need for prior approval from the central bank, a move aimed at expediting the resolution of stressed assets.
6. NCLT Orders Liquidation of Low-Cost Airline Go First
Date: January 20, 2025
The National Company Law Tribunal (NCLT) has ordered the liquidation of the grounded low-cost airline, Go First. The decision was made after the airline failed to present a viable resolution plan to address its financial distress.
7. Reliance Naval and Engineering Shares Get Relisted at ₹35.99 a Piece
Date: January 20, 2025
Shares of Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited, RNEL) got relisted on the exchanges at ₹35.99 per share. The relisting follows the company’s successful resolution under the Insolvency and Bankruptcy Code (IBC).
8. NCLT Approves Aspect Global Ventures’ Resolution Plan for Rite Builtec
Date: January 19, 2025
The National Company Law Tribunal (NCLT), Mumbai, on 16th January 2025, approved the resolution plan for Rite Builtec Pvt. Ltd. submitted by Aspect Global Ventures LLP. The resolution professional, Amit Karia, oversaw the process leading to this approval.
9. NCLT Orders Liquidation of Tulip Hotels in Absence of a Resolution Plan
Date: January 19, 2025
The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the liquidation of Tulip Hotels Pvt. Ltd., marking the latest development in the company’s insolvency proceedings after no viable resolution plan was received.
10. CS Executive Entrance Test Results on 20th January
Date: January 19, 2025
The result of the CS Executive Entrance Test (CSEET) held on 11th January 2025 and 13th January 2025 is scheduled to be declared on 20th January 2025. Candidates who appeared for the examination can check their results on the official website of the Institute of Company Secretaries of India (ICSI).
For more detailed insights and updates, visit InsolvencyTracker.in
