News From ETBureau

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• Gayatri Projects promoters file plea against liquidation

  However, a successful outcome is far from easy as any settlement with promoters under Section 12A of Insolvency and Bankruptcy Code (IBC) needs approval from 90% of lenders.

  

• IndiGo in talks for 100 smaller planes as part of plan to widen regional network

  The airline, which already operates 45, 78-seater ATR-72 planes and will take delivery of five more this year, is expected to stick with Franco-Italian manufacturer ATR to benefit from economies of scale, people aware of the development told ET. However, the Airbus A220 and Embraer’s E-175 planes also remain in fray, they added.

  

• Tatas to conclude Vistara- AI merger by year end

  The merger will make the Air India group India’s largest international carrier, connecting five of the seven continents, operating more flights on international routes than any other airline, Air India CEO Campbell Wilson said, according to people who attended the townhall.

  

• GoFirst engine lessors to wait further; NCLT says it will study Delhi HC order

  National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal grants 10 days for written arguments in land lease dispute with Mack Star Marketing Pvt Ltd.

  

• PM Gati Shakti to aid in expanding social security

  To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.

  

• NCLT admits insolvency resolution application against Indira Container Terminal

  According to the company’s website, as the delay in commencing the operations was beyond the limits set by the Reserve Bank of India (RBI), the lenders classified the account as a Non-Performing Asset (NPA). As a result, the lenders halted further disbursals of loans resulting in the construction work coming to a complete standstill.

  

• Govt plans to scale up charging infra along key routes

  The Indian government plans to introduce electric buses on long-distance routes to accelerate the country's green mobility shift. The plan focuses on interstate passenger transport, with an estimated 1.25-1.45 million buses operating on intercity or interstate routes.

  

• Bankruptcy court admits insolvency plea against listed firm India Steel Works

  The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional.

  

• Sebi cuts lot size of private-placed InvITs to Rs 25 lakh

  "The proposal will help in increasing the liquidity of privately placed InvIT units by allowing a broader base of investors to participate in the market and promote diversification of investment portfolios, enabling investors to better manage risk," Sebi said in a discussion paper on Thursday.

  

• Air India Express crew back at work, 25 sacked staff taken back

  Tata-owned Air India Express cabin crew returned to work after 25 colleagues reinstated, resolving disruptions. The management of the low-cost airlines also said it will will look into the issues raised by the union.

  

• Jindal Poly Films questions the maintainability of class action suit

  Jindal Poly Films Ltd challenges the validity of a class action suit initiated by minority shareholders before the National Company Law Tribunal, arguing it falls outside the scope of Section 245 of the Companies Act, 2013. The suit alleges losses from discounted share sales and loan write-offs, seeking Rs 2,268 crore damages.