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View this email in your browser (https://mailchi.mp/b2b36ca2d6f5/your-weekly-insolvency-and-bankruptcy-news-197061?e=2da00e8643) ** ———————————————————— ** AAA Insolvency Professionals LLP (India’s largest insolvency professionals entity) ———————————————————— Key highlights on IBC, 2016 1. Telecom department rejects Aircel’s resolution proposal 2. Jet Airways crisis: Hindujas likely to bid for grounded airline in a week 3. NCLAT directs NCLT Allahabad bench to decide insolvency plea against JP Associates in 6 weeks 4. Introduction of CA Anil Kumar Khicha as a new partner of AAA Insolvency Professionals LLP 5. Introduction of CA. Pankaj Kr. Tibrewal as a new partner of AAA Insolvency Professionals LLP Dear We have introduced a weekly newsletter that will cover Insolvency news in the country. Since this will be a forever evolving newsletter your feedback is important to us. You may reply on this thread with your inputs. Here is this week’s Top Insolvency News! Telecom department rejects Aircel’s resolution proposal The Department of Telecommunications (DoT) has rejected the resolution proposal cleared by bankrupt telco Aircel’s lenders under which Rs 16.50 crore was earmarked for all operational creditors, including the government, saying it was insufficient to cover for its license and spectrum-related dues. “As per their plan (that of resolution professional), a sum of Rs 16.50 crore has been earmarked for all operational creditors. There is no specific provision for the DoT,” continue reading (https://economictimes.indiatimes.com/industry/telecom/telecom-news/telecom-department-rejects-aircels-resolution-proposal/articleshow/70023027.cms) Jet Airways crisis: Hindujas likely to bid for the grounded airline in a week Lenders, including IDBI Bank and Punjab National Bank, reportedly have outstanding debt worth Rs 8,000 crore from Jet Airways, while dues with operational creditors are much larger. The Hinduja group is likely to put a formal bid for crisis-ridden Jet Airways as early as this week, sources said. Ongoing discussions between the Hinduja group, Etihad Airways, and lenders to Jet Airways gathered steam after June 20, when the National Company Law Tribunal (NCLT) had passed an order, initiating insolvency proceedings against the grounded airline. “Discussions have been fast-tracked with the insolvency plea being filed. We had been working with an internal deadline of mid-July to finalize the details, but a formal bid could be submitted to the interim resolution professional this week itself continue reading (https://www.financialexpress.com/industry/jet-airways-crisis-hindujas-likely-to-bid-for-grounded-airline-in-a-week/1625326/) NCLAT directs NCLT Allahabad bench to decide insolvency plea against JP Associates in 6 weeks The NCLAT on Monday directed the National Company Law Tribunal to decide the insolvency plea filed by ICICI Bank against Jaiprakash Associates in six weeks. The private sector lender had approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT Allahabad-bench to expedite the hearing on its insolvency petition against Jaypee Group firm Jaiprakash Associates Ltd (JAL). Hearing the matter, a three-judge bench of the NCLAT headed by Chairman Justice S J Mukhopadhyaya directed the NCLT Allahabad to decide on admitting the plea preferably in six weeks. continue reading (https://www.firstpost.com/business/nclat-directs-nclt-allahabad-bench-to-decide-insolvency-plea-against-jp-associates-in-6-weeks-6913241.html) Introduction of CA Anil Kumar Khicha as a new partner of AAA Insolvency Professionals LLP About CA Anil Khicha B.Com, FCA Insolvency Professional Regn .No .IBBI/IPA-001/IP-P00422/2017-18/10745 Designated Partner, Chennai Total experience : 30 Years CA Anil Khicha is appointed Chennai (https://insolvencyandbankruptcy.in/directory/chennai-office/) based partner of AAA Insolvency Professionals LLP (“AAAIP”) Core Competence & Industry specific experience Audit, accounting, bank audits, debt syndication, a corporate consultancy. Industry Sectors: Steel Industry, Real Estate/Builders, Trading Business and NBFCs. Experience in restructuring & handling of Stressed Assets. Structuring & Restructuring of debts finance with banks in more than 40 assignments. Experience under IBC 3 cases filed with NCLT on behalf of operational creditors-2 at Chennai & 1 at Guwahati. continue reading (https://insolvencyandbankruptcy.in/people/ca-anil-kumar-khicha/) Introduction of CA. Pankaj Kr. Tibrewal as a new partner of AAA Insolvency Professionals LLPAbout CA Pankaj Kr. Tiberwal B.Com (H), FCA, ACS, Certified GST expert from ICAI Insolvency Professional Regn.No. IBBI/IPA-001/IP-P-01577/2018-2019/12410 Designated Partner, Kolkata Total experience: 20 Years CA Pankaj Kr. Tiberwal is appointed Kolkata (https://insolvencyandbankruptcy.in/directory/kolkata-office/) based partner of AAA Insolvency Professionals LLP (“AAAIP”) Core Competence & Industry specific experience Accounts & Commercial heading function, designated as KMP in last 3 organizations. Certified GST expert, Building and Implementing SOP’s, Revenue Assurance, Risk Management, Pilferage control, Fund management, Banking relationship, Cost control and rationalization, Negotiation, Legal & Taxation. Identification, validation, and finalization of properties for retail stores. Experience in restructuring & handling of Stressed Assets Mr. Pankaj is the Part of the team and supporting CFO for the restructuring and handling the stressed Assets. Continue reading (https://insolvencyandbankruptcy.in/directory/kolkata-office/) If you like our Weekly Newsletter, please do forward it to your friend’sand colleagues. Thanks & Regards Rohit AAA Insolvency Professionals LLP (India’s Largest Insolvency Professionals Entity) Mob: +918506801082 Phone: 011-4666 4651 Other Offices (https://insolvencyandbankruptcy.in/directory/head-office-delhi/) : Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Tweet (http://twitter.com/intent/tweet?text=Your+weekly+insolvency+and+bankruptcy+NEWS%21%21: https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Tweet (http://twitter.com/intent/tweet?text=Your+weekly+insolvency+and+bankruptcy+NEWS%21%21: https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=2f22c88968&e=2da00e8643) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=2f22c88968&e=2da00e8643) ** Facebook (https://www.facebook.com/anil.goel.7587) ** Twitter (http://www.twitter.com/anilgoelca) ** LinkedIn (https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/) ** Website (https://insolvencyandbankruptcy.in) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. 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