Go First may be subjected to forensic audit

Banks are planning to conduct a forensic audit of the accounts of cash-strapped Go First Airlines, which is under insolvency, to assess if there was any diversion of funds.. Meanwhile, the Wadia Group plans to pursue a legal battle against US engine maker Pratt & Whitney for its inability to deliver serviceable engines over an extended period. While the Wadia Group accepts that the chance of reclaiming Go First may be slim, it has committed to remain steadfast in its legal pursuit to seek damages from Pratt & Whitney. In addition, more cases could be filed in courts across the US and in India..

BPCL use RoFR to buy Videocon Oil’s Brazil assets
Bharat Petroleum Corporation has exercised the Right of First Refusal (RoFR) in a bid to take control of bankrupt Videocon Oil Ventures’ Brazilian assets. BPCL’s overseas arm BPRL Ventures BV and VOVL’s Videocon Energy Brazil had acquired oil blocks in the South American nation as joint venture partners but they could not develop them due to ongoing bankruptcy proceedings against Videocon Industries and its subsidiaries. Lenders have received BPCL’s offer after they decided to sell three of the JV’s assets to Brazilian gas operators Eneva S A and PetroRio last month. BPCL, which has the right of first refusal, decided to make an offer, proceedings from which would be used repay VOVL’s Rs. 30,000 crore bank dues. Banks had made claims against Videocon Industries for Rs. 63,000 crore, which includes VOVL’s dues.