The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. The direction came on a batch of four petitions filed by aircraft lessors opposing Go First’s insolvency proceedings. The lessors are SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV (ELFC). These four lessors own around 22 aircraft operated by the Wadia Group firm, which is presently going through Corporate Insolvency Resolution Process (CIRP). The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a voluntary insolvency plea by Go First.
JSW eyes coal mines of BHP Oz mines in potential $1.5-2 bn deal
JSW Group has joined the race to acquire two coking coal mines from Australia’s BHP Group in a potential $1.5-2 billion deal as the Indian steelmaker looks for resources to fire its blast furnaces. The Daunia and Faunus mines, with 20 million tonnes per annum capacity, in Queensland are being sold by BHP following a 32% drop in half-year profit, dissatisfaction with the state’s coal royalty hike, along with ESG (environmental, social, governance) concerns. JSW at its current capacity needs 18 mt of coking coal per annum. To achieve 25% of integration, the company requires about 4.5 mt of captive coking coal but that kind of supply is not available in India. Hence the hunt for global assets. Further, JSW Steel, which recently announced a fresh plan for raising Rs 18,000 crore, will use the entire proceeds to refinance its upcoming debt maturities of around Rs 14,000 crore in FY24.
To know more about corporate and market updates, watch Corporate Central at
