Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="6358032" type="DOMAIN" weightage="100" keywordseo="spicejet" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="spicejet" meta.entityname="Spicejet Ltd." meta.entityid="7876" meta.seoname="spicejet-ltd">SpiceJet</keyword> too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor <keyword id="2632765" type="General" weightage="20" keywordseo="aircastle" source="Orion">Aircastle</keyword> (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussions with their senior leadership team for the same," the spokesperson said in a statement. Further, the airline spokesperson said the comments provided here are without prejudice to the airline's rights and in no way should be deemed as admission of any liabilities. Shares of SpiceJet declined 2 per cent to close at Rs 31.93 apiece on the BSE on Friday. According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres <keyword id="1434432" type="DOMAIN" weightage="20" keywordseo="buildwell" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="buildwell" meta.entityname="Ansal Buildwell Ltd." meta.entityid="11966" meta.seoname="ansal-buildwell-ltd">Buildwell</keyword> Private Ltd was filed on February 4. There was no immediate comment from SpiceJet on the two petitions. In February, SpiceJet announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business, a move that will help the airline reduce its debt by USD 100 million. The NCLT on Thursday reserved its order on Go First petition after nearly a four-hour long hearing where aircraft lessors vehemently opposed the airline's plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a>

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

<ul><li>Benchmark index <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> crossed the 62,000 points mark for the first time since December last year. </li><li>Tata Motors, L&amp;T, Asian Paints were amongst the top gainers in morning trade on Tuesday. </li><li>Overall, financial services, auto and FMCG stocks, helped Sensex begin FY24 on a positive note with gains of 3.52% in the last one month. </li><li>Robust buying by foreign institutional investors (FII) in April and May till date have also aided the rally in Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>. </li></ul>India’s benchmark index Sensex crossed the 62,000 points mark for the first time since December last year, led by gains in Tata Motors, L&amp;T and Asian Paints, among others. Overall, financial services, auto and FMCG stocks, helped Sensex begin FY24 on a positive note with gains of 3.52% in the last one month. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.90% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.29% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.78% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.25% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.54% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.78% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.34% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.38% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.21% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Unilever </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.29% </td></tr></tbody></table> Source: BSE, as on May 9, 2023 Amongst the top gainers in the last one month are Bajaj Finance, Nestle India, Kotak Mahindra Bank, Tata Motors and ITC, with 1 month returns ranging between 11% to 15%. Robust buying by foreign institutional investors (FII) in April and May till date have aided the rally in Sensex and Nifty. While FIIs bought equities worth ₹5,712 crore in April, their buying in May stands at ₹7,652 crore till date. “There are three prominent factors which are driving the ongoing rally in the market: One, better-than-expected strength of the US economy and the increasing confidence that the US will succeed in avoiding a bad recession. Two, strong buying by FIIs who have been continuous buyers during the last eight trading days. Three, fundamental support to the rally from macro indicators such as robust GST collections, improving PMI, high fuel consumption and good credit growth,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. However, the current rally might not last for long, according to analysts. “These positives along with a rising rupee can sustain the rally and take the market higher. But the valuation comfort which was there at the beginning of this rally a month ago is no longer there. This can cap the upside to the market even though the momentum is currently with the bulls,” Vijayakumar added. Gold prices edged up to ₹60,900 per 10 grams while silver stood at ₹77,100 per kilogram. Crude oil prices gained as well, with Brent crude prices hovering at $76.8 per barrel. <cmsannotation type="cmsannotation" annotationid="Global cues mixed" comment="subhead" text="Global cues mixed">Global cues mixed</cmsannotation> Cues in global markets were mixed, with investors focusing on the US banking sector. While Dow Jones closed 0.17% lower, S&amp;P 500 ended on a flat note. The tech-heavy Nasdaq, on the other hand, gained 0.18%. Asian markets were also similarly mixed, with Taiwan Weighted remaining flat. Nikkei 225 was up 0.77%, while Shanghai Composite gained 0.36%. On the other hand, Hang Seng was down 0.4% while KOSPI fell 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="146847" type="General" weightage="20" keywordseo="mankind-pharma" source="Orion">Mankind Pharma</keyword>: Shares of the condom maker’s ₹4,362 crore IPO will debut on exchanges today. The grey market premium of the company’s stock stood at ₹100 indicating a strong listing gain. <keyword id="6358032" type="General" weightage="80" keywordseo="spicejet" source="Orion">SpiceJet</keyword>: The low cost carrier has received a notice from the National Company Law Tribunal (NCLT) as the Ireland based company Aircastle is looking to begin insolvency proceedings against it. PNB Housing Finance: Punjab National Bank has infused ₹498 crore in the rights issue of PNB Housing Finance. <keyword id="333824" type="General" weightage="80" keywordseo="upl" source="Orion">UPL</keyword>: Agriculture solutions provider UPL reported 42% decline in net profit at ₹792 crore for March quarter from ₹1,379 crore last year. Meanwhile, revenue grew 4% to ₹16,569 crore from ₹15,861 crore last year. Kansai Nerolac: The company’s board has approved bonus issue in the ratio 1:2. With this, the authorised share capital will increase from ₹66.5 crore to ₹85 crore. Earnings today: Lupin, Nazara Technologies, Reliance Infrastructure, Matrimony.com, Apollo Tyres, Birla Corporation, Castrol India, Chalet Hotels, Nuvoco Vistas Corporation, Eveready Industries India, Godrej Agrovet, SRF and Westlife Foodworld among companies to release their March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a> <a href="https://www.businessinsider.in/stock-market/news/rail-vikas-nigam-marks-a-strong-journey-in-2023-share-price-of-68-to-140/slidelist/100069014.cms">From ₹68 to ₹140, this multibagger stock marks a strong journey in 2023</a>

Sensex crosses 62,000 mark for the first time since December; Tata Motors, L&T amongst top gainers

New Delhi/Mumbai, At least 50 requests to take back as many leased planes from two Indian airlines in less than two weeks. Petitions from lessors seeking to enforce rights under international norms and concerns over a possible spike in the risk premium for leasing aircraft for domestic carriers. Cash-strapped <keyword id="11252024" type="General" weightage="20" keywordseo="go-first" source="Orion">Go First</keyword> being admitted for insolvency resolution proceedings on a voluntary plea and subsequent moratorium has left a trail of concerns and uncertainties for aircraft lessors with respect to India, the world's third-largest aviation market. Currently, Indian carriers have around 700 planes and some of them, including Air India, are expanding their fleet. Most of the commercial aircraft in the country are operated through the sale and lease-back model, and there are concerns that developments related to Go First could push leasing costs higher. Indian carriers are projected to require more than 2,200 aircraft in the next 20 years. Advisory firm Primus Partners' Co-Founder &amp; CEO, Public Policy Realisation, Nilaya Varma said the perception of India as a high-risk jurisdiction could translate into higher risk premiums to other local airlines. "This means higher lease rentals for domestic carries and increase in the cost of doing business implying higher costs being passed onto passengers in the form of high-ticket prices, thereby making it more difficult for Indian airlines to compete with their international counterparts," Varma noted. Regional airline Star Air's CEO Simran Singh Tiwana said the NCLT (National Company Law Tribunal) ruling in favour of Go First may not be very pleasing for the lessors and that is the challenge Indian aviation could face at the international level. "Some ruling will hurt some lessors... those concerns will be voiced (by them)". A senior aviation industry executive said that lessors might think that airline companies in India could make their life miserable by going to court. There is also the possibility of more lessors putting in requests for deregistration of planes leased to some other airline thinking that they get stuck in litigation, the executive said on the condition of anonymity. So far this month, lessors have approached the Directorate General of Civil Aviation (DGCA) for deregistration of 45 Go First planes and five SpiceJet planes under the Cape Town Convention. Under the Cape Town Convention (CTC), if a lessor has invoked the Irrevocable De-registration and Export Request Authorisation (IDERA), then the plane concerned has to be deregistered. The same has to be done in five working days but due to the NCLT imposing moratorium under insolvency proceedings, lessors cannot take back Go First planes at least for now. Citing that the <keyword id="17305212" type="General" weightage="20" keywordseo="go-first-insolvency" source="Orion">Go First insolvency</keyword> proceedings are a material development that implicates CTC compliance in India, the Aviation Working Group (AWG) has put the country on the watchlist with a negative outlook. "The DGCA's failure to process IDERA deregistration applications for aircraft whose leases were terminated prior to the imposition of the moratorium within the timetable set forth in its SOP results in a negative outlook for India's scoring...," the AWG said in an update on May 11. The AWG is a not-for-profit legal entity comprised of major aviation manufacturers, leasing companies and financial institutions. It includes Boeing and Airbus. Go First Lessors are ruffled by the Go First crisis, which started when the carrier decided to file for voluntary insolvency resolution proceedings before the NCLT on May 2. The lessors sought deregistartion and repossession of 45 planes of Go First, which also suspended operations from May 3. Soon after the NCLT admitted the airline's plea, leading lessor SMBC Aviation moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT ruling. On May 11, SMBC Aviation told the appellate tribunal that the Indian aviation sector is being seen as a risky jurisdiction in light of the fate of Kingfisher and Jet Airways. Two other lessors -- G Y Aviation and SFV Aircraft Holdings -- also moved the appellate tribunal. These lessors have around 21 planes that have been leased to Go First. The NCLAT is to continue the hearing on Monday. Go First has around 55 aircraft in its fleet and 28 of them are grounded due to non-availability of Pratt &amp; Whitney engines. The grouding of the planes resulted in fund crunch and forced the airline, which has been flying for more than 17 years, to file for insolvency proceedings. SpiceJet The budget carrier is facing deregistration of at least five aircraft by lessors and one lessor has also filed an insolvency plea against the airline. "We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focussed on its business and remains in active talks with investors to raise funds," the airline said on May 11. In the last week, lessors have requested DGCA for deregistration of five SpiceJet aircraft. On May 8, the NCLT issued a notice to the carrier on the insolvency plea filed by lessor AirCastle (Ireland) Ltd and the matter is scheduled for a hearing next week. The airline has around 70 planes in its fleet and is looking to revive 25 grounded Boeing 737 and Q400 aircraft. Many of its planes are grounded due to various reasons. Soon after Go First filed for voluntary insolvency resolution proceedings on May 2, Civil Aviation Minister <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> on Tuesday said "It is prudent to wait for the judicial process to run its course". And on May 12, Boeing India President Salil Gupte said the crisis at Go First will not change the trajectory of the Indian civil aviation market in terms of growth and macro trends while legislative clarity on aircraft leasing aspects will provide more comfort to the lessors. Meanwhile, WadiaGroup in a statement on Sunday alleged that AWG's recent warning to India is aweak and desperate attempt to influence NCLAT ahead of the hearing. "AWGshould hold its own members accountable for failing the Indian Aviation industry, as opposed to issuing a warning to India," it said. Pratt &amp; Whitney, in essence, has abused international conventions and contractual obligations by refusing to comply with the ruling of the international arbitrator to which all reputable companies are bound, including AWG's members. "AWG should focus on ensuring that its own members abide by international arbitration awards. Rather than issuing threatening watchlist notices to India and quoting the Cape TownConvention (CTC) to influence the proceedings which are currently being heard in the NCLAT," it stated. "AWG should first address the root cause by advising Pratt &amp; Whitney to comply with the law and abide by the award issued by the emergency arbitrator appointed in accordance with the 2016 Arbitration Rules of the Singapore International Arbitration Centre (SIAC) to which, Pratt and Whitney voluntarily submitted themselves," the statement said. "The Airbus NEO(new engine options) with P&amp;W engines, sold on the plank of fuel efficiency failed leading to 100 aircraft currently lying idle in India and many more around the world. The entire Indian aviation sector is hit due to sub-standard products supplied by the engine makers," said Wadia Group vice chairman <keyword id="459296" type="General" weightage="20" keywordseo="varun-berry" source="Orion">Varun Berry</keyword>. "P&amp;W cannot wash their hands off their liabilities after supplying sub-standard engines which has led to huge losses for all airlines. 18 per cent of Indian aviation capacity is currently grounded due to non-supply of engines by P&amp;W. "The issue is rampant and several airlines across the world are severely affected by the engine failures by P&amp;W and hence the claim by Go First of failure due toP&amp;W engines has huge credence. Go First maintained profitability comparable to the industry leader for approximately 5 years until COVID and beyond including in the year 21-22" he added.

You Searched For "aircastle" and got 3 results

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

Sensex crosses 62,000 mark for the first time since December; Tata Motors, L&T amongst top gainers

Bhakti

Rounak

Go First's insolvency flight leaves trail of concerns for aircraft lessors

PTI

Popular Keywords

Buying Guides