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KP Advisory Services, the family office of the promoter Ravi Penmetsa, acquired the five-star property last week in Coimbatore under the corporate insolvency process, the people cited above said. Lenders unanimously voted for KP Advisory Services' Rs 185-crore plan. The resolution professional (RP) had admitted Rs 196 crore in claims, including trade creditors and banks. The offer from the family office of Gland Pharmas ex-promoters equates to a recovery of 94% for creditors.
The cases have now been deferred and are likely to come up for hearing on November 7. Meanwhile, the lessors and SpiceJet will have to analyse the impact of the notification in the present case
The Supreme Court judge made the observation during his address at an event to mark the launch of the book "Defaulter’s Paradise Lost: Demystifying the Insolvency and Bankruptcy Code", authored by Anant Merathia.
The NCLT has granted State Bank of India time till September 18 to file a rejoinder in response to the voluminous reply filed by PC Jeweller Ltd. The PCJ case pertains to default on a loan of Rs 1,180.2 crore as on April 30 by the State Bank of India to the Delhi-based jeweller.
According to the tribunal, a creditor is entitled to file one insolvency plea at a time and if the corporate debtor is admitted to insolvency, the creditor could lodge a consolidated claim with the resolution professional.
As the insolvency issue of SpiceJet heats up, prior red-flagging to the company by the Directorate General of Civil Aviation (DGCA) had pointed out long awaited trouble for the aviation giant.