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The Delhi High Court on Friday directed aviation watchdog, the Directorate General of Civil Aviation (DGCA), to process, within five working days, the deregistration applications for aircraft leased by grounded airline Go First, which is ...
Indiabulls Housing Finance: A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Chandra, who was a guarantor for a loan given to Essel group firm Vivek Infracon Ltd.
Cross-border insolvency can be construed as those insolvency matters where a debtor who has declared himself to be as insolvent has assets in more than one jurisdiction or country, and its creditors, too, reside overseas. And, therefore, it could also be termed as an international insolvency.
As a result of Chandra being admitted to moratorium, no litigation can be initiated against him. Chandra also cannot alienate or sell any of his assets and the Resolution Professional will now process the claims of those who intend to recover money from him.
The resolution professional will be appointed to process the claims of those seeking to recover money from him.