Air Costa is the second Indian airline, after Jet Airways, to undergo court-monitored debt resolution process under the Insolvency and Bankruptcy Code. Aviation regulator Director General of Civil Aviation had in June 2017 suspended the flying licence of the airline, making it officially wind up operations.
The appellate tribunal directed Sebi to implead in the case and offer its views.
At the meeting of the committee of creditors (CoC) held on October 14, the lenders had decided to go ahead with the resolution plan submitted by the Sajjan Jindal-controlled JSW Group entity a week after Vedanta decided to pull out. On October 6, Vedanta had announced its decision to withdraw its resolution plan.
This comes weeks after the new government in Andhra decided to reclaim around 4,700 acres of land allotted to Navayuga Group’s Krishnapatnam Infratech near Nellore after cancelling contracts of Polavaram irrigation and Machilipatnam port awarded to Navayuga by the previous regime of Chandrababu Naidu.
Entrepreneurs featured in this story are from wide-ranging backgrounds and education.
The YSR Congress govt had earlier cancelled Navayuga group's Polavaram irrigation and Machilipatnam seaport contracts alleging irregularities in allotment of contracts by Chandrababu Naidu's govt and delays in execution.
Andhra Pradesh BJP president Kanna Lakshmi Narayana is of the view that the new system of YS Jaganmohan Reddy has done harm to the state's economy. Narayana says the current regime failed to prove any irregularity in the previous regime even after lots of effort.
The AP government stopped procuring renewable energy and, by extension, did not provide LCs to to renewable energy companies. A Power Ministry order directed them to do so before October 15, which has been delayed by 3 weeks by the HC while they review the case.
The litigants claim they represent an informal group of more than a thousand retail investors in Alok Industries
The frighteningly high uranium concentration in groundwater samples were found by the AMD.
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