Delhivery calls Go First insolvency a sham

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Go First’s voluntary insolvency plea seems to be heading for more trouble. The logistics company Delhivery on Thursday approached NCLT saying the plea by the airline is fraudulent and malicious. Delhivery said the airline accepted a payment of Rs 57 lakh on May 2 for future services, knowing fully well that it is going to file for insolvency. The NCLT has given the resolution provider two weeks to file the reply. On the other hand, DGCA has asked the airline get the plan approved by creditors first. It said the plan will be studied only after the approval of creditors.

Rel Cap lenders begin resolution plan voting Lenders to Reliance Capital have begun voting on the resolution plan provided by a Hinduja Group entity, Indusind International Holdings which has offered a just a tad over 10000 crore rupees. The other interested parties Torrent Investments, Piramal Capital and Oaktree did not submit their proposals. The voting will begin from June 9. If over 66% vote in favour of the plan, then the RP will approach NCLT to approve the proposal. In case of approval, Hindujas will also have to seek RBI permission for being fit and proper for the acquisition.