The Tribunal emphasized that the CoC has the authority to decide to liquidate the Corporate Debtor at any point following its formation and prior to the resolution plan’s approval. In accordance with business acumen, it declined to impede the CoC’s decision.
The New Delhi Bench of the National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The tribunal upheld the decision by the Committee of Creditors to liquidate Go Airlines, which approved the liquidation with a 100% vote.
The NCLT filed a Corporate Insolvency Resolution Process under section 10 of the Code against M/s Go Airlines (India) Limited…
