The National Company Law Tribunal (NCLT) on Monday (20 January) ordered the liquidation of budget airline Go First Airways. The decision followed an application filed by the airline’s Committee of Creditors (CoC), marking the end of a protracted insolvency process. A bench comprising Judicial Member Mahendra Khandelwal and Technical Member Dr Sanjeev Ranjan delivered the…
The National Company Law Tribunal (NCLT), on Monday, approved the liquidation of Go First, the grounded budget airline. The decision was delivered by a bench comprising Judicial Member Mahendra Khandelwal and Technical Member Dr Sanjeev Ranjan, who ruled in favour of the application submitted by the airline’s Committee of Creditors (CoC). Company Value Change %Change…
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, concluding the 21-month-long insolvency proceedings against the budget airline. The bankrupt airline landed in the bankruptcy court in May 2023. The airline held a 6.9% market share in India’s aviation sector at the time but was left with no viable assets…
The National Company Law Tribunal on Monday ordered the liquidation of low-cost carrier Go First. The order was pronounced by the Delhi bench of the NCLT, comprising judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan. On May 10, 2023, the NCLT admitted Go First’s plea to initiate voluntary insolvency resolution proceedings, following the airline’s…
On May 2, 2023, Go First filed a voluntary plea under Section 10 of the IBC, seeking admission to the Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application on May 10, appointing a Resolution Professional (RP) to manage the airline’s affairs. In response, the airline’s lessors appealed to the National Company Law Appellate…
Thousands shut up shop as company collapses hit record The Australian Read the original article here
Summer holidays. For many of us, that means family gatherings, beach breaks and test match cricket. For many businesses, it means the office or worksite closes for potentially up to a month. What results? A cashflow shortfall in the new year due to limited billable income whilst continuing cash outflows, particularly for employees’ annual leave…
North Somerset Council North Somerset Council is facing a “significant financial challenge” A council has asked people if they would donate up to £1,000 as councillors also consider an unprecedented 15% rise in tax. North Somerset Council has launched a consultation into how it can overcome its “current financial emergency”. The authority faces £53m funding…
True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor. The Chicago-based company filed for Chapter 11 protection from its debts in the U.S. Bankruptcy Court for the District of Delaware. As part of the filing, most…
Personal loans main cause of bankruptcy, especially among youth New Straits Times Read the original article here