Go First: NCLT Orders Liquidation

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…

NCLT orders liquidation of Go First Airways

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…

The ‘safest harbour’ for better outcomes – News

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…

US electric vehicle manufacturer files for bankruptcy

Canoo, a U.S.-based electric vehicle (EV) manufacturer, has filed for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, the company announced Friday. Chapter 7 bankruptcy is a legal process that involves the complete liquidation of a company’s assets to repay creditors. Unlike Chapter 11, which allows companies to restructure and continue operations, Chapter 7…