NCLT Orders Liquidation of Go First Airlines – PGurus
NCLT Orders Liquidation of Go First Airlines PGurus Read the original article here
NCLT orders liquidation of Go First; another airline flies into sunset
New Delhi: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly two years ago amid financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process. The tribunal, in a 15-page order, said it is ordering the liquidation of the…
NCLT orders liquidation of Go First
New Delhi, Jan 20 (PTI) The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a…
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NCLT orders Go First liquidation
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency. A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the…
NCLT orders liquidation of Go First, ending 20-month insolvency saga
Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. However, the airline’s assets were effectively wiped out after the Delhi High Court allowed lessors to repossess its fleet of 54 planes. While GoFirst is the second major airline to get grounded in the…
National Company Law Tribunal orders liquidation of Go First airline
NEW DELHI: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of GoAir (Go First) following a request from lenders of the bankrupt airline. The Wadia Group airline had stopped flying in May 2023 when it filed a voluntary plea for insolvency. Once attempts to revive it under India’s bankruptcy laws did not…
NCLT orders liquidation of Go First Airways
The National Company Law Tribunal (NCLT) ordered the liquidation of now insolvent Go First Airways on Monday. On May 2, 2023, the Go First budget airline’s owners – the Wadia Group – filed voluntary insolvency resolution proceedings before the NCLT sending shockwaves through the entire airline industry. Issues with Pratt & Whitney Go First was…
NCLAT Validates E-Auction, Favors Sale of Corporate Debtor Over S.230 Scheme
The NCLAT upheld the decision of the NCLT, prioritizing the sale of the Corporate Debtor as a going concern The Chennai Bench of National Company Law Appellate Tribunal ( NCLAT ) upheld the e-auction process, prioritizing the sale of the Corporate Debtor ( CD ), as a going concern over a Scheme of Arrangement proposed…
Tribunal orders liquidation of grounded Go First after liabilities mount to Rs 11000 crore
The National Company Law Tribunal (NCLT) has ordered the liquidation of the grounded low-cost airline Go First, marking the final chapter in the airline’s financial turmoil. The decision was delivered by an NCLT bench comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, who upheld the Committee of Creditors (CoC) application for liquidation.…