Following a request from the airline’s Committee of Creditors (CoC), the National Company Law Tribunal (NCLT) ordered Go First Airways to be liquidated, according to a story published on Monday by Bar and Bench. “Liquidation is ordered,” the NCLT panel, which is composed of Technical Member Dr. Sanjeev Ranjan and Judicial Member Mahendra Khandelwal, confirmed…
Companies The number of insolvencies is likely to surpass 1,000 this year, according to Deloitte James Anderson, a turnaround and restructuring partner at Deloitte Ireland, said that uptake of the Scarp process for small firms remained lower than anticipated. Picture: Getty Images Read the original article here
The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways .This decision follows the airline’s insolvency proceedings, legal challenges from lessors, and a clarified exemption from the Ministry of Corporate Affairs. In a significant development, the National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways, following a…
Go First owes around ₹1,000 crore to its vendors, about ₹600 crore to travel agents, and ₹500 crore to customers waiting for refunds. The airline had also availed ₹1,292 crore under the government’s emergency credit scheme during the COVID-19 crisis. Including its dues to lessors, the total liabilities of this low-cost airline stand at around…
NCLT orders liquidation of Go First airline: Reports Deccan Herald Read the original article here
The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First airline, according to multiple media reports. A NCLT bench, led by Judicial Member Mahendra Khandelwal and Technical Member Dr Sanjeev Ranjan, granted the liquidation petition filed by the airline’s Committee of Creditors, reported Bar and Bench. Go First’s lenders decided to liquidate…
Go First’s lenders decided to liquidate the bankrupt budget carrier’s assets in August of last year after rejecting bids by interest suitors. Go First will be the second airline which will go through the liquidation process. Subscribe to Notifications The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways, according to…
The tail fins of Go First airline, formerly known as GoAir, passenger aircrafts are seen parked on the tarmac at the airport in New Delhi, India, May 11, 2023. | Photo Credit: Reuters The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways after a request from the cash-strapped airline’s lenders.…
(Reuters) – An Indian tribunal has ordered the liquidation of Go First Airways after a request from the cash-strapped airline’s lenders, CNBC-TV18 reported on Monday. Go First Airways did not immediately respond to a Reuters request for comment. In August, Go First’s lenders had decided to liquidate the company’s assets after rejecting bids by interested…
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First Airways, reported Bar and Bench. A bench comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application filed by the Committee of Creditors (CoC) seeking the airline’s liquidation. “Liquidation is ordered,” the bench was quoted as saying.…