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…
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…
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…
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.…
KAIJU! Beer has become the first independent Australian brewery to enter into voluntary administration in 2025, marking the continuation of a worrying trend that saw more than 20 craft breweries enter into either voluntary administration or liquidation in 2024. KAIJU!’s directors made the decision after determining voluntary administration as the best option to counter growing…
The National Company Law Tribunal (NCLT) ordered the liquidation of budget carrier Go First Airways on Monday. The airline had first filed a plea seeking admission to the Corporate Insolvency Resolution Process (CIRP) under IBC in May 2023. The NCLT had admitted the application a few days later, and appointed a Resolution Professional (RP). “Liquidation…
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…