The tribunal held that an appeal under section 61 of the IBC cannot be entertained after the dissolution of the corporate debtor under section 54 of the IB code In a recent ruling, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that an appeal under section 61 of the…
The Tribunal held that the CoC, in its commercial wisdom, had not accepted the resolution plan and had directed the liquidation of the Corporate Debtor The National Company Law Appellate Tribunal ( NCLAT ) New Delhi has held that the commercial wisdom of the Committee of Creditors ( CoC ) in rejecting a resolution plan…
21 Jan 2025 2 Min Read CW Team The Delhi bankruptcy court has admitted Go Airlines (India) Ltd, which operates Go First airline, into liquidation after creditors failed to secure a viable revival plan. The company’s liabilities are reported to be approximately Rs 85.75… Read the original article here
In 2024, there were 23,872 registered company insolvencies, which included 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs), and three receivership appointments. The overall number of corporate insolvencies in 2024 was 5% lower than in 2023, the greatest yearly figure since 1993. The reduction in overall firm insolvency…
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The National Company Law Tribunal (NCLT) ordered the liquidation of Go First Airways after a request from the airline’s Committee of Creditors (CoC), Bar and bench reported on Monday. The NCLT bench, consisting of Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, confirmed the decision, saying, “Liquidation is ordered.” Go First filed a…
National Company Law Tribunal, New Delhi: In an application file seeking initiation of liquidation proceeding of Go Airlines (India) Limited under Section 33(2) of Insolvency and Bankruptcy Code, 2016 (IBC) based on CoC resolution, a Division bench of Mahendra Khandelwal* (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member), allowed the liquidation of Go Airlines (India)…
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Invoice lending firm Procuret enters voluntary administration The Australian Read the original article here
Image Source : FILE Go First The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, marking a dramatic end to the airline’s 17-year legacy in the Indian aviation industry. The decision follows the airline’s prolonged financial struggles, which led to the suspension of its operations nearly three years ago. In…