The National Company Law Tribunal (NCLT), New Delhi bench of Justice Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The tribunal upheld the decision by the Committee of Creditors to liquidate Go Airlines, which approved the liquidation with a 100% vote.
The Tribunal stated the CoC in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, at any time after its constitution and before confirmation of the resolution plan.
“It is well settled that the decision taken by the CoC for liquidation in…
