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.

The detailed order is awaited.

Go First, operated by Wadia Group, filed for voluntary insolvency under Section 10 of the Insolvency and Bankruptcy Code (IBC) on May 2, 2023.

The plea was admitted by the NCLT on May 10, 2023, and a Resolution Professional (RP) was appointed to oversee the airline’s operations.

The airline’s troubles deepened as lessors challenged…

Go First, owned by the Wadia Group, ceased operations on May 2, 2023 and voluntarily sought insolvency proceedings on May 10, under Section 10 of the Insolvency and Bankruptcy Code (IBC).

Following its admission into the Corporate Insolvency Resolution Process (CIRP), a Resolution Professional (RP) was appointed to oversee the airline’s assets and operations. However, the CoC…

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The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, concluding the 21-month-long insolvency proceedings against the budget airline. 

The bankrupt airline landed in the bankruptcy court in May 2023. The airline held a 6.9% market share in India’s aviation sector at the time but was left with no viable assets after the Delhi high court allowed lessors to repossess its fleet of 54 planes.

In its 26 April order, the Delhi high court ordered the Directorate General of Civil Aviation (DGCA) to deregister all the airline’s leased planes following a plea from several lessors who sought to reclaim their assets.

The order left the airline without planes, prompting the interested buyer, a consortium involving…

India is an Associate in the Restructuring & Insolvency department, based in our Manchester office.

India deals with all aspects of corporate insolvency, advising national and regional insolvency practitioners, company directors and creditors, on both non-contentious and contentious insolvency issues. This includes experience in assisting with the administration appointment and extension process, business and asset sale agreements, obtaining winding up orders, liquidator’s remuneration applications, block transfer orders and advising on technical matters for solvent and insolvent liquidations. India also advises on a variety of breach of trust/misfeasance and antecedent transaction claims against directors and third parties.

After…

On May 2, 2023, Go First filed a voluntary plea under Section 10 of the IBC, seeking admission to the Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application on May 10, appointing a Resolution Professional (RP) to manage the airline’s affairs.

In response, the airline’s lessors appealed to the National Company Law Appellate Tribunal (NCLAT), arguing that their assets had been unfairly retained under the moratorium despite the termination of leases before the proceedings began.

On May 22, 2023, the NCLAT upheld the NCLT’s decision and directed the lessors to seek clarification regarding the moratorium from the NCLT.

The lessors subsequently approached the Delhi High Court, urging the Directorate General of Civil…

Justice Linda Chan adjourned the case until May 26 after hearing a petition from Ever Credit, a unit of Hong Kong-listed Kingboard Holdings, which makes laminates and chemicals.

At the hearing, Ever Credit asked the judge to grant an immediate liquidation order, while another creditor requested a four-week adjournment. Country Garden’s lawyer, Jose-Antonio Maurellet, told the court that the company needed another four months, but it should be able to agree on a term sheet with creditors by the end of February.

In a statement last week, Country Garden said it expected to reach an agreement with offshore creditors on a debt restructuring plan in the first half of 2025.

Earlier this month, the Foshan-based developer released its first…

After nearly 40 years of operation Harrolds was quietly placed into liquidation at the start of October.

The company was founded in 1985 with its first store opened in Melbourne and was the Australian home of fashion brands from the likes of Tom Ford to Saint Laurent and Balmain to Burberry.

It was a family owned business and Australia’s only privately owned luxury department store and at one stage had stores in Melbourne, Sydney and the Gold Coast.

In March its Melbourne site had some famous guest visit too with Nick and Kevin Jonas captured in store.

Harrolds also…