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The number of insolvencies is likely to surpass 1,000 this year, according to Deloitte
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The National Company Law Tribunal (NCLT) on Monday (20 January) ordered the liquidation of budget airline Go First Airways. The decision followed an application filed by the airline’s Committee of Creditors (CoC), marking the end of a protracted insolvency process.
A bench comprising Judicial Member Mahendra Khandelwal and Technical Member Dr Sanjeev Ranjan delivered the order.
Go First initially filed a voluntary plea for insolvency under Section 10 of the Insolvency and Bankruptcy Code (IBC) on 2 May 2023. The NCLT admitted the application on 10 May 2023, appointing a Resolution Professional (RP) to manage the airline’s operations.
Subsequent disputes arose as the airline’s lessors challenged the retention of their assets under the…
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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 the ruling.
On May 2, 2023, Go First voluntarily submitted an application to be admitted to the Corporate Insolvency Resolution Process (CIRP) in accordance with Section 10 of the Insolvency and Bankruptcy Code (IBC). On May 10, the NCLT accepted the plea and designated a Resolution Professional (RP) to oversee the airline’s activities.
After this, the lessors of the…
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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 request from the airline’s Committee of Creditors (CoC). This decision marks the end of a long, tumultuous period for the airline that began with its voluntary plea for Corporate Insolvency Resolution Process (CIRP) in May 2023.
Background and Liquidation Decision
The NCLT bench, comprising Judicial Member Mahendra Khandelwal and Technical…
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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 ₹11,000 crore.
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NCLT orders liquidation of Go First airline: Reports Deccan Herald
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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 the bankrupt budget carrier’s assets in August of last year after rejecting bids by interest suitors.
In May 2023, the airline had filed a plea under Section 10 of the Insolvency and Bankruptcy Code (IBC), requesting admission to the Corporate Insolvency Resolution Process (CIRP).
It may be noted that the airline had received two bids as part of the bankruptcy process, and…
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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.
The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways, 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 the bankrupt budget carrier’s assets in August of last year after rejecting bids by interest suitors.
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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.
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 suitors to revive the bankrupt airline, Reuters had reported, citing sources.
Go First had filed for bankruptcy in May last…
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(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 suitors to revive the bankrupt airline, Reuters had reported, citing sources.
Go First had filed for bankruptcy in May 2023 and received two financial bids under the bankruptcy process, with one of them raising their offer after a push by lenders.
The budget carrier owes a total of 65.21 billion rupees ($781.14 million) to its creditors, which include Central Bank of India, Bank of…
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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…