The bankruptcy court in Delhi on Monday admitted Go Airlines (India) Ltd, which runs Go First airline, into liquidation after the lenders failed to receive a viable revival plan for the company. The company has admitted liabilities of about ₹8,575 crore.The NCLT division bench of judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan, allowed the application filed by the company’s lenders through resolution professional (RP) to initiate a liquidation process.

“The applicant (RP) submits that the resolution plans received were neither compliant with the mandatory requirements of the IBC (Insolvency and Bankruptcy Code) nor commercially acceptable to the CoC (committee of creditors), therefore, in view of the unviability…

The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes.

The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.

The NCLT said the Committee of Creditors (CoC) in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, any time after its constitution and before confirmation of the resolution plan.

“It is well settled…

The second director of collapsed Dunedin building firm Clan Construction has been adjudicated bankrupt.

The company, owned by Brett McCormack and Michelle Macmillan, went into liquidation in March 2023 owing more than $2 million. Mr McCormack, a former Otago rugby player, was adjudicated bankrupt in December that year.

In their latest report last month, liquidators Trevor and Emma Laing said both directors had now been adjudicated bankrupt. The New Zealand Insolvency and Trustee Service’s insolvency register showed Ms Macmillan was adjudicated bankrupt on creditor’s application in the Dunedin High Court in October last year.

All physical company assets had been sold and the negotiated settlement on one completed build contract…

The National Company Law Tribunal (NCLT) has ordered liquidation of Go First.

The tribunal passed its order on Tuesday in response to a liquidation plea that was moved following the failure of revival process.

Dinkar Venkatasubramanian has been appointed as the liquidator and he has been directed to submit a preliminary report within 75 days of liquidation commencement date.

Suspended operations

Go First suspended operations due to a cash crunch in May 2023. Its application for insolvency was admitted on May 10. The airline owed over ₹3,700 crore to lenders at the time of its closure.

There was hope that the airline would take off again when the Directorate General of Civil Aviation allowed restart of operations subject to availability…

New Delhi: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly two years ago amid financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.

On Monday, the NCLT said the Committee of Creditors (CoC) in the legislative scheme is empowered to take 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 commercial wisdom of the CoC should not be interfered…

New Delhi, Jan 20 (PTI) The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes.

In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes.

The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.

The NCLT said the Committee of Creditors (CoC) in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, any time after its constitution and before confirmation of the resolution plan.

“It is well settled that the…

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The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency.

A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the Committee of Creditors (CoC) of Go First.

“The application is allowed by ordering liquidation of the corporate debtor, namely M/s Go Airlines,” as per the NCLT order.

The court has appointed Dinkar Tiruvannadapuram Venkatasubramanian as the Liquidator.

In November, 2024, the Supreme Court of India also ordered the liquidation of Jet Airways after finding that the successful…

Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. However, the airline’s assets were effectively wiped out after the Delhi High Court allowed lessors to repossess its fleet of 54 planes. 

While GoFirst is the second major airline to get grounded in the last 6 years, along with Jet Airways, there is likely no major impact on sentiments for the sector. India’s aviation growth story remains intact on the back of robust domestic demand and expansion by players like Air India, Indigo, and Akasa. Indian airlines have over 1500 aircraft on order, and the sector is set to grow.

Experts believe the government needs to…