NCLT orders Go First liquidation
2 months ago

NCLT orders Go First liquidation

The Hindu  

The National Company Law Tribunal 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 of Go First. Go First approached the NCLT on May 2, 2023 and sought the admission of its insolvency plea blaming engine maker Pratt & Whitney for failing to supply engines leading to grounding of 50% of the airlines fleet of 55 aircraft resulting in losses. In its insolvency filing, the airline informed the court that it owed creditors ₹11,463 crore, which included dues to banks, financial institutions, vendors and aircraft lessors.

Nclt Go First  owed  shut  crore  aircraft  insolvency  liquidation  vendors  resolution  nclt  court  orders

History of this topic

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement
1 month ago

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Live Mint  

Riju Raveendran, a suspended director of embattled edtech firm Byju’s, has approached the bankruptcy appeals court to prevent its creditors from deciding on a ₹158 crore settlement with India’s cricket board. The Bengaluru bench of the National Company Law Tribunal had on 10 February directed BCCI to submit the ₹158 crore settlement plea to the CoC for approval to facilitate …

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders
1 month, 3 weeks ago

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders

Live Mint  

The National Company Law Appellate Tribunal has asked Busy Bee Airways, a bidder for bankrupt airline Go First, to approach the airline’s lenders and negotiate a deal to acquire the airline as a going concern. Busy Bee Airways, backed by EaseMyTrip’s Nishant Pitti, had challenged a liquidation order issued by the National Company Law Tribunal in the NCLAT on 20 …

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”
1 month, 3 weeks ago

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”

Live Law  

The NCLT, New Delhi, Principal bench comprising Justice Ramalingam Sudhakar and Avinash K. Srivastava has allowed the claim of Ghaziabad Development Authority as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment …

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited
1 month, 3 weeks ago

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited

Live Law  

The National Company Law Tribunal, New Delhi bench of Justice Mahendra Khandelwal and Dr. Sanjeev Ranjan 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 stated the CoC in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, at any …

Busy Bee Airways challenges liquidation of Go First in NCLAT
2 months ago

Busy Bee Airways challenges liquidation of Go First in NCLAT

Live Mint  

Busy Bee Airways Pvt Ltd, one of the bidders for the grounded airline Go First, has approached the National Company Law Appellate Tribunal to challenge the airline's liquidation. On 21 January, Busy Bee Airways informed the NCLT of its decision to contest the liquidation, saying it intended to submit a resolution plan to take over the airline. Majority-owned by Nishant …

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation
2 months ago

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation

Live Mint  

New Delhi: Busy Bee Airways Pvt. Ltd, former bidder for bankrupt airline Go First, on Tuesday withdrew its plea challenging the 18 December decision of the National Company Law Tribunal reserving the liquidation order. In its plea, Busy Bee Airways also sought updated and comprehensive details about Go First, as requested in emails dated 6 May 2024, 27 May 2024, …

NCLT orders liquidation of Go First airline amid ongoing financial crisis
2 months ago

NCLT orders liquidation of Go First airline amid ongoing financial crisis

India TV News  

The National Company Law Tribunal on Monday ordered the liquidation of Go First, marking a dramatic end to the airline's 17-year legacy in the Indian aviation industry. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution. The Liquidation decision The NCLT's …

NCLT orders liquidation of Go First, ending 20-month insolvency saga
2 months ago

NCLT orders liquidation of Go First, ending 20-month insolvency saga

Live Mint  

The National Company Law Tribunal has ordered the liquidation of Go First, marking the end of 20 months of insolvency proceedings for the struggling budget airline. Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. Financial woes and consumer protection concerns Go First’s financial troubles had begun when …

NCLT orders liquidation of Go First airline
2 months ago

NCLT orders liquidation of Go First airline

The Hindu  

The National Company Law Tribunal has ordered the liquidation of Go First Airways after a request from the cash-strapped airline's lenders. 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 year and …

Bankrupt airline Go First's liquidation plea approved by law tribunal
Trending News
2 months ago

Bankrupt airline Go First's liquidation plea approved by law tribunal

India Today  

The National Company Law Tribunal 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 …

CoC recommends EY honcho as new liquidator in Go First case
3 months, 3 weeks ago

CoC recommends EY honcho as new liquidator in Go First case

Live Mint  

New Delhi: The Committee of Creditors of the bankrupt airline Go First has voted to appoint Dinkar Venkatasubramanian as the liquidator for the airline’s liquidation proceedings. Third-party foreign funding In the case, the resolution professional had also requested the NCLT’s approval for third-party funding from a US-based entity to support Go First’s arbitration case against engine maker Pratt & Whitney …

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order
Trending News
4 months, 2 weeks ago

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Firstpost  

Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways Supreme Court has ordered the liquidation of Jet Airways. The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways’ assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala …

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues
4 months, 2 weeks ago

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

The Hindu  

A three-judge Bench headed by Chief Justice of India D.Y. Justice J.B. Pardiwala, who authored the judgment, ordered the amount of ₹200 crore paid by Jalan Kalrock Consortium towards the initial tranche payment of ₹350 crore to the creditors to be forfeited. The court set aside the NCLAT direction to the lenders of Jet Airways to adjust the ₹150 crore …

Jet Airways liquidation: A wake-up call for India’s insolvency code
4 months, 2 weeks ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint  

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

Jet Airways grounded for good as Supreme Court orders liquidation
4 months, 2 weeks ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today  

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

NCLT Orders Liquidation Of Future Retail
7 months, 3 weeks ago

NCLT Orders Liquidation Of Future Retail

Live Law  

The National Company Law Tribunal Mumbai bench ordered the liquidation of Future Retail Limited marking the end of the company's long-standing presence in India's retail market. The decision was made by a bench comprising Judicial Member Kuldip Kumar Kareer and Technical Member Anil Raj Chellan who held that the corporate insolvency resolution process exceeded its maximum permissible period without any …

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine
9 months, 3 weeks ago

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine

Live Law  

The National Company Law Tribunal Hyderabad, comprising Justice Rajeev Bhardwaj and Mr. Sanjay Puri held Mr. Ravi Kiran Saladi Konda, Deputy Traffic Manager, New Mangalore Port Authority and Mr. Sriman Nayan Mishra, Senior Assistant Traffic Manager, Paradip Port Authority guilty of contempt for disobeying the directions of the Adjudicating Authority and sentenced them to simple imprisonment of 1 month each …

Court ruling takes the wind off GoFirst insolvency resolution
10 months, 3 weeks ago

Court ruling takes the wind off GoFirst insolvency resolution

New Indian Express  

The Delhi High Court’s recent order allowing the Directorate General of Civil Aviation to process the applications filed by several lessors for deregistration of 54 planes is a body blow to the resolution process of Go First. Go First has been going through the insolvency resolution process since May 10 last year. The airline’s process is being overseen by resolution …

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'
11 months, 1 week ago

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma and Jatindranath Swain, has stayed the insolvency proceedings initiated against Deccan Charters Pvt. On 04.05.2022, the Financial Creditor filed an application under Section 7 of IBC seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over a default of Rs. On …

NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency
11 months, 1 week ago

NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency

Live Law  

The National Company Law Tribunal, Bengaluru Bench, comprising of Shri K. Biswal and Shri Manoj Kumar Dubey, has admitted Deccan Charters Pvt. Deccan Charters is a Bengaluru based company which operates chartered helicopters and fixed wing aircrafts and also provides services such as aircraft maintenance, aircraft management and aviation training. In 2017, Shaishav Shah & Family and Himanshu Shah & …

Go Air RP Unable To Undertake Regular Maintenance Of Lessors' Aircrafts: Delhi High Court Issues Show Cause Notice For Contempt
1 year ago

Go Air RP Unable To Undertake Regular Maintenance Of Lessors' Aircrafts: Delhi High Court Issues Show Cause Notice For Contempt

Live Law  

The Delhi High Court has issued a show cause notice to the Resolution Professional of crisis-hit Go Air as to why contempt proceedings be not initiated against him, observing that he was unable to undertake regular maintenance of the aircrafts of various lessors in terms of last year's judicial orders.Justice Tara Vitasta Ganju observed that the directions to provide access …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
1 year, 1 month ago

Weekly Digest Of IBC Cases: 5th To 11th February 2024

Live Law  

NCLAT NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC Case Title: Nimai Gautam Shah, Resolution Professional of Sintex Plastics Technology Ltd. vs. RBL Bank Ltd. Case No. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
1 year, 1 month ago

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Shri. Anil Raj Chellan allowed the withdrawal of the liquidation application since one resolution plan was received by the Committee of Creditors during the pendency of the liquidation application upholding the aim of Insolvency and Bankruptcy, 2016. During the pendency of the liquidation application before NCLT, the Interim Resolution Professional received an …

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale
1 year, 1 month ago

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Rohit Kapoor and Mr. Balraj Joshi held that the primary goal of Resolution Plan as well as the sale of a Corporate Debtor as a going concern remains the same i.e revival of the Corporate Debtor's business. NCLT Verdict: The NCLT Kolkata allowed the application and held that the primary goal of …

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
1 year, 3 months ago

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Smt. Bidisha Banerjee and Shri Arvind Devanathan has held that no proceedings can be initiated against the Airport Authority of India as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person' under Section 3 of Insolvency and …

Buyers’ apathy, change in IBC spur Go First liquidation fear
1 year, 4 months ago

Buyers’ apathy, change in IBC spur Go First liquidation fear

Live Mint  

MUMBAI : Bankrupt airline Go First is staring at a potential liquidation or torturous recovery given the lack of buyers’ interest, fleet uncertainty and mounting costs, two people aware of the matter said. Go First’s revival was clouded further by a 3 October government notification that said leased aircraft and engines would not come under the bankruptcy moratorium. And then, …

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders
1 year, 6 months ago

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders

Live Mint  

New Delhi: The National Company Appellate Tribunal on Monday gave Jalan-Kalrock consortium, the successful bidder for Jet Airways, time till 30 September to clear dues worth ₹350 crore to lenders of the grounded airline. The tribunal also accepted the consortium's plea to adjust ₹150 crore from a performance bank guarantee towards the payment of ₹350 crore. Lenders have infused approximately …

Monthly Digest Of IBC Cases: July 2023
1 year, 7 months ago

Monthly Digest Of IBC Cases: July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. The National Company Law Appellate …

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations
1 year, 7 months ago

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has permitted Go Airlines to operate the leased aircrafts in order to maintain the company’s status as a going concern. Accordingly, the Lessors filed an application under Section 60 of IBC before the NCLT …

Go First files application for ‘immediate’ revival of operations
1 year, 7 months ago

Go First files application for ‘immediate’ revival of operations

Live Mint  

Go First on Sunday announced the cancellation of flights until July 25 due to operational reasons. The aviation company made the announcement on its official Twitter handle in which it stated that it has filed an application for immediate resolution and revival of operations. “We regret to inform you that due to operational reasons, Go First flights scheduled till 25th …

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi
1 year, 8 months ago

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

Live Law  

The National Company Law Tribunal, Principal Bench, comprising of Chief Justice Ramalingam Sudhakar and Shri Avinash K Srivastava, while adjudicating a petition filed in the matter ofM/s. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30 of IBC reveals that a Dissenting Financial Creditor is at best entitled to the liquidation value commensurate with its security interest. …

Go First gets claims worth ₹23,777 crore from creditors
1 year, 8 months ago

Go First gets claims worth ₹23,777 crore from creditors

Live Mint  

Go Airlines Ltd has received claims totaling ₹23,777 crore from both operational and financial creditors as part of its ongoing insolvency process, according to two banking sources who spoke to Reuters. The resolution professional overseeing Go Airlines is yet to authenticate the validity of the claims and did not promptly respond to a request for comment from Reuters via email. …

Delhi HC refuses stay on lessors inspecting Go First aircraft
1 year, 8 months ago

Delhi HC refuses stay on lessors inspecting Go First aircraft

Live Mint  

New Delhi: A division bench of the Delhi High Court has dismissed an appeal filed by Go First's resolution professional challenging an earlier order that allowed lessors to inspect the airline's aircraft and their parts at regular intervals. On 5 July, a single-judge bench of the Delhi High Court permitted the lessors of the airline to inspect and carry out …

Go Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor
1 year, 9 months ago

Go Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor

Live Law  

The National Company Law Tribunal, Special Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has directed the Resolution Professional to protect the assets in possession and control of Go Airlines Ltd. in terms of Section 25 of IBC. Further the Interim Resolution Professional has been replaced by Mr. Shailendra …

Go First’s Committee of Creditors replaces bankruptcy officials: Report
1 year, 9 months ago

Go First’s Committee of Creditors replaces bankruptcy officials: Report

Live Mint  

The creditors of Go First Airlines have replaced the bankruptcy-related officials appointed by the company, in a move to take full control of the carrier’s resolution process at the National Company Law Tribunal, a report said. The committee of creditors of Go First has replaced the previously appointed interim resolution professional, process advisor and legal agency during its first meeting …

NCLT accepts Delhivery notice to declare Go First’s insolvency fraudulent
1 year, 9 months ago

NCLT accepts Delhivery notice to declare Go First’s insolvency fraudulent

Live Mint  

The National Company Law Tribunal on Thursday accepted logistic courier service provider Delhivery's notice to declare Go First's voluntary insolvency resolution as fraudulent and malicious, media reports suggested. As per an Economic Times report, NCLT accepted Delhivery's notice seeking Go First's voluntary insolvency resolution as fraudulent and malicious. Earlier Mint reported that the cash-strapped budget airline Go First had sought …

Go First crisis: Airline extends flight cancellations till May 30
1 year, 9 months ago

Go First crisis: Airline extends flight cancellations till May 30

India TV News  

Go First crisis: Airline extends flight cancellations till May 30 Go First airlines cited operational reasons as it extended the suspension of its flight operations till May 30. New Delhi: Cash-strapped Go First airline, which is undergoing insolvency resolution proceedings, extended its flight cancellations till May 30 due to operational reasons. Go First flights cancelled till May 28 "We regret …

Go First suspended board files caveats before Supreme Court against aircraft lessors
1 year, 10 months ago

Go First suspended board files caveats before Supreme Court against aircraft lessors

Deccan Chronicle  

NEW DELHI: The suspended board of Go First on Tuesday filed caveats before the Supreme Court against four aircraft lessors of the crisis-hit airline. Four caveats have been filed by Varun Berry, the Chairman of the suspended board of Go First through his counsel advocate Pranjal Kishore, as per the information available on the website of the Supreme Court of …

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings
1 year, 10 months ago

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

Firstpost  

The National Company Law Appellate Tribunal on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency,to approach National Company Law Tribunal for any remedy. The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a …

Go First crisis: Big blow to aircraft lessors as NCLAT upholds bankruptcy ruling
1 year, 10 months ago

Go First crisis: Big blow to aircraft lessors as NCLAT upholds bankruptcy ruling

India Today  

The National Company Law Appellate Tribunal on Monday upheld insolvency proceedings against cash-strapped airline Go First, in what seems to be a big blow for aircraft lessors who had challenged the decision. Aircraft lessors had approached the NCLAT and challenged the National Company Law Tribunal’s ruling that granted bankruptcy protection to Go First. This means Go First’s aircraft lessors, which …

Go First bankruptcy | Crisis in the skies
1 year, 10 months ago

Go First bankruptcy | Crisis in the skies

India Today  

The May 2 decision of Go First, India’s third-largest carrier, to suspend flights for two days—later extended till May 19—caught fliers, the aviation regulator and the Centre totally off guard. The company has cited the long delays in sourcing airworthy engines from the US aerospace major Pratt & Whitney as the reason behind the decision to go for insolvency, but …

NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates
1 year, 10 months ago

NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates

Live Law  

The National Company Law Tribunal, Cuttack Bench, comprising Shri P. Mohan Raj and Shri Satya Ranjan Prasad, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Srimanta Kumar Tripathy and Anusuya Tripathy vs S.S Mining and Infra Private Limited has held reiterated that NCLT is not a forum for adjudication of Fraud or determination of …

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18
1 year, 10 months ago

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18

News 18  

Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code but not the first globally to undergo insolvency in 2023. Alternately, under Section 30 of the IBC, submitting a resolution plan subject to Section 29A prohibits the promoters of a company undergoing insolvency from participating in the …

Cash-strapped Go First extends suspension of flight operations till May 26
1 year, 10 months ago

Cash-strapped Go First extends suspension of flight operations till May 26

Hindustan Times  

Crisis-hit Go First on Wednesday extended the suspension of flight operations till May 26, citing operational reasons and expressed hope that it will be able to resume bookings shortly. The National Company Law Tribunal admitted the airline's voluntary plea insolvency resolution proceedings on May 10 Go First, which is undergoing insolvency resolution proceedings, stopped flying from May 3. The National …

Go First: Aircraft lessor moves Delhi High Court seeking directions to take back its leased plane
1 year, 10 months ago

Go First: Aircraft lessor moves Delhi High Court seeking directions to take back its leased plane

The Hindu  

As Go First undergoes insolvency resolution proceedings, an aircraft lessor moved the Delhi High Court seeking directions to the authorities to release the plane leased to the crisis-hit airline. Besides, two more aircraft lessors have moved the National Company Law Appellate Tribunal opposing the airline's insolvency proceedings. With moratorium on financial obligations and transfer of assets of Go First in …

Go First insolvency: NCLAT to hear lessors’ plea on May 22
1 year, 10 months ago

Go First insolvency: NCLAT to hear lessors’ plea on May 22

Live Mint  

The National Company Law Appellate Tribunal has deferred the matter pertaining to Go First lessors’ petition seeking a stay on a bankruptcy court order allowing voluntary insolvency of the low-cost airline to May 22, according to reports. A bench led by Justices Ashok Bhushan and Barun Mitra will take up the petition filed by SMBC Aviation Capital, one of the …

Go First's insolvency flight leaves trail of concerns for aircraft lessors
1 year, 10 months ago

Go First's insolvency flight leaves trail of concerns for aircraft lessors

Firstpost  

At least 50 requests to take back as many leased planes from two Indian airlines in less than two weeks. Cash-strapped Go First being admitted for insolvency resolution proceedings on a voluntary plea and subsequent moratorium has left a trail of concerns and uncertainties for aircraft lessors with respect to India, the world’s third-largest aviation market. Regional airline Star Air’s …

Go First lessors’ plea to be heard Monday
1 year, 10 months ago

Go First lessors’ plea to be heard Monday

Live Mint  

The National Company Law Appellate Tribunal on Friday deferred the matter pertaining to Go First lessors’ petition seeking a stay on a bankruptcy court order allowing voluntary insolvency of the low-cost airline to Monday. A bench led by Justices Ashok Bhushan and Barun Mitra will take up the petition filed by SMBC Aviation Capital, one of the lessors of Go …

Go First: NCLAT to hear SMBC Aviation Capital’s plea challenging insolvency
1 year, 10 months ago

Go First: NCLAT to hear SMBC Aviation Capital’s plea challenging insolvency

Live Mint  

National Company Law Tribunal on Friday will hear a plea filed by Go First's lessor SMBC Aviation Capital Ltd challenging the tribunal's order allowing insolvency. SMBC Aviation Capital Ltd told NCLAT that the initiation of insolvency by Go First was a “fraudulent exercise”. He also questioned the proceedings at the NCLT as the tribunal completed Go First's hearing of the …

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