NCLT grants Go First bankruptcy protection
1 year, 7 months ago

NCLT grants Go First bankruptcy protection

Live Mint  

The National Company Law Tribunal on 10 May agreed to grant Go First protection under moratorium from recovery by lessors, lenders. NCLT, in its judgement, said that “we admit the plea of Go Airlines for insolvency proceedings.” A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional to run the debt-ridden company. After the NCLT order, Go First CEO Kaushik Khona said, “This is a historic ruling as an application of insolvency has been admitted so fast. On May 4, the NCLT reserved its order after hearing the Wadia group-owned carrier and its aircraft lessors who have opposed the petition seeking interim protection.

Nclt Grants  protection  bankruptcy  moratorium  resolution  interim  company  nclt  grants  airline  suspended  insolvency  order

History of this topic

NCLT begins insolvency resolution process against Supertech
5 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

NCLT starts insolvency proceedings against Byju's
5 months, 1 week ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD
5 months, 4 weeks ago

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD

Live Law  

The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli and Mr. Shyam Babu Gautam dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016. It held that creditors cannot initiate insolvency proceedings against personal guarantors solely based on the initiation of the Corporate Insolvency Resolution Process without showcasing …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
5 months, 4 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

NCLT Orders Insolvency Proceedings Against Himalayan Mineral Waters Following Rs 50 Crore Default
6 months, 1 week ago

NCLT Orders Insolvency Proceedings Against Himalayan Mineral Waters Following Rs 50 Crore Default

Live Law  

The National Company Law Tribunal recently ordered the initiation of insolvency proceedings against Himalayan Mineral Waters, following a plea by Jammu and Kashmir Bank. The NCLT's decision was based on the Jammu and Kashmir Bank's submission that Himalayan Mineral Waters defaulted on its obligations which was evidenced by the outstanding debt exceeding the threshold limit. Prior to this transaction, a …

NCLT New Delhi Initiates Insolvency Proceedings Against Revital Reality Private Limited For Financial Debt And Default
6 months, 1 week ago

NCLT New Delhi Initiates Insolvency Proceedings Against Revital Reality Private Limited For Financial Debt And Default

Live Law  

The National Company Law Tribunal Court V, New Delhi bench of Mahendra Khandelwal and Dr Sanjeev Ranjan has initiated insolvency proceedings against Revital Reality Private Limited noting that it failed to deliver possession of the residential units within the stipulated time frame. The bench noted: “…it is clear that the applicants are Financial Creditors and the debt owed to them …

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine
6 months, 4 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 …

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC
7 months, 1 week ago

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that if no Goods and Services Tax refund/ Input Tax Credit claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 or in Form 5 by the Operational Creditor, the same cannot become a …

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 1 week ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
8 months ago

NCLT orders insolvency proceedings against Zee’s Subhash Chandra

Hindustan Times  

The National Company Law Tribunal on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group's Vivek Infracon Pvt, PTI Subhash Chandra launched Zee Entertainment, considered to be the pioneer of television entertainment industry …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
8 months, 3 weeks ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held that the Provisional Attachment Order …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 1 week ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951
9 months, 1 week ago

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Ms. Bidisha Banerjee and Shri Arvind Devanathan held that the Insolvency and Bankruptcy Code, 2016 prevails over State Financial Corporation Act, 1951. Mr. Rajesh Lahila was appointed as the Resolution Professional on 17.02.2022 to manage the CIRP of the Corporate Debtor and to take custody of all the assets of the Corporate …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
10 months, 2 weeks 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 Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
10 months, 3 weeks ago

NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Mr. Kishore Vemulapalli and Ms. Anu Jagmohan Singh held that the date of default by the Principal Borrower is not relevant to determine the date of default by the Corporate Guarantor. NCLT Verdict: The NCLT Mumbai allowed the application and held that the date of default by the Principal Borrower is not …

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
10 months, 3 weeks ago

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale
10 months, 3 weeks 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 …

Suspended Directors Can't Transfer Amount From Corporate Debtor's Account During Stay On CIRP, NCLT Mumbai Directs Refund
11 months, 2 weeks ago

Suspended Directors Can't Transfer Amount From Corporate Debtor's Account During Stay On CIRP, NCLT Mumbai Directs Refund

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Ms. Reeta Kohli and Shri Sanjiv Dutt, has held that Suspended Directors of Corporate Debtor cannot transfer amounts from the Corporate Debtor's account while there is a stay on CIRP. The NCLAT stayed the CIRP and before vacation of stay the Suspended Directors transferred certain amounts from the Corporate Debtor's account …

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
11 months, 2 weeks ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

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 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 …

SC advises NCLT against routine asset revaluation orders
1 year, 1 month ago

SC advises NCLT against routine asset revaluation orders

Live Mint  

New Delhi: The Supreme Court has advised the National Company Law Tribunal against routinely issuing directions for a revaluation of a corporate debtor’s assets A bench comprising Justices Vikram Nath and Ahsanuddin Amanullah emphasized that the tribunal has limited powers for such directions and should exercise them only in exceptional circumstances. Citing relevant provisions of Insolvency and Bankruptcy Code, the …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 1 month ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 months ago

Weekly Digest Of IBC Cases: 11th To 17th September 2023

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules
1 year, 3 months ago

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in Ami Ashutosh Majumdar v Omkara Assets Reconstruction Pvt. The NCLT had proceeded ex-parte against the Corporate Debtor on the first hearing held post issuance of notice and when the time period to file …

NCLAT Delhi Reverses The Decision Of NCLT, Upholds CoC’s Decision To Accept Relinquishment Of Personal Guarantee On Payment
1 year, 3 months ago

NCLAT Delhi Reverses The Decision Of NCLT, Upholds CoC’s Decision To Accept Relinquishment Of Personal Guarantee On Payment

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in SVA Family Welfare Trust & Anr. v Ujaas Energy Ltd. & Ors., has upheld the decision of Committee of Creditors to accept a value for relinquishment of personal guarantees of the Corporate Debtor under the Resolution …

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders
1 year, 3 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 …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 5 months ago

Weekly Digest Of IBC Cases: 18 To 23 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. High Court Jharkhand High Court …

Delhi HC refuses stay on lessors inspecting Go First aircraft
1 year, 5 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, 6 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, 6 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 …

Improving The Functioning Of The National Company Law Tribunal – A Perspective
1 year, 6 months ago

Improving The Functioning Of The National Company Law Tribunal – A Perspective

Live Law  

The National Company Law Tribunal, established on 01 June 2016 under the Companies Act, 2013, is a premier tribunal in the commercial and economic field. Having said that, there is still a general feeling of unease with reference to two issues – the delay factor in disposal of applications by the NCLT, especially applications pertaining to admission of corporate debtors …

DGCA to conduct audit of Go First's preparedness before allowing flight resumption
1 year, 7 months ago

DGCA to conduct audit of Go First's preparedness before allowing flight resumption

The Hindu  

Aviation regulator DGCA will conduct an audit of Go First's preparedness before approving resumption of flights by the crisis-hit carrier, according to a communication. Go First, on May 2, announced filing the plea for voluntary insolvency resolution proceedings as well as suspension of flights, initially for two days — May 3 and 4. At that time also, DGCA had issued …

Go First suspended board files caveats before Supreme Court against aircraft lessors
1 year, 7 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, 7 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, 7 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 Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18
1 year, 7 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, 7 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, 7 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: What happened so far with the domestic carrier?
1 year, 7 months ago

Go First insolvency: What happened so far with the domestic carrier?

Hindustan Times  

After more than a week of uncertainties, the skies seem to be more clear for the cash-starved airline Go First. Following is the brief chronology of developments in the last nine days. Go First filed for insolvency resolution proceedings in the National Company Law Tribunal. Read here: NCLT initiates Go First airline’s plea to initiate insolvency resolution May 2 - …

NCLT initiates insolvency proceedings for Go First
1 year, 7 months ago

NCLT initiates insolvency proceedings for Go First

Hindustan Times  

The National Company Law Tribunal on Wednesday admitted Go First’s voluntary plea under the Insolvency and Bankruptcy Code and awarded the airline bankruptcy protection. Go First has suspended sale of tickets till May 15 The airline had last week filed for insolvency resolution proceedings in the NCLT while also announcing the suspension of the sale of tickets till May 15. …

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
1 year, 7 months ago

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC

Live Law  

NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited under section 54 of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process vide an order dated 11.08.2017. The Tribunal being satisfied that …

NCLT admits Go First insolvency plea, puts it under moratorium
1 year, 7 months ago

NCLT admits Go First insolvency plea, puts it under moratorium

Business Standard  

The NCLT has appointed Abhilash Lal of Alvarez and Marsal interim resolution professional to take charge of the airline. The tribunal said the professional should ensure that employees of the airline were not laid off The Delhi Bench of the National Company Law Tribunal on Wednesday accepted Go First’s insolvency plea, resulting in the airline being put under a moratorium …

Go First bankruptcy: What does bankruptcy protection mean for airline?
1 year, 7 months ago

Go First bankruptcy: What does bankruptcy protection mean for airline?

Live Mint  

One of India's largest airlines, Go Airlines, now rebranded as Go First, has been granted bankruptcy protection by the National Company Law Tribunal on Wednesday. Bankruptcy proceedings against Go First airline will take place as per the process stated under the Insolvency and Bankruptcy code of India, 2016. NCLT announced its order accepting the bankruptcy petition of Go First airline, …

NCLT grants GoFirst’s insolvency plea
1 year, 7 months ago

NCLT grants GoFirst’s insolvency plea

The Hindu  

The National Company Law Tribunal on Wednesday admitted Go First’s plea for voluntary insolvency and granted protection under moratorium from adverse actions by lessors, lenders, regulator, airports and oil companies. SMBC Aviation Capital which has leased at least seven aircraft to Go First moved National Company Appellate Law Tribunal to challenge the order. Lessors have already terminated lease agreements for …

Go First crisis: Lessors approach DGCA to deregister 45 of 55 planes
1 year, 7 months ago

Go First crisis: Lessors approach DGCA to deregister 45 of 55 planes

Live Mint  

Aircraft lessors on Tuesday approched the DGCA for deregistration of 45 planes of the cash-strapped Go First Airways. On Monday, Go First requested the National Company Law Tribunal for an early decision on its plea for voluntary insolvency resolution proceedings before the two-member bench headed by tribunal President Ramalingam Sudhakar. As many as 28 planes or more than half of …

Go First crisis: Lessors seek deregistration of 36 planes
1 year, 7 months ago

Go First crisis: Lessors seek deregistration of 36 planes

Live Mint  

Lessors Monday urged the Directorate General of Civil Aviation to deregister 13 more Go First aircraft to secure their assets. Earlier, on Thursday they has applied for deregistration of 23 planes of the cash-strapped Indian airline before the insolvency process begins.The lessors have so far sought the deregistration of 36 planes of Go First. The Go First today requested the …

Insolvency petitions against Go First to be heard on May 8
1 year, 7 months ago

Insolvency petitions against Go First to be heard on May 8

Hindustan Times  

As Go First awaits the NCLT ruling on its voluntary insolvency resolution plea, the tribunal is set to hear on Monday two petitions seeking insolvency proceedings against the crisis-hit airline. Go First airline With liabilities of ₹11,463 crore and a financial crunch, the Wadia group-owned airline has sought voluntary insolvency resolution proceedings as well as an interim moratorium on financial …

GoFirst crisis: Wadia Group seeking a one-time settlement offer
1 year, 7 months ago

GoFirst crisis: Wadia Group seeking a one-time settlement offer

Live Mint  

The Wadia Group, which owns the struggling airline Go First, is expected to request a settlement with banks that would involve creditors accepting a significant reduction in the amount owed, The Financial Express has reported. This means that the airline itself initiated the insolvency proceedings instead of creditors taking the debtor to the National Company Law Tribunal for debt recovery. …

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