Page 20 - Nclt

Go First likely to resume flights on May 24 with fewer aircraft: Report

Go First has also reportedly discussed the plans to resume flights with the Centre

NCLT admits Go First's insolvency plea, puts it under moratorium

Order prevents a viable airline from becoming an unviable one, says airline's CEO

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT to issue crisis-hit Go First's insolvency order on Wednesday

The airline, widely known as Go First, filed for bankruptcy protection last week, blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neo planes

Centre to come up with creditor-led insolvency resolution framework: Report

The creditors and debtors will be allowed to reach an informal agreement to resolve the bankruptcy case and later approach the NCLT to admit cases

Go First airline asks NCLT to pass urgent order on insolvency plea

Lessors have moved application to repossess aircraft during legal proceedings, says company's lawyer

NCLT to hear two insolvency petitions filed against Go First on May 8

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. With liabilities of Rs 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 obligations. After hearing the plea on Thursday, the National Company Law Tribunal (NCLT) reserved its order. The tribunal is set to hear two insolvency petitions filed against the airline on Monday, according to lawyers. The petition filed by SS Associates Services Pvt Ltd, which was providing transport services to the carrier, is with respect to a claim of around Rs 3 crore. A pilot has also filed a petition claiming dues for his services provided to the airline. The amount involved is more than Rs 1 crore. The two petitions are scheduled to be heard by the Principal Bench of the NCLT. Go First, in

NCLT to hear insolvency proceedings plea filed against SpiceJet on May 8

SpiceJet too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (NCLT) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor Aircastle (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussio

Lenders to Go First await NCLT's verdict to chalk-out strategy

There was no meeting on Thursday. Banks have already reviewed the situation on Wednesday

Lessors oppose Go First's insolvency resolution plea; NCLT reserves order

Airline seeks interim moratorium

India tribunal allows bankruptcy proceedings against Future Lifestyle

A company court on Thursday admitted Bank of India Ltd's petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default

NCLT reserves order on Go First's plea for insolvency proceedings

The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them. Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (IBC) is to ensure that a company is a going concern and not ground it. Cash-strapped Go First has cancelled flights till May 9.

Go First seeks interim moratorium, NCLT says no such provision under IBC

Go First told the court that the primary aim of filing for insolvency was to revive the airlines and it seeks a comprehensive debt restructuring

NCLT to hear cash strapped Go First Airway's insolvency plea on May 4

The National Company Law Tribunal tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First's voluntary insolvency resolution plea. The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi-bench headed by President Justice Ramalingam Sudhakar. The bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing. The Wadia group-owned carrier has moved the National Company Law Tribunal (NCLT), Delhi, seeking voluntary insolvency resolution proceedings. Section 10 of the Insolvency & Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default. Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings. The airline, which has been grappling with engine issues since January 2020, said it has been forced to move the NCLT as P&W refused to comply with an order issued by the .

Easing the process: Guidelines for NCLT to deal with IBC cases in the works

MCA also planning to AI system for case management

NCLAT to hear Yamuna e-way authority's plea on compensation for farmers

Insolvency appellate tribunal NCLAT on Tuesday said it will hear the plea of Yamuna Expressway Industrial Development Authority (YEIDA), which challenged the NCLT's order to approve Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. However, the National Company Law Applette Tribunal (NCLAT) declined to stay the order passed by the National Company Law Tribunal on March 7 and said the matter requires an early decision. Finding "substantial merit" in the YEIDA's appeal for higher compensation to farmers, the NCLAT issued notices to the Suraksha Group as well as the monitoring panel constituted to implement the resolution plan on YEIDA's petition. A two-member bench, headed by Chairman Justice Ashok Bhushan, said the appeal filed by YEIDA on NCLT judgment "requires an early decision". The appellate tribunal further noted that the NCLT in its order dated March 7, 2023 "has virtually extinguished the claim of the appellant (YEIDA) of additional farmers compensation by ...

Jet Airways' fate in jeopardy as NCLT deadline for Jalan-Kalrock nears

The expiry of the airline's air operator's permit (AOP) is also due on May 19

Karnataka HC sets aside NCLT order regarding windmills on forest land

The Karnataka High Court has quashed the order of the National Company Law Tribunal (NCLT) that had passed an order allowing the operations of windmills on forest land in the state to a Mumbai-based company. The HC said the tribunal did not have jurisdiction over the matter of setting aside a government order. "The company could not have knocked at the doors of the Tribunal as it completely falls beyond the purview of the Code, being in the realm of public law, since the State has exercised its jurisdiction in drawing up the proceedings and directing forest clearances to be submitted by the corporate debtor, the petitioner, in exercise of powers conferred under the Statute. Therefore, they are in the realm of public law," Justice M Nagaprasanna said in his judgment. The tribunal had no jurisdiction to direct functioning/continuing of the windmill without the forest clearance, merely because the state had granted such permission at an earlier point in time, the court stated. The ...

Reliance Capital resolution process completion deadline extended to July 16

The bidders have asked the Reliance Capital lenders to ensure that the resolution plans are IBC and RFRP compliant