Bar and Bench reported that the National Company Law Tribunal ordered the liquidation of Go First Airways following a request by the airline’s Committee of Creditors.
The NCLT bench consisting of Mahendra Kahandelwal, Judicial Member, and Dr. Sanjeev Rajan, Technical Member, confirmed this decision by saying that “liquidation is ordered.”
Go First filed a voluntary petition for admission to Corporate Insolvency Resolution Process under Section 10 of Insolvency and Bankruptcy code (IBC) in May 2023. The NCLT accepted the plea on 10 May, appointing a Resolution Professional to manage the airline’s operations.
Lessors of the airline then appealed the decision to the National Company Law Appellate Tribunal, challenging the moratorium which prevented them from reclaiming their assets, despite having terminated leases before the proceedings started. The NCLAT affirmed the NCLT ruling on May 22nd, 2023. It also directed lessors that they should seek clarification about the moratorium.
The Directorate General of Civil Aviation initially refused to deregister the aircraft due to the moratorium. On October 4, 20,23, the Ministry of Corporate Affairs clarified the IBC Section 14(1) would not apply for transactions involving aircraft or related assets. The DGCA subsequently agreed, and Go First’s fleet had been deregistered by early May of 2024. Maintenance and export of aircraft were transferred to the lessors.
In September 2024, faced with a lack aircraft and no viable options for revival, the CoC decided to liquidate the airline. They filed the necessary application. The NCLT bench initially expressed concerns over the appointment of Shailendra Asjmera as liquidator, but Dinkar Venkatasubramanian became the official liquidator. Advocate Vishnu Sriram represented the CoC, and advocate Diwakar Mahaeshwari represented the Resolution Professional.
Airways: Refunds on delayed and canceled flights Airways have now been informed they have to give automated refunds below a brand new Division of Transportation rule that went into impact this week. Flyers at the moment are assured their a reimbursement ought to a flight be delayed or cancelled, and you will not must file any paperwork. The Division of Transportation's Secretary, Pete Buttigieg, mentioned on Wednesday that the brand new regulation is an try to incentivize airways to reduce flight disruptions, delays or cancellations. Airways have now been informed that automated refunds have to be issued for any 'important adjustments' to…
ITA Airways: Daily flight from Dubai to Rome ITA Airways launched its first route in the United Arab Emirates, with a flight that is nonstop between Dubai and Rome Fiumicino. The Italian reference carrier is going to operate this route daily. The first ITA Airways Flight from Dubai to Rome Fiumicino (AZ857) departed 1:50 a.m. on Monday, 28th October. To mark the occasion, a ribbon-cutting ceremony was held at DXB Arrivals, which was attended by Pierfrancesco Carino, Vice President International Sales ITA Airways, Benedetto Mencaroni Poiani, Regional Manager for Asia, Middle East, and Africa ITA Airways, Lorenzo Fanara, Ambassador of Italy in UAE,…
Jet Airways: SC verdict on appeal against NCLAT The Supreme Court is expected to announce its decision on Thursday regarding a petition filed by State Bank of India (SBI), and other creditors, challenging the National Company Law Appellate Tribunal’s (NCLAT’s) decision to uphold the resolution plan of grounded airline Jet Airways and approve the transfer of its ownership Jalan Kalrock Consortium. A bench of Chief Judge D Y Chandrachud along with Justices J B Pardiwala & Manoj Misra is expected to pronounce the verdict, which was reserved on 16 October. The NCLAT approved the transfer of ownership to JKC on 12 March. The…