Insolvency: Latest News and Updates, Top Stories, Videos, Photos About Insolvency

Go First To Seek 60-Day Extension For Insolvency Resolution; Potential Suitors Emerge Amidst Talks

Go First, formerly known as GoAir, is set to seek a 60-day extension for its insolvency resolution process, legal experts predict. The grounded airline's initial 90-day extension, granted by the National Company Law Tribunal (NCLT), expired on February 4. Go First, ...

SpiceJet Shares Jump After India's Bankruptcy Tribunal Dismisses Lessor's Insolvency Plea

The National Company Law Tribunal (NCLT) has dismissed the insolvency petition filed against the airline by Wilmington Trust SP Services marking a victory for SpiceJet, The announcement came from SpiceJet itself on January 30, providing a sigh of relief for the ...

NCLAT Upholds Bidding Rights of Former Promoters, Directors in Insolvency Cases

The National Company Law Appellate Tribunal (NCLAT) ruled that former promoters and directors of insolvent companies can submit bids unless they meet specific ineligibility criteria under Section 29A of the insolvency law....

SC Rejects GoFirst's Plea Challenging Delhi HC Order Granting Lessors Access to Planes

The Supreme Court of India On Monday rejected Go First's Resolution Professional's appeal against the Delhi High Court's decision allowing the airline's lessors to inspect the aircraft. The supreme court ruled that it is currently unable to intervene because the cases ...

Lessors Have Doubts Over Go First's Revival

Debt-ridden, Wadia group air carrier Go First argued before the National Company Law Appellate Tribunal (NCLAT) on Friday that, the termination of leases for aircraft by the lessors would not have any impact. This is because the moratorium has been imposed ...

NCLT To Hear Insolvency Proceedings Plea Filed Against 'SpiceJet' Next Week

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 ...

Go First Insolvency: What Has Transpired So Far?

The low-cost airline arm of IndiGo Air's Go First announced a suspension of all its flights from May 3-5, as it needs to solve its financial crisis. The company on its own also filed for insolvency resolution proceedings in the National ...

DGCA Orders Go First To Refund Passengers

The Directorate General of Civil Aviation (DGCA) has issued an order to Go First to process refunds to passengers after examining the response it got from the airlines. On May 2, after canceling all its flights for May 3-5 ...

Go First Seeks Out NCLT For Directions To Deal With The Crisis

Debt-ridden, Go First Airways seeks out National Company Law Tribunal (NCLT) for various interim directions to deal with the ongoing crisis. It has asked for help to restrain lessors from taking back aircraft and the regulator Directorate General of Civil Aviation ...

Bank of Baroda, Central Bank, IDBI Bank Shares Plunge Sharply, Investors Lose Nearly Rs 7,100 Crore

The share price of few banking stocks, especially Central Bank of India, Bank of Baroda and IDBI Bank plunged sharply on Wednesday as Go First filed for bankruptcy. These three banks were the lenders were among the leading financial creditors for ...

Go First "Navigating The Situation With Utmost Care", Chief Assures 5000 Scared Employees

The chief of Go First Airways, Kaushik Khona has told its 5,000 scared employees that it is doing everything possible to navigate the situation with utmost care and concern for all. The chief told all it employees that the airline has ...

Go First Gets A Show Cause Notice From DGCA After It Cancelled Flights On 3-4 May

The aviation regulator, Directorate General of Civil Aviation (DGCA) on Tuesday late evening has issued a show cause notice to Go First Airways after the airlines filed for insolvency voluntarily and suspended airline bookings from 3-4 May. "Go First ...

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