NCLT orders liquidation of Go First, Legal News, ET LegalWorld
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is […]
NCLT orders liquidation of Go First Airways, ET LegalWorld
The National Company Law Tribunal (NCLT) ordered the liquidation of Go First Airways after a request from the airline’s Committee of Creditors (CoC), Bar and bench reported on Monday. The NCLT bench, consisting of Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, confirmed the decision, saying, “Liquidation is ordered.” Go First filed a […]
NCLT directs liquidation of Tulip Hotels as it fails to get bidder within prescribed timeline, ET LegalWorld
NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming […]
IBBI proposes amendments to liquidation regulations, Legal News, ET LegalWorld
The Insolvency Bankruptcy Board of India has issued a discussion paper on amendments to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Review of Auction Framework The existing provisions result in: Prospective bidders effectively get only 14 days to participate […]
Supreme Court advances reforms in IBC amid Jet Airways liquidation, ET LegalWorld
The Supreme Court in the matter of Jet Airways liquidation has outlined policy reforms in the Insolvency and Bankruptcy Code, 2016. The court termed the matter was an, “an eye-opener,” considering the importance of IBC. The nature of IBC suggests that the insolvency ecosystem be continuously strengthened through a regular identification of its shortcomings and […]
Why did the Supreme Court choose liquidation over resolution for Jet Airways?, ET LegalWorld
The Supreme Court has held that where there exists extraordinary circumstances warranting the exercise of plenary powers to ensure that the very salutary purpose of the Insolvency and Bankruptcy Code, 2016 is not frustrated, then the Court would be well within its prerogative to exercise them to secure the object of the IBC, 2016. The […]
Supreme Court overturns NCLAT ruling; orders liquidation of Jet Airways, ET LegalWorld
Supreme Court sets aside the National Company Law Appellate Tribunal (NCLAT) ruling that upheld the transfer of Jet Airways ownership to the Jalan-Kalrock Consortium (JKC) without complete payment in accordance with the resolution plan under an approved resolution plan. Allowing the appeal filed by State Bank of India (SBI) and other creditors, The Supreme Court […]
IBBI partners with IBA to launch platform for asset liquidation auctions, effective November 1, ET LegalWorld
The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular announcing a collaboration with the Indian Banks’ Association (IBA) to facilitate the auction of assets through the eBKray platform. The eBKray is a centralized platform offering detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates. The platform aims to increase […]
Liquidation must precede dissolution of Corporate Debtor, ET LegalWorld
The National Company Law Appellate Tribunal has held that the scheme of the Insolvency and Bankruptcy Code 2016 clearly provides that dissolution is a step subsequent to the Corporate Debtor having been completely liquidated. Further observing that the liquidation proceedings have not been undertaken and resorting to Section 54 cannot be taken as per the […]
Rescind Jet Airways resolution plan, order liquidation, SBI tells SC, ET LegalWorld
The Supreme Court on Wednesday reserved verdict on the plea of SBI-led lenders’ consortium seeking scraping of the three-year-old Rs 4,783 crore resolution plan of Murari Jalan-Florian Fristch for revival of bankrupt Jet Airways under IBC on the ground that the successful resolution applicant has failed to deposit even the first tranche of Rs 350 […]