Graduation from R. A. Podar College of Commerce & Economics I CS Professional Group 2 & 3 Cleared | CS Management Trainee at HDFC Securities Limited l T.Y.L.L.B student at K.C. Law College
In the chronicles of aviation woes, the Go First (formerly recognized as Go Air) insolvency saga has proven resilient, maintaining a simmering presence. Here’s the tale: The narrative commenced with Go First, rebranded from Go Air, opting for voluntary insolvency under Section 10 of Insolvency and Bankruptcy Code, 2016 owing to substantial revenue losses, primarily attributing blame to the American aircraft makers, Pratt and Whitney. On the 10th of May in the year 2023, the National Company Law Tribunal (NCLT) officially admitted the insolvency petition. Since then, a year has elapsed, yet the insolvency remains unresolved Despite NCLT’s benevolence in granting three extensions thus far, Go First finds itself in the last leg of extension. This lifeline has recently been granted by the Adjudicating Authority, paving a path towards concluding the Corporate Insolvency Resolution Process by the deadline of 3rd August, 2024. IDBI Bank, Bank of Baroda, Central Bank of India are some of the few lenders in the Go First's case Let's see if the law of the land revives Go First or if it heads towards liquidation. #law
Pursuing Law
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