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A two-member NCLAT bench said that since the NCLT order is "consensual" an an interlocutory order
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Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL)
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The NCLT is tasked with hearing cases filed under both IBC and companies act, which results in large pendency of cases. Thus, increasing the benches and having exclusive benches for company law cases are expected to reduce the pendency.
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The survey revealed that the eight years since it was introduced in 2016, 31,394 corporate debtors involving a value of Rs 13.9 lakh crore have been disposed of (including pre-admission case disposals) as of March 2024.
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Tricky questions could surface over the next few months with embattled edtech company Byju’s, once India’s hottest startup with a $22-billion valuation, entering the insolvency process.
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Earlier on July 16, NCLT admitted Byju's parent Think and Learn to insolvency resolution process in a plea filed by BCCi
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Justice Krishna Kumar has sent the case back to NCLT for a fresh consideration. A detailed copy of the order is awaited
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During the proceedings of NCLT, counsel appearing for Think & Learn Pvt Ltd, which provides online educational services under the brand name Byju's, informed that it is currently engaged in negotiations with the BCCI to settle the dispute amicably.
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Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake the construction and contracting business.
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The case is now likely to come up for hearing on September 18.
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The airline’s plans hinge on whether aircraft lessors will be allowed to take back their planes.
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Recently, the airline's three lessors -- Wilmington Trust SP Services, Sabarmati Aviation Leasing and Falgu Aviation Leasing -- had sought deregistration of one aircraft each, according to an update on the regulator's website.
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GoFirst's employees are concerned about their salaries if they stick with the airline through its insolvency resolution process, while its lessors are concerned about their lease payments and have even approached the National Company Law Appellate Tribunal (NCLAT) to contest the order by the NCLT.
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Go First will have to raise some funds in order to restart operations, the airline's resolution professional Abhilash Lal has told the employees
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Go First aims to operate around 1,200 flights a week and slowly increase operations while the ongoing legal battle with Pratt & Whitney ensues.
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The tribunal reserved the case for judgment on May 4 after hearing the arguments from Go First and aircraft lessors.
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Go First has cancelled all flights since May 3 and moved a plea with the NCLT to begin voluntary insolvency proceedings
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Those who booked through travel agents and online service providers will get precedence over those who bought their tickets on the airline’s website or app
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The DGCA has given Go First time till May 24 to respond after which a decision will be taken by the regulator on the airline's Air Operator Certificate.
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The Travel Agents Federation of India (TAFI) has also urged Go First that the ticket refund amount be directly credited to the agents' bank accounts as many passengers are seeking refunds.
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As beleaguered Go First shuts operations and initiates litigation, experts offer differing opinions regarding the legal implications. According to some, how Go First’s future shapes up is largely going to depend on what the Delaware court decides.
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Go First’s staff has to decide between staying with the airline or joining a rival at a lower salary in the absence of bargaining power
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On May 2, Domestic budget carrier Go First announced that it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.
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Go First has sought interim moratorium. Aircraft is its only asset. The company sees big scope of revival
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Incidentally, back in 2015, Jet Airways had appointed Alvarez & Marsal to revive the operations of the firm post the sale of a 24 per cent stake to Etihad Airways.
