The Wadia Group is a prominent Indian conglomerate with interests in textiles, real estate, FMCG and aviation, among other sectors. The recent announcement by the group’s aviation arm, GoFirst, to undergo voluntary insolvency under the Insolvency and Bankruptcy Code (IBC) has generated significant interest in the market. It would be the first voluntary insolvency application, more so from a large wealthy promoter-led business group.
While the move may be seen as a strategic decision to deal with the impact of the pandemic and issues of aviation engine troubles that it has been struggling with, it is likely to test the market’s perception of voluntary insolvency and the Wadia Group’s corporate framework in India.
The recent admission o…
Read the full article at: https://www.businessworld.in/article/Go-First-s-Voluntary-Insolvency-A-Change-In-Societal-Thinking/20-05-2023-477258/