Category Archives: Liquidation

Evaluation and Analysis of Judgment of NCLAT on Voluntary Insolvency Process – Bar & Bench – Indian Legal News

Having resolved these issues, the NCLT examined the Section 10 application on its merits. It observed that all the necessary requirements under Section 10 were fulfilled, including the presence of debt, occurrence of default, completeness of the application, and the Corporate Applicant’s eligibility. Consequently, the NCLT admitted the Section 10 application, imposed a moratorium under…

Go First suspends operations until 12 June | Mint – Mint

The cash-strapped Go-First airline announced the suspension of its flight operations till 12 June citing operational reasons. The airline updated the information on its official Twitter handle. Passengers who made their flight bookings, will receive refund on the original mode of payment shortly, said the airline in its official notification. Also Read: Go First must…

Learn Insolvency & Bankruptcy Code, 2016 Practice from India's Top IBC Lawyers: Register Now! – Bar & Bench – Indian Legal News

WHAT WILL YOU LEARN? Module 1: History behind the enactment of the Insolvency and Bankruptcy Code, 2016 & BLRC Module 2: Introduction to the Corporate Insolvency Resolution process Module 3: Drafting of applications filed for initiation of CIRP under section 7, 9 & 10 Module 4: Admission order, moratorium & interim finance under IBC.  Module…

RESOLUTION PROFESSIONAL IS A PUBLIC SERVANT LIABLE TO … – Tax Management India. Com

The Insolvency and Bankruptcy Code, 2016 (Code for short) provides the procedure for the conducting of corporate insolvency resolution process (CIRP for short) that may be filed by the financial creditor or operational creditor against the corporate debtor.  The Code provides that the Adjudicating Authority shall appoint the Interim Resolution Professional under Section 16 of…

MasterCask enters voluntary administration – The Shout

Major Tasmanian cooperage, MasterCask, has entered voluntary administration as it seeks a resolution to unresolvable internal shareholder issues. Yesterday (6 June), Cam Brett, President of the Tasmanian Whisky and Spirits Association, shared the following message with members of industry group, Australian Distillers. I have received advice today from the largest secured creditor of MasterCask, which…

ATO court actions hit pre-COVID levels as the tax office chases … – SmartCompany

The number of court actions filed by the Australian Taxation Office has surged above pre-COVID levels, new figures show, as turnaround professionals urge small businesses to grasp the last olive branch extended to firms with outstanding debts. In its latest credit risk report, issued Tuesday, monitoring agency Alares showed the ATO initiated 386 court actions…

Agents may boycott Go First over lack of clarity on refunds – Economic Times

Travel agents are planning to boycott Go First if it restarts operations without providing clarity on refunds and credit shells even as travellers who had booked in its cancelled flights see no end in sight to their wait for refunds. Individual customers are going to get caught in this (process of getting back their money)…

Go First seeks DGCA approval to resume operations with 22 aircraft; Plans 152 daily flights | Mint – Mint

Go First executives have informed the Directorate General of Civil Aviation (DGCA) that the airline is prepared to operate 152 daily flights once it resumes its operations. Mint could not confirm the news developments independently. As reported by Business Standard, the airline, currently being managed by insolvency resolution professional Abhilash Lal, has been non-operational since…

NCLT to hear Go First lessors' plea, seeks reply from IRP in one week – The Hindu

The NCLT on June 5 directed the IRP of Go First to file a reply within one week over the petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). A two-member NCLT bench directed the IRP…

NCLT to hear Go First lessors' plea, directs IRP to file reply in one week – Economic Times

The NCLT on Monday directed the IRP of Go First to file a reply within one week over the petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). A two-member NCLT bench directed the IRP (interim…