{"id":339482,"date":"2025-01-21T15:00:16","date_gmt":"2025-01-21T09:30:16","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=339482"},"modified":"2025-02-03T16:21:07","modified_gmt":"2025-02-03T10:51:07","slug":"nclt-allows-liquidation-of-go-first-airways-scc-times","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/01\/21\/nclt-allows-liquidation-of-go-first-airways-scc-times\/","title":{"rendered":"NCLT allows liquidation of Go First Airways"},"content":{"rendered":"
\n

National Company Law Tribunal, New Delhi:<\/span> In an application file seeking initiation of liquidation proceeding of Go Airlines (India) Limited under Section 33(2)<\/a> of Insolvency and Bankruptcy Code, 2016<\/a> (IBC) based on CoC resolution, a Division bench of Mahendra Khandelwal* (Judicial Member) and<\/span> Dr. Sanjeev Ranjan (Technical Member), allowed the liquidation of Go Airlines (India) Limited (Corporate Debtor).<\/p>\n

In the instant matter, the Corporate Insolvency Resolution Process (CIRP) for Go Airlines (India) Limited (Corporate Debtor) was initiated on 10-05-2023 under Section 10<\/a> of IBC<\/a>. Initially, an Interim Resolution Professional (IRP) was appointed but later replaced by current Resolution Professional (RP) on 15-06-2023.<\/p>\n

The Committee of Creditors (CoC), in its 37th<\/span> meeting on 23-07-2024, resolved to liquidate the Corporate Debtor with 100% voting approval due to non-viable and non-compliant resolution plans. CoC recommended appointing Mr. Dinkar T. Venkatasubramanian as the Liquidator. The estimated liquidation cost of \u20b921.6 crores, to be funded by CoC members proportionate to their voting share. Litigation funding from Burford Capital under a Capital Provision Agreement (CPA) was approved to cover arbitration costs for proceedings at SIAC.<\/p>\n

The applicant filed the present application under Section 33(2)<\/a> read with Section 34<\/a> of the IBC<\/a> read with Regulation 40D of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016<\/a> (“Liquidation Regulations”) along with Rule 11 of the NCLT, Rules, 2016<\/a> for issuance of directions for liquidation of the Go Airlines, appoint Mr. Dinkar T. Venkatasubramanian as the Liquidator, approve CPA terms and treat related costs as liquidation expenses under Section 5(16)<\/a> of IBC<\/a> and publicly announce the liquidation order and notify the Registrar of Companies.<\/p>\n

The NCLT noted that “it is well settled that decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”<\/span> The NCLT observed that the CoC’s unanimous vote for liquidation and the non-viability of resolution plans justified the application. The NCLT sees no merit in interfering with the commercial wisdom of the CoC.<\/p>\n

The NCLT noted that the CoC’s approval of liquidation costs aligned with Regulation 39B of CIRP Regulations and the members affirmed their commitment to funding, including contributions for SIAC arbitration proceedings.<\/p>\n

The NCLT referred to Bar Council of India<\/span> v. AK Bala Ji<\/span>, (2018) 5 SCC 379<\/a> and Tomorrow Sales Agency (P) Ltd.<\/span> v. SBS Holdings Inc.<\/span>, 2023 SCC OnLine Del 3191<\/a>, where the Court held that third-party litigation funding is permissible under Indian law. The NCLT recognised the legitimacy of third-party litigation funding and declared CPA-related costs as part of liquidation costs.<\/p>\n

The NCLT allowed the application, ordered liquidation of Go Airlines (India) Limited, appointed Mr. Dinkar T. Venkatasubramanian as Liquidator, and approved the related prayers for procedural compliance.<\/p>\n

[Shailendra Ajmera<\/span> v. Go Airlines (India) Ltd.<\/span>, 2025 SCC OnLine NCLT 3<\/a>, Decided on 20-01-2025<\/span>]<\/p>\n

*Judgment by Mahendra Khandelwal (Judicial Member)<\/span><\/strong><\/p>\n\n

Advocates who appeared in this case:<\/p>\n

Mr. Ritin Rai, Sr. Adv., Mr. Diwakar Maheshwari, Mr. Vishnu Shriram, Ms. Pratiksha Mishra, Counsel for the Appellant\/Resolution Professional<\/p>\n

Mr. Mustafa Doctor, Sr. Adv. with Ms. Anshula Grover, Mr. Lenpithang Sithlou, Counsel for the Suspended Management<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating 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Gupta, (Technical Member) while exercising their jurisdiction, terminated the CIR process of the Corporate Debtor with immediate effect. In the instant case, Om Logistics Ltd., Operational Creditor, had filed an application for initiation of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281427,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/corporate-debtor-default-corporate-insolvency-resolution-process-cirp-coc-liquidation-nclt-reconsider-liquidation-appeal-nclat-upheld\/","url_meta":{"origin":339482,"position":4},"title":"Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":49661,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/05\/30\/insolvency-and-bankruptcy-code-2016-receives-presidents-assent\/","url_meta":{"origin":339482,"position":5},"title":"Insolvency and Bankruptcy Code, 2016 receives President\u2019s assent","author":"Sucheta","date":"May 30, 2016","format":false,"excerpt":"The Insolvency and Bankruptcy Code, 2016 (\"Code\") received President\u2019s assent on May 28th, 2016. The Code, seeks to consolidate \u00a0and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons,\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/339482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67514"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=339482"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/339482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/315346"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=339482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=339482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=339482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}