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ARTICLE · 31 MAY 2023

HSA | Restructuring & Insolvency Monthly Update | May 2023

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The Company Petition bearing CP (IB) No. 264(PB)/2023 was filed by Go Airlines (India) Ltd (Corporate Applicant) under Section 10 of the Insolvency and Bankruptcy Code, 2016 for the voluntary initiation of CIRP.

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RECENT JUDGMENTS

Re: Go Airlines (India) Ltd

National Company Law Appellate Tribunal Principal Bench, New Delhi | Judgment dated May 10, 2023 | Company Petition No. (IB)-264(PB)/2023

Background facts

  • The Company Petition bearing CP (IB) No. 264(PB)/2023 was filed by Go Airlines (India) Ltd (Corporate Applicant) under Section 10 of the Insolvency and Bankruptcy Code, 2016 for the voluntary initiation of CIRP.
  • The Corporate Applicant was incorporated in April 29, 2004 and was engaged in running a lowcost Airline under the brand name 'Go Air' since 2005, which was renamed 'GoFirst' in 2021. The Corporate Applicant is the 3rd largest airline operator in India.
  • The Corporate Applicant was a profitable operator from 2009-10 to 2018-19. However, from 2022, it began to default on the payments towards its vendors and aircraft lessors and received various notices from its lenders.

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