Shock to GoAir, NCLAT dismissed the petition, know what is the matter

Shock to GoAir, NCLAT dismissed the petition, know what is the matter

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new Delhi. The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by low-cost airline GoAir. In this, the order to withdraw the insolvency process against Sovika Aviation Services was challenged.

The Mumbai Bench of the National Company Law Appellate Tribunal had on September 23, 2021 allowed the application filed by the resolution professional against Sovika Aviation Services for Debt Resolution Process (CIRP). This decision was challenged.

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Wadia Group’s airline GoAir was also an operational creditor which had filed its claim on September 6, 2021 after it came to know about the resolution process. On this, the resolution professional gave his side on 10 September 2021.

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The resolution professional was still examining the claims made by GoAir that the NCLT accepted the application filed under Section 12A of the Insolvency Code on 23 September 2021. Hearing the appeal filed in the NCLAT against it, the two-member bench said that the committee of creditors had already agreed to withdraw the insolvency proceedings against Sovika Aviation.

Tags: business news in hindi, Goair

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