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Twist in Go First insolvency: Busy Bee Airways challenges liquidation
Livemint
·
6m ago
Medial
The article provides real-time updates on company news as of January 21, 2025, highlighting key business developments. It covers aspects such as financial performance, strategic acquisitions, and market movements. A notable development includes Busy Bee Airways contesting the proposed liquidation of Go First under insolvency. Readers are offered insights into mergers, acquisitions, financial results, and leadership changes that influence various industries, aiming to keep stakeholders informed about trends shaping the business environment.
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Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders | Company Business News
Livemint
·
6m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) instructed Busy Bee Airways to negotiate with Go First's lenders to acquire the bankrupt airline, which retains valuable assets. Busy Bee challenged a liquidation order from the National Company Law Tribunal (NCLT) after creditors opted for liquidation due to Go First's asset deficit. Busy Bee and a trade union argued against liquidation, citing potential job losses and the airline's viability as a going concern. Busy Bee re-entered the bidding process.
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Go First gets lifeline as NCLT extends moratorium, again
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has approved a 60-day extension for bankrupt airline Go First's moratorium, allowing more time to complete its Corporate Insolvency Resolution Process (CIRP). The extension, effective from 4 April to 3 June, was supported by the committee of creditors. Two resolution plans are currently being finalized for Go First, including a joint bid by SpiceJet's Ajay Singh and Busy Bee, and a bid by Sharjah-based Sky One Aviation. The airline filed for insolvency in May 2023 and has been grounded since, facing legal and administrative challenges.
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Jet Airways goes into liquidation as Supreme Court decides on bankruptcy saga | Company Business News
Livemint
·
9m ago
Medial
The Supreme Court of India has ordered the liquidation of bankrupt airline Jet Airways after the successful bidder failed to comply with the conditions of the resolution plan. The court criticized the National Company Law Appellate Tribunal for upholding the transfer of ownership without fully examining the facts. This highlights concerns about the effectiveness of the current Insolvency and Bankruptcy Code framework in handling airline insolvencies. The liquidation of Jet Airways comes as Go First also failed to revive and filed for liquidation, raising further concerns about airline restructurings under the Code.
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Will this ₹7,000-crore rescue plan save Go First?
Livemint
·
1y ago
Medial
SpiceJet chairman Ajay Singh and Busy Bee Aviation have put forward a joint ₹7,000 crore rescue plan for bankrupt airline Go First. The proposal was discussed by the committee of creditors, along with a rival bid from Sharjah-based aviation company Sky One. The joint offer is said to be higher, and the decision regarding the bids will be announced in 15 days. Go First has been grounded since May 2023 and has been undergoing an insolvency process. The airline owes ₹6,521 crore to lenders and its land assets are estimated to be worth around ₹10,000 crore.
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SpiceJet's Ajay Singh bids for GoFirst
Livemint
·
1y ago
Medial
SpiceJet Chairman Ajay Singh has submitted a joint bid with Busy Bee Airways for GoFirst airline. If successful, SpiceJet will be the operating partner and provide staff, services, and industry expertise to GoFirst. The National Company Law Tribunal has granted a 60-day extension for GoFirst's moratorium to finalize its corporate insolvency resolution process. The collaboration is expected to generate synergies and improve cost management and revenue growth for both carriers. SpiceJet has recently announced plans to lay off 15% of its staff to save costs.
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Mint Explainer: SC hears Jet Airways ownership dispute. What’s at stake
Livemint
·
10m ago
Medial
- The Supreme Court is currently hearing a case that will determine the future of Jet Airways, the first airline in India to face insolvency resolution. - The case revolves around the transfer of ownership of Jet Airways to the Jalan-Kalrock Consortium (JKC), which has been opposed by the airline's lenders. - If the Supreme Court nullifies the plan, Jet Airways could face liquidation, raising concerns about India's ability to handle airline insolvencies. - JKC is a partnership between Murari Lal Jalan and Florian Fritsch, aiming to revive Jet Airways and its operations. - The lenders argue that JKC has not fulfilled crucial conditions of the takeover, including payment of dues, providing security, clearing worker obligations, and obtaining operational approvals. - JKC maintains that it has met its financial commitments and is ready to revive the airline, but accuses the lenders of deliberately delaying the ownership transfer. - The outcome of the Supreme Court hearing could have significant implications for both Jet Airways and the insolvency regime in addressing airline bankruptcies.
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Go First’s foreign funding push to test India’s insolvency framework
Livemint
·
9m ago
Medial
Indian airline Go First is seeking permission for foreign funding to support its ongoing arbitration case against Pratt & Whitney. The move, if granted, would be a first in India's Insolvency and Bankruptcy Code and could have implications for how distressed companies fund litigation. Go First, formerly known as GoAir, has filed for liquidation and owes at least INR 11,463 crore ($1.5bn) to banks and other creditors. The airline is claiming over $1bn in damages from Pratt & Whitney, blaming the engine maker's faulty engines for its grounding and subsequent collapse.
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Fashion startup CaaStle CEO Hunsicker resigns over fraud claim as firm teeters
Economic Times
·
4m ago
Medial
Christine Hunsicker resigned as CEO of CaaStle after accusations of financial misreporting surfaced. The board reported misstated financial data and falsified audit reports given to investors. Facing severe liquidity issues, the company is considering various options, including liquidation, and has announced a furlough for employees. George Goldenberg takes over as interim CEO. Authorities are investigating, and CaaStle aims to address challenges and preserve its operations. The company's roots trace back to Gwynnie Bee Inc., offering rental subscription services.
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NCLT accepts Delhivery's plea against Go First's insolvency filing
Inshorts
·
2y ago
Medial
Delhivery's notice requesting the declaration of Go First's voluntary insolvency resolution as "fraudulent and malicious" has been accepted by the NCLT. Delhivery claims that Go First accepted an advance payment of ₹57 lakh on May 2 for future services, despite knowing that it was filing for insolvency on the same day. The NCLT has granted two weeks for Go First's interim resolution professional to respond.
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Go First bankruptcy: NCLT grants final 60-day extension on moratorium
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has granted a final 60-day extension to bankrupt airline Go First to complete its insolvency resolution process. This extension is in response to legal challenges arising from a Delhi high court ruling that deregistered all leased aircraft held by the airline. It is the second extension granted beyond the prescribed 330 days under the Insolvency and Bankruptcy Code. The NCLT has emphasized that no further extensions will be granted beyond August 3, urging the airline's Committee of Creditors and resolution professional to adhere strictly to the deadline.
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