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In 2016, disputes had arisen between the Sarkar family members with respect to the control of the ABP Group. In April 2017, a memorandum of family settlement was executed.
Indiabulls had moved the Tribunal under Section 95 of the Insolvency and Bankruptcy Code (IBC) over outstanding loan amounts to be furnished by Chandra.
NCLT had initiated the CIRP against the chartered helicopters and aircrafts company on April 5 for alleged default of over ₹9 crores.
After Go First exhausted the maximum limit of 330 days on April 4, it approached the Tribunal for an extension under exceptional circumstances.
The EGM had been scheduled to increase the authorised capital of its parent company Think and Learn Pvt Ltd, to give effect to the rights issue.