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Go First's lessors had earlier complained to the Delhi High Court that the airline's resolution professional was not providing necessary maintenance and technical records related to its aircraft
Go First crisis: The company was floated in December and is being led by Sachin Naik, a former employee in Go First’s finance department.
Lenders have divided FEL into three clusters. The first is the company's stakes in its life and general insurance ventures with Italian partner Assicurazioni Generali S.p.A. Banks are hoping for some recovery from FEL's remaining 26% stake in Future Generali India Insurance Co and also its residual stake in Future Generali India Life after Generali hiked its stake to above 70% in 2021.
On Aircel being admitted to insolvency, Airtel owed it Rs. 453 crore towards STA and other dues. The Resolution Professional (RP) of Aircel called upon Airtel to make the payment in 2019. However, Airtel paid Rs. 341 crore and retained Rs. 112 crore.
The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process (“CIRP”) proceedings under the Insolvency and Bankruptcy Code, 2016...