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The Supreme Court has set aside an order whereby the National Company Law Tribunal (“NCLT”) kept the approval of a resolution plan in abeyance while directing an Official Liquidator to conduct...
RP says no bid or resolution plan has ben received for Go First as yet.
Go First Airlines remains inactive, receiving a 90-day moratorium extension from NCLT for insolvency resolution. Failure may lead to liquidation by Feb 4, 2024.
The SC set aside an order of revaluation passed by the NCLT, stating that there was no justification for the revaluation when there were no objections raised by the RP or the CoC regarding any irregularity in the resolution plan.
The apex court said “it is well within the Committee of Creditors domain as to how to deal with the entire debt of the corporate debtor.” If after repeated negotiations, a resolution plan had been approved by the CoC with a majority vote of 88.56%, such commercial wisdom was not required to be called into question or casually interfered with, it added.