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The homebuyers of Modella Textile Industries Ltd, subsidiary of Nirmal Lifestyle, have sought rejection of a plan approved by the Committee of Creditors (COC).
Addressing customer claims during insolvency is not a straightforward matter as the IBC provides a mechanism to resolve insolvencies, but does not explicitly outline the treatment of customer claims, such as refunds for cancelled tickets.
The National Company Law Tribunal (NCLT) on Monday issued notices to the Committee of Creditors of Go First and insolvency regulator IBBI over a plea to refund Rs 597.54 crore to around 15.5 lakh passengers who booked tickets for travel on and after May 3.
Get latest articles and stories on Latest News at LatestLY. The National Company Law Tribunal (NCLT) on Monday issued notices to the Committee of Creditors of Go First and insolvency regulator IBBI over a plea to refund Rs 597.54 crore to around 15.5 lakh passengers who booked tickets for travel on and after May 3. Latest News | Go First to Return Rs 597 Cr to Around 15.5 Lakh Passengers, NCLT Issues Notice to CoC & IBBI.
The National Company Law Tribunal has sought the consent of the Insolvency and Bankruptcy Board of India and the Committee of Creditors on Go First’s plan to refund money to passengers booked on their flights post 3 May—the day airline suspended operations