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Go First Lessors: Lessors have made several attempts to reclaim planes for missed payments

Get latest articles and stories on Business at LatestLY. The airline operator filed for voluntary bankruptcy in early May before the National Company Law Tribunal (NCLT), alleging delays on the part of a US-based engine maker for its inability to promptly meet obligations - leading to the grounding of a portion of its fleet. Business News | Crisis-hit GoFirst Grounded for Two Months; Flight Cancellation Extended Till July 10.

Supreme Court sought response of the CBI in a plea dealing with the question of whether a Resolution Professional is a 'public servant' that can be proceeded against under provisions of the Prevention of Corruption Act.

In a first for the country's bankruptcy resolution regime, the insolvency regulator has prepared a "common panel" of 400 insolvency professionals (IPs) from those registered with it. The Insolvency and Bankruptcy Board of India (IBBI) will share the list with the adjudicating authority to choose from to oversee cases of resolution or liquidation from July 1, according to an official.

IBBI had in 2022 permitted firms to take up the mandate of administering businesses going through the bankruptcy process in place of individual professionals, given that an organization will have more internal controls and governance systems.