The Delhi bench of the National Company Law Tribunal (NCLT), which adjudicates issues relating to Indian companies, has been asked to appoint Dinkar Venkatasubramanian as the liquidator of Go First (Mumbai International), according to the Economic Times newspaper.
Counsel for the resolution professional, the local equivalent of an insolvency administrator, requested in a November 28 hearing that the court appoint the Delhi-based Ernst & Young partner to the role.
The resolution professional, Shailendra Ajmera, had sought the NCLT's permission to be appointed as liquidator, but the specialist bankruptcy court rejected that bid in October, saying he could not perform both roles. Ajmera, like Venkatasubramanian, is also a partner at Ernst & Young's India practice.
Go First suspended flights in May 2023, with the airline's administrator later accepting creditor claims totalling INR65.21 billion rupees (USD771 million). Various proposals to restart the airline never got off the ground.
In August, the committee of creditors voted to liquidate the carrier after offers to buy it fell short of expectations. Proceedings to begin liquidating Go First commenced in the NCLT in early September.
The matter returns to the tribunal on December 6.
Editorial Comment: Clarification of the two resolution professionals' affiliation in the third paragraph. - 02Dec2024 - 06:56 UTC