Key Points
The CoC will file for more changes before the NCLT by Tuesday, including replacing Alvarez & Marsal as the process advisor with EY, along with the legal team..
Lenders to Go First Airlines are seeking to take full control of the carrier's resolution process at the National Company Law Tribunal (NCLT), having replaced key bankruptcy-related officials appointed by the company that took itself to NCLT...
In the first meeting held Friday, the committee of creditors (CoC) replaced the company-appointed interim resolution professional (IRP), process advisor and legal agency to show their intent of controlling the country's biggest voluntary bankruptcy-protection case since the Insolvency and Bankruptcy Code (IBC) came into force...
On Saturday, ET reported that the CoC had appointed EY-backed Shailendra Ajmera as the resolution professional, replacing Alvarez & Marsal (A&M)-backed Abhilash Lal, the IRP appointed by the airline.. ET has learnt that the CoC will file for more changes before the NCLT by Tuesday, with A&M being replaced as the process advisor by EY, and J Sagar Associates being brought in as the legal advisor to the CoC...
Having been surprised by the voluntary insolvency filed by the company, which gives it a moratorium on loan repayments, lenders want to ensure that they control the insolvency process fully to maximise value...
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Go First lenders set up committee of creditors, appoint Shailendra Ajmera as resolution professional: Report
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16, Jun, 23The lenders are expected to approve the additional funding sought by the airline.
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