In the ongoing liquidation proceedings of bankrupt airline Go First, the Committee of Creditors (CoC) has recommended Dinkar Venkatasubramanian, an Ernst & Young (EY) executive, as the new liquidator for the airline. The recommendation, made by the CoC, was formally submitted to the National Company Law Tribunal (NCLT) on Thursday for approval.
Dinkar Venkatasubramanian’s appointment is a crucial step in the ongoing liquidation process, following Go First’s financial troubles and insolvency. Venkatasubramanian, a seasoned professional with extensive experience in handling corporate insolvency matters, is expected to oversee the final stages of the airline’s liquidation, working to resolve claims and distribute assets in accordance with legal and regulatory guidelines.
However, the NCLT did not approve the CoC’s recommendation on Thursday and has deferred the decision. The tribunal has scheduled the next hearing for December 6, 2024. It is anticipated that during this hearing, the NCLT will pass the liquidation order and likely approve the CoC’s proposal to appoint Venkatasubramanian as the liquidator.
The outcome of the next hearing will be a significant moment in the Go First liquidation process, as it will determine how the airline’s remaining assets are handled and how the claims of creditors and other stakeholders are addressed. The case highlights the complexities involved in handling the insolvency and liquidation of a major airline and sets the stage for the eventual resolution of Go First’s financial challenges.
