Wadias’ Go First manoeuvre should set the tone for IBC use
Our Managing Partner, Krishnava Dutt shares his views with Moneycontrol in its analytical piece on the Go First airlines insolvency move by the Wadias.
According to Krishnava, this is an instance of the application of voluntary liquidation under section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC) which is not very common. However, he also validated that it is certainly an option under the law and the company has done nothing illegal in utilising the same.
Further, Krishnava also added that, from the perspective of the creditors, if the company had not filed for insolvency they would have collected even less as the company would have gone deeper into debt.
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