{"id":24791,"date":"2022-02-18T22:16:41","date_gmt":"2022-02-18T16:46:41","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/"},"modified":"2022-02-18T22:24:21","modified_gmt":"2022-02-18T16:54:21","slug":"biz-nclat-go-air","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/","title":{"rendered":"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services&#8217; insolvency proceedings"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4005324687\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Feb 18 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by budget carrier Go Airlines against an order passed by the NCLT allowing withdrawal of insolvency proceedings against Sovika Aviation Services.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1097424116\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The Mumbai bench of the National Company Law Tribunal (NCLT) had on September 23, 2021 allowed the Section 12A application filed by the Resolution Professional for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Sovika Aviation Services.<\/p>\n<p> Go Airline was also an operational creditor, which after coming to know about the process filed its claim on September 6, 2021. A response to it was sent by the Resolution Professional on September 10, 2021.<\/p>\n<p> The Resolution Professional was in the process of verification of the claims when the application under Section 12A was allowed by the NCLT on September 23, 2021.<\/p><div class=\"trade-content_5\" id=\"trade-1874338964\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Sovika Aviation is a provider of services ranging from aircraft management, ground handling and terminal management.<\/p>\n<p> Under Section 12A of the Insolvency and Bankruptcy Code (IBC), the tribunal can permit withdrawal of an ongoing insolvency process against a company subject to certain conditions. Such application is filed by the company with the approval of 90 per cent voting share of the Committee of Creditors (CoC).<\/p>\n<p> A two-member NCLAT bench observed that the CoC in its seventh meeting held on March 19, 2021 had already resolved to withdraw CIRP against Sovika Aviation Services.<\/p>\n<p> &#8220;In view of the sequence of events and facts brought on record that after Committee of Creditors approval dated March 19, 2021 for withdrawal of the CIRP proceedings against the Corporate Debtor after settlement between the parties claim of the Appellant was submitted on September 6, 2021, we do not find any error in the order of the NCLT dated September 23, 2021 permitting withdrawal of the CIRP,&#8221; said NCLAT.<\/p>\n<p> It further said regarding the claim of Go Airlines, which has not been entertained in the insolvency resolution proceedings, it is always open for the budget carrier to take recourse to appropriate legal proceedings before an appropriate forum.<\/p>\n<p> &#8220;The fact that claim of the Appellant (Go Airlines) has not been entertained in the insolvency resolution process, there shall be no bar for the Appellant to take the appropriate legal remedy as permissible in law,&#8221; it said.<\/p><div class=\"trade-content-10\" id=\"trade-2357956368\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The appellate tribunal also said: &#8220;We make it clear that we have not expressed any opinion on the merits of the claim of the Appellant and it is for the appropriate forum to consider and take a decision in accordance with law.&#8221; \t The NCLAT took note of the respondent&#8217;s submission that Go Airlines has already filed a suit before the commercial court, and notice for mediation has been received.<\/p>\n<p> &#8220;Be it as it may. It is always open for the parties to take recourse to appropriate remedy as permissible in law. With these observations the Appeal is dismissed,&#8221; said NCLAT. PTI KRH  ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-946939666\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Feb 18 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by budget carrier Go Airlines against an order passed by the NCLT allowing withdrawal of insolvency proceedings against Sovika Aviation Services. The Mumbai bench of the National Company Law Tribunal (NCLT) had on September 23, 2021 allowed the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-24791","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services&#039; insolvency proceedings - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services&#039; insolvency proceedings\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Feb 18 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by budget carrier Go Airlines against an order passed by the NCLT allowing withdrawal of insolvency proceedings against Sovika Aviation Services. The Mumbai bench of the National Company Law Tribunal (NCLT) had on September 23, 2021 allowed the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-18T16:46:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-18T16:54:21+00:00\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/\",\"name\":\"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services' insolvency proceedings - Trade Brains Features\",\"isPartOf\":{\"@id\":\"https:\/\/tradebrains.in\/features\/#website\"},\"datePublished\":\"2022-02-18T16:46:41+00:00\",\"dateModified\":\"2022-02-18T16:54:21+00:00\",\"author\":{\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3\"},\"breadcrumb\":{\"@id\":\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tradebrains.in\/features\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services&#8217; insolvency proceedings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tradebrains.in\/features\/#website\",\"url\":\"https:\/\/tradebrains.in\/features\/\",\"name\":\"Trade Brains\",\"description\":\"Stock Market NSE\/BSE Latest News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tradebrains.in\/features\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3\",\"name\":\"PTI News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tradebrains.in\/features\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g\",\"caption\":\"PTI News\"},\"url\":\"https:\/\/tradebrains.in\/features\/author\/ptinews\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services' insolvency proceedings - Trade Brains Features","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/","og_locale":"en_US","og_type":"article","og_title":"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services' insolvency proceedings","og_description":"New Delhi, Feb 18 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by budget carrier Go Airlines against an order passed by the NCLT allowing withdrawal of insolvency proceedings against Sovika Aviation Services. The Mumbai bench of the National Company Law Tribunal (NCLT) had on September 23, 2021 allowed the [&hellip;]","og_url":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/","og_site_name":"Trade Brains Features","article_publisher":"https:\/\/www.facebook.com\/TradeBrainsOfficial\/","article_published_time":"2022-02-18T16:46:41+00:00","article_modified_time":"2022-02-18T16:54:21+00:00","author":"PTI News","twitter_card":"summary_large_image","twitter_creator":"@TradeBrainsGrp","twitter_site":"@TradeBrainsGrp","twitter_misc":{"Written by":"PTI News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/","url":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/","name":"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services' insolvency proceedings - Trade Brains Features","isPartOf":{"@id":"https:\/\/tradebrains.in\/features\/#website"},"datePublished":"2022-02-18T16:46:41+00:00","dateModified":"2022-02-18T16:54:21+00:00","author":{"@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3"},"breadcrumb":{"@id":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tradebrains.in\/features\/biz-nclat-go-air\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tradebrains.in\/features\/"},{"@type":"ListItem","position":2,"name":"NCLAT dismisses Go Airlines petition against withdrawal of Sovika Aviation Services&#8217; insolvency proceedings"}]},{"@type":"WebSite","@id":"https:\/\/tradebrains.in\/features\/#website","url":"https:\/\/tradebrains.in\/features\/","name":"Trade Brains","description":"Stock Market NSE\/BSE Latest News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tradebrains.in\/features\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/432b854fc143da831dae702afe00a7d3","name":"PTI News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tradebrains.in\/features\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/33d290530d88025709a22a0e9cea1a42ff2e6013ca877b91a86e7ca950cdd59e?s=96&d=mm&r=g","caption":"PTI News"},"url":"https:\/\/tradebrains.in\/features\/author\/ptinews\/"}]}},"_links":{"self":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts\/24791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/comments?post=24791"}],"version-history":[{"count":1,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts\/24791\/revisions"}],"predecessor-version":[{"id":24792,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/posts\/24791\/revisions\/24792"}],"wp:attachment":[{"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/media?parent=24791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/categories?post=24791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradebrains.in\/features\/wp-json\/wp\/v2\/tags?post=24791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}