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    Vikshita Vitthal Gujaran in News

    09-Jun-2023 10:44 AM


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    NCLT accepts Delhivery notice to declare Go First's insolvency fraudulent and malicious: Report

    The National Company Law Tribunal (NCLT) on Thursday (June 8) accepted logistic courier service provider Delhivery's notice to declare Go First's voluntary insolvency resolution as fraudulent and malicious, media reports suggested.

    As per an Economic Times report (ET), NCLT accepted Delhivery's notice seeking Go First's voluntary insolvency resolution as fraudulent and malicious. NCLT gave the interim resolution professional (IRP) of Go First two weeks to reply.
    The report further quoted Delhivery's counsel stating that the Wadia-group airline had received ₹57 lakh on May 2 as payment in advance for future services, despite being aware that they were planning to file for insolvency. Under Section 65 of the Insolvency and Bankruptcy Code (IBC), 2016, fraudulent and malicious initiation of insolvency proceedings can invite a penalty of ₹1 lakh to ₹1 crore.


    Source- Mint.