Busy Bee Airways Pvt. Ltd. Vs Dinkar T Venkatasubramanian (NCLAT Delhi)
NCLAT Delhi held that as per section 33(2) of the Insolvency and Bankruptcy Code, CoC is empowered to take decision to liquidate the Corporate Debtor thus resolution passed with 100% vote share directing for liquidation of Corporate Debtor [Go Airlines] justified. Thus, order passed by Adjudicating Authority allowing Liquidation Application upheld.
Facts- The present appeals have been filed challenging order dated 20.01.2025 passed by National Company Law Tribunal, Court V, New Delhi allowing the Liquidation Application and directing the liquidation of the CD – M/s Go Airlines (India) Limited. The Appellant(s) aggrieved by order directing for liquidation and appointing Liquidator Dinkar T Venkata Subramanian have filed these Appeal(s).
Conclusion- The compromise or arrangement under Section 230 of the Companies Act, 2013 can be considered within the period of 90 days from order of liquidation. The order of liquidation has been passed on 20.01.2025. Hence, still there is an opportunity to M/s Busy Bee Airways Pvt. Ltd. and any other interested party to submit a compromise or arrangement and it can be considered in accordance with statutory requirement as provided under Regulation 2B of the Liquidation Process Regulation and Section 230 of the Companies Act.
