IBBI had in 2022 permitted firms to take up the mandate of administering businesses going through the bankruptcy process in place of individual professionals, given that an organization will have more internal controls and governance systems.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons.
Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports.
Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
The government is planning a special carveout within IBC to exclude such homes. In some cases, customers got possession but not occupation certificates, as the developer failed to pay the local authority for the land.
Amidst infighting within top leaders, the Uttar Pradesh Congress finally managed to clear the names of their mayoral candidate for several seats, including Lucknow, just few hours before the end of nomination process for the first phase.
The UPCC declared the name of Sangeeta Jaiswal as the