# In the matter of Busy Bee Airways Pvt. Ltd. & Ors. vs. Dinkar T Venkatasubramanian & Ors.

> NCLAT judgment dated 2025-04-04. Citation: TCN-2025-NCLAT-00380. Three appeals were filed challenging the order dated 20.01.2025 passed by the National…

- **Court:** NCLAT
- **Order date:** 4 Apr 2025
- **Citation:** TCN-2025-NCLAT-00380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/busy-bee-airways-pvt-ltd-ors-vs-dinkar-t-venkatasubramanian-ors-c3e72888

## Summary

### Background

Three appeals were filed challenging the order dated 20.01.2025 passed by the National Company Law Tribunal, Court V, New Delhi, which allowed the Liquidation Application and directed the liquidation of Go Airlines (India) Limited.

## Facts

Go Airlines (India) Ltd. was incorporated on 29.04.2004 and operated as a low-cost airline under the brand name 'GoAir', later renamed 'GoFirst' in May 2021.

The Corporate Debtor (CD) started defaulting on payments to vendors and aircraft lessors in 2022, leading to grounding of 34% of its aircraft.

The CD stopped operations and filed an application under Section 10 of the IBC on 30.04.2023, which was admitted by the NCLT on 10.05.2023.

The Resolution Professional (RP) invited Expression of Interest (Eol), receiving responses from three entities, including Busy Bee Airways Pvt. Ltd.

The Committee of Creditors (CoC) resolved to liquidate the CD with 100% vote share on 23.07.2024, finding no compliant resolution plan.

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## Issues and analysis

### Issue 1: Whether the decision of the CoC to liquidate the Corporate Debtor was justified under the …

**Ratio:** Section 33(2) of the IBC empowers the CoC to take a decision to liquidate the Corporate

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**Reasoning:** The CoC, in its commercial wisdom, decided to liquidate the CD with 100% vote share after

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**Interpretation:** The court interpreted Section 33(2) as granting the CoC the power to decide on

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**Application:** The court applied Section 33(2) to the present case, finding that the CoC's

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Busy Bee Airways…; Bhartiya Kamgar…; +1 more
- **Respondents:** Go Airlines…; Dinkar T.…; +1 more
- **Other parties:** Central Bank of…; Bank of…; +1 more
- **Advocates:** Krishnendu…; Apoorv Ag…; +19 more

## Timeline

- **2025-01-20 — Order Da…**: Order passed by the Adjudicating Authority allowing the Liquidation Application and…
- **2023-04-30 — Section 10 App…**: The CD stopped operations and passed a Resolution on 30.04.2023 to file an Application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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