Go First has received some relief as the National Company Law Tribunal (NCLT) has approved the petition to begin the company’s insolvency resolution process. Abhilash Lal has been appointed as the interim resolution professional. This move by the NCLT has brought considerable relief to the company. The bench has also given the company legal protection and ordered the suspended board of directors to assist the interim resolution professional during the debt resolution process. To prevent the company from collapsing, the court has directed the company to remain operational and financial obligations be met without laying off any employees. With this Go First will get 330 days for completion of CIRP, which is the maximum period, including any extension or litigation period. Meanwhile, lessors have sought deregistration of nine more aircraft of the crisis-hit airline.Tata Group and IndiGo are reportedly in talks to take Airbus SE planes from Go First.
Apollo Tyres shares takes a knock
Apollo Tyres shares fell by more than 4 per cent despite the company’s results for the fourth quarter of FY23 being better than the market estimates, due to two main reasons. The first is that the market was already expecting good results and that is the reason why the stock has been strong consistently for 5 days before the results. In 5 days the stock has gained 10%. Not only this, the stock has increased by about 25% in 6 months and about 85% in 1 year. The second reason is that the profit of the company has increased almost four times year on year but this increase in profit has been seen due to reduction in tax and interest expense. In terms of results, the company’s profit in Q4 has increased 3.8 times from Rs 113.4 crore to Rs 427.3 crore. ts income has increased by only 12 percent from Rs 5,578 crore to Rs 6,247 crore.
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