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On May 9, when the company made its debut on the stock exchanges, the listing was excellent. Against the issue price of Rs 1,080, the stock was listed at Rs 1,300.
NCLT has dissolved the board of the airline and appointed Abhilash Lal for the bankruptcy resolution process. The airline has been asked to deposit Rs 5 crore and it has also been ordered not to lay off any employee.
Stock is trading close to its 52-week high.
The latest development comes a day after the NCLT issued a notice to the Ajay Singh-promoted private carrier on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against it
Go First, which is facing financial difficulties, has received some relief as the National Company Law Tribunal (NCLT) has approved the petition to begin the company's insolvency resolution process.
The apex court is expected to take it up on May 12. It is not yet clear whether the expert panel has sought any extension or submitted the final report.
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Global private equity firm Blackstone has signed a binding agreement with TPG to buy 70% stake in Care Hospitals.
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