Ligare Aviation

The Ruling The National Company Law Appellate Tribunal (NCLAT) has officially quashed the insolvency proceedings against Ligare Aviation, a subsidiary of Religare Enterprises, after determining that the underlying debt was part of a fraudulent round-tripping scheme. The tribunal’s decision, delivered this week in New Delhi, effectively halts the corporate insolvency resolution process that had been…

Legal Precedent Set on Financial Debt The National Company Law Appellate Tribunal (NCLAT) has officially set aside an insolvency order against Ligare Aviation, ruling that the financial transactions initiated by Religare Enterprises were fraudulent. In a landmark decision delivered this week in New Delhi, the appellate body determined that the alleged debt, which triggered the…