Business
NCLAT Upholds Moratorium for Go Airlines, Aircraft Lessors May Appeal
The National Company Law Appellate Tribunal (NCLAT) has affirmed the order of the National Company Law Tribunal (NCLT) granting a moratorium to Go Airlines (India) Ltd, a subsidiary of the Wadia group.
The NCLAT’s decision comes after petitions were filed by certain lessors who had leased aircraft to Go Airlines. These lessors contested the moratorium that was imposed on Go Airlines by the NCLT.
The lessors argued that the lease agreement with Go Airlines had already expired prior to the NCLT accepting Go Airlines’ insolvency petition. Therefore, they claimed that the airline had no rights over the leased planes.
However, the aircraft lessors have the option to appeal against the moratorium before the NCLT, seeking a reconsideration of the decision.
The NCLAT’s ruling highlights the ongoing legal battle surrounding the moratorium and its implications for Go Airlines and its lessors. The outcome of any potential appeal will be crucial in determining the fate of the leased aircraft and the parties involved.
As the situation unfolds, the aircraft lessors and Go Airlines will continue to navigate the complex legal landscape, striving for a resolution that addresses their respective concerns.
Business
ShareChat Secures Nearly $49 Million from Key Investors: Report
ShareChat Secures Nearly $49 Million from Key Investors: Report
SharingChat, a social media site, has secured $48.8 million from its current backers, Temasek and Lightspeed, through convertible debentures.
Citing ShareChat’s regulatory filings, startup news website Inc42 stated on Wednesday that the fundraising round will assist ShareChat in “navigating the path to profitability in the next 12 to 15 months.”
The report also stated that the company is supposedly in talks with investors for a larger equity investment round.
To date, ShareChat has raised more than $1 billion in investment.
It was reported in December of last year that ShareChat planned to raise as much as $65 million from current investors.
The investment round was expected to include participation from current investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others.
As part of a strategic reorganization, ShareChat let go of 200 workers in December, representing around 15% of its total employment.
Also Read: Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer
The decision, according to Mohalla Tech, the parent company of ShareChat and the short video entertainment app Moj, indicates the firm’s commitment to attaining profitability within the next four to six quarters and simplifying its cost base.
ShareChat’s sales increased by 62% to Rs 540.21 crore in FY23, but its net loss increased to Rs 4,064.3 crore from Rs 2,941.5 crore in FY22.
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