NCLT orders insolvency process at low-cost carrier Air Costa
The bankruptcy court has ordered corporate insolvency resolution process for the grounded South Indian low-cost air carrier, Air Costa, owned by the Vijayawada-based Lingamaneni family’s LEPL Projects.
Air Costa is the second Indian airline, after Jet AirwaysNSE 1.46 %, to undergo court-monitored debt resolution process under the Insolvency and Bankruptcy Code. Aviation regulator Director General of Civil Aviation had in June 2017 suspended the flying licence of the airline, making it officially wind up operations.
