NCLT orders liquidation of First Flight Couriers after failed resolution plans
The National Company Law Tribunal (NCLT) has ordered the liquidation of First Flight Couriers Limited. The decision comes after the company’s creditors failed to approve a resolution plan that met all legal requirements, including full payment of Employees' Provident Fund Organisation (EPFO) dues. The process began on October 3, 2022, when a petition was filed against First Flight Couriers under Section 9 of the Insolvency and Bankruptcy Code (IBC). This triggered the Corporate Insolvency Resolution Process (CIRP), giving creditors time to negotiate a recovery plan.
During the CIRP, Autope Payments Pvt. Ltd. submitted a resolution plan, which the Committee of Creditors (CoC) initially approved. However, the NCLT later rejected it because it did not fully address the outstanding EPFO dues. Multiple meetings in 2024 followed, but the CoC could not agree on a compliant plan or move toward liquidation.
With the CIRP period expired and no valid resolution in place, the NCLT ruled that liquidation was the only remaining option. The tribunal’s order formally closes the insolvency process and begins the company’s winding-up. The liquidation order means First Flight Couriers will now cease operations under NCLT supervision. Assets will be sold to repay creditors, with EPFO dues prioritised according to insolvency laws. The case marks the end of a prolonged insolvency process that began over 18 months ago.
