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Air Asia Merges with Air India Express: NCLT Gives Green Light

In a significant move for the aviation industry, the National Company Law Tribunal (NCLT) in Chandigarh has approved the merger of AIX Connect Pvt Ltd., owner of Air Asia Airlines, with Air India Express Ltd. This amalgamation, sanctioned under sections 230 to 232 of the Companies Act, 2013, received the green light following approvals from the Ministry of Civil Aviation and other regulatory bodies.

The tribunal bench, comprising judicial member Harnam Singh Thakur and technical member LN Gupta, confirmed the merger after ensuring all necessary sanctions were in place, including those from the Registrar of Companies and the Ministry of Civil Aviation.

“Sanction is hereby granted to the ‘Scheme of Amalgamation’ amongst the petitioner companies and their respective shareholders,” the tribunal declared, effectively allowing the merger to proceed.

Both Air Asia and Air India Express, wholly owned subsidiaries of Air India Ltd, operate within the aircraft passenger and cargo service sectors. Air Asia, under AIX Connect, serves as a domestic low-cost carrier with a network spanning 19 Indian destinations. Meanwhile, Air India Express focuses on international low-cost travel, connecting 34 destinations in the Gulf and Southeast Asia.

The merger scheme stipulates that AIX Connect will dissolve without winding up, resulting in Air India Express holding 100% shareholding in the parent company. This strategic move aims to streamline operations and enhance connectivity for passengers.

The NCLT acknowledged the ‘no objection’ from key regulatory entities, including the Regional Director of the Northern region, the Registrar of Companies of Delhi & Haryana, the Official Liquidator attached to the High Court of Punjab & Haryana, the Income Tax Department, MoCA, and the Director General of Civil Aviation (DGCA).

The approval came within nine months of filing the plea, marking a swift resolution. Legal representation for AIX Connect and Air India Express was provided by advocates Atul V Sood, Shashank Gautam, Saravna Vasanta, and Alok Gokhale, briefed by P&A Law Offices.

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