Go First’s petition has been accepted by the National Company Law Tribunal (NCLT), which enables the aviation firm to start insolvency resolution procedures. The decision was made on Wednesday May 10, 2023, following a hearing at the NCLT’s Delhi bench.
Go First, formerly GoAir, has submitted the plea under Section 10 of the Insolvency and Bankruptcy Code (IBC), citing financial issues and the COVID-19 pandemic’s effects on the aviation industry as justifications for the insolvency resolution.
To supervise Go First’s business operations throughout the resolution process, the NCLT designated an interim resolution professional. Abhinash Lal has been appointed as IRP to run the debt-ridden company.