NCLT to hear Go First’s insolvency plea today
New Delhi, May 3
The National Company Law Tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First’s voluntary insolvency resolution plea.
The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi Bench headed by president Justice Ramalingam Sudhakar.
Second after Jet to seek resolution
- The Wadia Group-owned carrier has moved the National Company Law Tribunal (NCLT), Delhi, seeking voluntary insolvency resolution proceedings
- Section 10 of the Insolvency & Bankruptcy Code allows a debtor to initiate an insolvency resolution process against itself if it has committed any default
- Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings
The Bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing.
The Wadia Group-owned carrier has moved the NCLT, Delhi, seeking voluntary insolvency resolution proceedings.
Section 10 of the Insolvency & Bankruptcy Code allows a debtor to initiate an insolvency resolution process against itself if it has committed any default.
Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings.
The airline, which has been grappling with engine issues since January 2020, said it has been forced to move the NCLT as P&W refused to comply with an order issued by the Singapore International Arbitration Centre (SIAC), an emergency arbitrator.
