Go First Bankruptcy | NCLT reserves order on GoFirst’s insolvency resolution plea

File Photo New Delhi: The National Company Law Tribunal (NCLT) on Thursday reserved its verdict on the voluntary bankruptcy resolution petition of crisis-hit airline Go First. A two-member bench headed by NCLT President Justice Ramalingam Sudhakar said to reserve its verdict after a day-long hearing. The Wadia Group-controlled airline, in its plea, has sought initiation of insolvency resolution proceedings. Along with this, the airline has also sought an interim moratorium on its financial liabilities. Also Read: However, aircraft lessors have opposed the airline’s request, saying insolvency resolution proceedings cannot be initiated without hearing their side. Senior advocate Neeraj Kishan Kaul, appearing for GoFirst, said the objective of the Insolvency and Bankruptcy Code (IBC) is to ensure that the company remains operational. Cash-strapped GoFirst has canceled its flights till May 9. Along with this, he has also stopped ticket booking till May 15. (agency)

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