Go First lenders discuss revival plan; appoints new resolution professional

Go First’s lenders on Friday discussed the grounded airline’s revival plan and appointed Shailendra Ajmera, of consultancy EY, resolution professional.

Go First had declared insolvency on May 2 owing to a cash crunch and its application was admitted by the National Company Law Tribunal (NCLT) on May 10.

The tribunal had confirmed Abhilash Lal of Alvarez & Marsal as interim resolution professional.

The lenders, however, opted for a new resolution professional because Lal had been selected by the Go First management. They also selected a resolution process advisor and legal counsel for the committee. All the resolutions were approved with a hundred per cent vote, it is learnt.