The National Company Law Tribunal (NCLT) on Wednesday admitted Go First’s plea for voluntary insolvency and imposed a moratorium which bars the lessors from taking possession of its aircraft.
The NCLT bench comprising Justice Ramalingam Sudhakar and Justice L.N. Gupta also suspended the board of directors and ex-management of the airline and appointed Abhilash Lal as the interim resolution professional (IRP).
With Go First now being admitted to insolvency, the question being asked is whether the Wadias will be able to control the airline.
