The National Company Law Tribunal (NCLT) on Wednesday admitted Go First’s plea for voluntary insolvency and initiate a corporate insolvency resolution process (CIRP). It appointed Abhilash Lal as the interim resolution professional (IRP) and asked him to keep the company as a going concern.
It has also put the company under protection of moratorium and directed the suspended board of directors to assist the IRP to run the company during insolvency proceedings. The banks will not be able to recover their dues during the insolvency process.
NCLT also ordered to keep the company as a going concern and ensure that no employee are retrenched.
