The National Company Law Tribunal (NCLT) on Wednesday admitted Go First’s voluntary plea to initiate the insolvency resolution process against the airline.
A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company.
It has 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 NCLT also directed the company to give Rs 5 crore to IRP to meet immediate expenses for insolvency process.
