NCLT admits Go First’s plea to initiate insolvency resolution

National Company Law Tribunal (NCLT), India’s bankruptcy court on Wednesday admitted Go First’s voluntary insolvency application.

A Coram of President Justice Ramalingam Sudhakar and technical member LN Gupta pronounced the verdict today and declared a full moratorium for the company. With this, NCLT has granted GoFirst protection under a moratorium from recovery by lessors and lenders.

According to the immediate statement seen by DH, the tribunal appointed Abhilash Lal as interim resolution professional (IRP) to run Go First till the Committee of Creditors (CoC) appoints the resolution professional. The court also directed the IRP to keep Go First as “a going concern” and not to retrench any employee in the due course of proceedings.