The National Company Law Tribunal (NCLT) on Wednesday admitted Go First’s voluntary plea under the Insolvency and Bankruptcy Code (IBC) and awarded the airline bankruptcy protection.
The airline had last week filed for insolvency resolution proceedings in the NCLT while also announcing the suspension of the sale of tickets till May 15.
With liabilities of ₹11,463 crore and a financial crunch, the Wadia group-owned airline had sought voluntary insolvency resolution proceedings, as well as ,an interim moratorium on financial obligations.
