NCLT reserves order on Go First's plea for insolvency proceedings
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings.
A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations.
However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them.
Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (IBC) is to ensure that a company is a going concern and not ground it.
Cash-strapped Go First has cancelled flights till May 9.