The National Company Law Tribunal (NCLT) on Wednesday admitted Go Airlines’ plea for voluntary insolvency and granted protection under moratorium from adverse actions by lessors, lenders, regulator, airports and oil companies.
The NCLT has appointed Abhilash Lal from Alvarez & Marsal as the Interim Resolution Professional (IRP) and directed initiation of Corporate Insolvency Resolution Process for the carrier that operates under the Go First brand.
“The IRP will ensure to take all necessary steps including the execution of the arbitral award to keep the corporate debtor (Go First) as a going concern and run its services smoothly,” the tribunal ruled. It added that the IRP must also ensure that no employees were laid off.
