The National Company Law Tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First’s voluntary insolvency resolution plea.
The National Company Law Tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First’s voluntary insolvency resolution plea.
The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi Bench headed by president Justice Ramalingam Sudhakar.
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The Bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing.
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The Wadia Group-owned carrier has moved the NCLT, Delhi, seeking voluntary insolvency resolution proceedings.
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Section 10 of the Insolvency & Bankruptcy Code allows a debtor to initiate an insolvency resolution process against itself if it has committed any default.
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Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings.
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The airline, which has been grappling with engine issues since January 2020, said it has been forced to move the NCLT as P&W refused to comply with an order issued by the Singapore International Arbitration Centre (SIAC), an emergency arbitrator.
Source: The Tribune
