Company Law Tribunal’s Decision On Go First’s Insolvency Petition Tomorrow

New Delhi:

The National Company Law Tribunal (NCLT) will pass its order on Wednesday on crisis-hit airline Go First’s plea for voluntary insolvency resolution proceedings.

The two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta would pronounce the order on Wednesday morning, according to the tribunal’s cause list for Wednesday.

Besides, the bench would decide on Go First’s plea seeking an interim moratorium on its financial obligations.

On May 4, the NCLT reserved its order after hearing the Wadia group-owned carrier and its aircraft lessors, who have opposed the petition seeking interim protection.

Go First, which has been flying for more than 17 years, stopped flights from May 3 amid financial crunch caused by grounding of more than half of its fleet due to non-availability of Pratt & Whitney engines.

With liabilities worth Rs 11,463 crore, the airline has sought voluntary insolvency resolution proceedings as well as an interim moratorium on its financial obligations.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)