NCLT admits Go Airlines' petition
The National Company Law Tribunal (NCLT) on Wednesday admitted the voluntary insolvency petition filed by the Wadia group's low cost airline Go Airlines (India) Ltd and appointed Interim Resolution Professional (IRP).
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Chennai, May 10 The National Company Law Tribunal (NCLT) on Wednesday admitted the voluntary insolvency petition filed by the Wadia group's low cost airline Go Airlines (India) Ltd and appointed Interim Resolution Professional (IRP).
The Principal Bench of NCLT, New Delhi also declared moratorium for the company and directed the suspended Board of Directors to cooperate with the IRP.
Blaming the global aircraft engine maker Pratt & Whitney of not providing spare engines for defective ones resulting in the grounding of nearly half of its fleet, Go Airlines had approached NCLT with a petition for resolution on May 2, 2023.
The airline had approached the NCLT to retain its aircrafts from being repossessed by the lessors.
