Go First insolvency: NCLT decision on airline's bankruptcy awaited

The final decision by the National company Law Tribunal (NCLT) is awaited as the insolvency court has heard the Go First matter and reserved its decision on Thursday. The airline had filed a voluntary appeal with the Tribunal to declare insolvency on May 2. On Monday, the Principal Bench of the National Company Law Tribunal (NCLT) is scheduled to hear two further insolvency petitions filed against the airline. Go First while the airline waits for a decision on its request for a voluntary insolvency resolution. 

Liabilities for the airline controlled by the Wadia group are Rs 11.463 crore, and the company has been struggling financially as a result, prompting its filing for insolvency resolution. Through insolvency procedures and the protection of an interim moratorium, the airline seeks to find a solution to its financial crunch. In a petition submitted to the tribunal on May 2, Go First asked for instructions to stop the aviation watchdog DGCA, providers of necessary goods and services, and aircraft lessors from commencing any recovery action.

Another request is that the company's parking and departure times assigned by the Airports Authority of India (AAI), the Directorate General of Civil Aviation (DGCA), and private airport operators not be changed. The airline also requests that fuel providers maintain their current contractual obligations and deliver gasoline for aircraft operations. On Thursday, the NCLT heard the airline's appeal and has reserved its decision.  When contacted, Go First officials said, "NCLT decision is pending. We are waiting."