NCLT has given its verdict on the bankruptcy case of Go First. NCLT has accepted its petition giving relief to the company. Accepting the petition, NCLT has also suspended the management and board of directors of the company. After this relief, now the airline will get a chance to revive itself.
In fact the fate of the company and its 7,000 employees was to be decided. Eyes were fixed on the decision of NCLT. Actually the company had demanded that it should be given insolvency protection. So that he can revive himself.
Please tell that after this decision of NCLT, now a new board of directors will be appointed to run GoFirst again. Who can handle the management. On the other hand, Go First is looking forward to success. This is the first time that an Indian airline has voluntarily sought insolvency protection to renegotiate its contracts and debts.
According to a report, companies that have chartered planes to Go Airlines are lining up outside the offices of their competitors Indigo, Air India and Vistara, offering planes at attractive rates. Tata Group and IndiGo are engaged in separate talks with the borrowers of GoFirst, as well as discussing landing and parking slots with airlines operators. And are demanding to regain 36 aircraft.
The company gave this argument
Last week, the tribunal heard a plea by the low-cost airline, seeking an interim stay before passing the order. The company also argued that if it loses possession of the aircraft and the legal right to operate them, its business continuity will be at stake.
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