NCLT admits Go First's plea to initiate insolvency resolution; CEO terms it historic

Mumbai: Go First CEO Kaushik Khona on Wednesday described the NCLT's decision to admit the airline's plea for voluntary insolvency resolution proceedings as a "landmark judgement" that is very timely and effective for its revival.

The National Company Law Tribunal (NCLT) has appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company.

Besides, the tribunal has imposed a moratorium on the company and has suspended its board of directors.

This is a historic and landmark judgement. It is also a perfect example "in the context of revival of a viable business before it becomes unviable," Khona told PTI over phone.

He also said the order is very timely and effective.

Cash-starved Go First had filed for the voluntary insolvency resolution proceedings on May 2.