NEW DELHI, May 9 (PTI): 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.
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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.
