NEW DELHI: The National Company Law Tribunal (NCLT) at Delhi on Wednesday (May 10) admitted the application filed by Go First Airlines seeking initiation of voluntary insolvency proceedings.
Ready for a challenge? Click here to take our quiz and show off your knowledge!
The NCLT pronouced the verdict and declared full moratorium for the company.
Go First Airlines moved the NCLT to initiate the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).
Meanwhile, the airliner has cancelled all its flights till May 19.
Ready for a challenge? Click here to take our quiz and show off your knowledge!
It has cited mounting losses for its decision to file for bankruptcy.
The airline has attributed the losses to delays in the delivery of Pratt and Whitney engines.
It said that delay in delivery of the said engines has resulted in grounding of half its fleet of aircrafts.