On Wednesday, The National Company Law Tribunal (NCLT) allowed IBC proceedings against the airline Go First.
Kaushik Khona is the CEO of the airline Go First and he recently gave his statement that, “Best thing we asked for has happened. Now the IRP will discuss the plan of action. Our job was to see that the aircraft does not go down.”
The airline had asked, in its plea to NCLT, for a resolution professional. It said that the purpose of the IBC is the revival of the airline.
However, NCLT said that there was no provision of a resolution professional under the proceedings, and that if they admitted the plea, only then an IRP could be appointed.
Also NCLT directed Go First to deposit Rs 5 crore with the IRP for the initial cost of proceedings. It also asked for the interests of employees to be kept in mind.
