National Company Law Tribunal (NCLT) in Delhi on Wednesday admitted the application filed by Go First Airlines seeking initiation of voluntary insolvency proceedings.
The tribunal said an interim resolution professional (IRP) will take over the management of the airline with immediate effect.
Abhilash Rai has been appointed as the interim resolution professional (IRP) and NCLT has imposed a moratorium period on the assets of Go First Airlines.
A Coram of President Justice Ramalingam Sudhakar and technical member LN Gupta pronounced the verdict today.
Cash-starved Go First had filed for the voluntary insolvency resolution proceedings on May 2.