Go First airline has cancelled all its flights till May 12, 2023 “due to operational reasons”. The firm is going through a extreme funds disaster as a result of non-availability of engines.
The airline has already filed for voluntary insolvency decision proceedings earlier than the National Company Law Tribunal (NCLT), Delhi.
(*12*) the airline stated on Twitter.
As Go First awaits the NCLT ruling on its voluntary insolvency decision plea, the tribunal is ready to listen to on Monday two petitions looking for insolvency proceedings in opposition to the crisis-hit airline.
With liabilities of Rs 11,463 crore and a monetary crunch, the Wadia group-owned airline has sought voluntary insolvency decision proceedings in addition to an interim moratorium on monetary obligations.
After listening to the plea on Thursday, the National Company Law Tribunal (NCLT) reserved its order.
The tribunal is ready to listen to two insolvency petitions filed in opposition to the airline on Monday, based on attorneys.
The petition filed by SS Associates Services Pvt Ltd, which was offering transport companies to the provider, is with respect to a declare of round Rs 3 crore.
A pilot has additionally filed a petition claiming dues for his companies supplied to the airline. The quantity concerned is greater than Rs 1 crore. The two petitions are scheduled to be heard by the Principal Bench of the NCLT.
Go First, in its petition filed earlier than the tribunal on May 2, sought instructions to restrain plane lessors from taking any restoration motion in addition to restrain aviation watchdog DGCA and suppliers of important items and companies from initiating adversarial actions.
Another request is that the Directorate General of Civil Aviation (DGCA), Airports Authority of India (AAI) and personal airport operators mustn’t cancel any departure and parking slots allotted to the corporate.
The airline additionally needs gas suppliers to proceed provide for plane operations and never terminate the current contractual preparations.
(With inputs from PTI)
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