Go First CEO says NCLT order on insolvency plea is landmark, historic

"This is a historic and landmark judgement. It is also a perfect example "in the context of revival of a viable business before it becomes unviable," Go First CEO Kaushik Khona said.

The National Company Law Tribunal (NCLT) has appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company. (Photo: Reuters)

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Go First CEO Kaushik Khona on Wednesday described the NCLT’s decision to admit the airline’s plea for voluntary insolvency resolution proceedings as a “landmark judgement” that is very timely and effective for its revival.

The National Company Law Tribunal (NCLT) has appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company.

Besides, the tribunal has imposed a moratorium on the company and has suspended its board of directors.

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“This is a historic and landmark judgement. It is also a perfect example “in the context of revival of a viable business before it becomes unviable,” Khona told PTI over phone.

He also said the order is very timely and effective.

Cash-starved Go First had filed for the voluntary insolvency resolution proceedings on May 2.