Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code (IBC) but not the first globally to undergo insolvency in 2023. It filed for a voluntary corporate insolvency resolution process (CIRP) under Section 10 of the IBC on May 3, 2023. The National Company Law Tribunal (NCLT) heard its bankruptcy plea where the airline prayed for a moratorium from the tribunal to allow it to function and preserve its assets. The application has been admitted, and a moratorium has been initiated since May 11, 2023. The NCLT appointed Abhilash Lal as IRP (insolvency resolution professional) to oversee the process.
The initial signs of distress were witnessed back in 2019 when the compa…
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