 "Go First")
Go First is expected to restart flights by May 24 with 23 aircraft but with a smaller operation, The Economic Times (ET) reported on Thursday. Till May 2, the airline was operating 27 aircraft. The airline has also discussed plans to resume flights with the Centre.
Go First had officially suspended the sale of tickets till May 15.
On Monday, the civil aviation regulator Directorate General of Civil Aviation (DGCA) had issued a show cause notice to the airline for failure to provide efficient services and asked it to stop the sale of its tickets. The airline filed for voluntary insolvency on May 2 and stopped its flights from May 3 in the National Company Law Tribunal (NCLT).
On Wednesday, NCLT admitted Go First's voluntary plea.
A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as Interim Resolution Professional (IRP) to run the debt-ridden company.
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It has put the company under the protection of moratorium and directed the suspended board of directors to assist the IRP to run the company during insolvency proceedings.
The NCLT also directed the company to give Rs 5 crore to IRP to meet immediate expenses for the insolvency process.
Besides, NCLT also ordered to keep the company as a going concern and ensure that no employees are retrenched.
According to the order, IRP has been asked to take necessary steps including execution of the arbitral awards, keep it as a going concern and run its services smoothly.
With liabilities worth Rs 11,463 crore, the airline had sought voluntary insolvency resolution proceedings as well as an interim moratorium on its financial obligations.
