GO First Crisis: A big update has come regarding the airline company Go First, which is facing financial crisis. All the flights of the airline company have been canceled till May 19.
GO First Crises: A big update has come about the airline company Go First, which is facing financial crisis. All the flights of the airline company have been canceled till May 19. The National Company Law Tribunal (NCLT) has suspended the company’s board while hearing the bankruptcy application. Along with this, the employees have also been given great relief.
There will be no retrenchment of employees
NCLT has approved the insolvency petition of Go First. Along with suspending the board, Interim Resolution Professionals (IRP) have been appointed. Apart from this, the board has been ordered to deposit Rs 5 crore for regular expenses. NCLT has also ordered in the interest of the employees. Under this, no employee will be removed from the company.
₹11,463 crore loan on Go First
Let us tell you that the bench of NCLT today i.e. on Wednesday also decided on the application of the airline, in which an appeal was made for an interim stay on its financial liabilities. The airline company has liabilities of around Rs 11,463 crore. Citing problems related to the supply of aircraft engines, the airline company of the Wadia Group had said that it was unable to operate flights due to financial crisis.
