The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings.
A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations.
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However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them.
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Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (IBC) is to ensure that a company is a going concern and not ground it.
Cash-strapped Go First has cancelled flights till May 9.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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