NCLT to hear cash strapped Go First Airway's insolvency plea on May 4

The National Company Law Tribunal tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First's voluntary insolvency resolution plea.

The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi-bench headed by President Justice Ramalingam Sudhakar.

The bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing.

The Wadia group-owned carrier has moved the National Company Law Tribunal (NCLT), Delhi, seeking voluntary insolvency resolution proceedings.

Section 10 of the Insolvency & Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default.

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