Go First crisis: 'Best thing we asked for has happened,' says CEO Kaushik Khona

Go First CEO Kaushik Khona said that the appointment of the insolvency resolution professional is the best thing that they had asked for. Speaking to Business Today TV, Khona said, "Best thing we asked for has happened. Now the IRP will discuss the plan of action. Our job was to see that the aircraft does not go down."

The National Company Law Tribunal (NCLT) allowed IBC proceedings against the airline in the order passed on Wednesday. The tribunal appointed Abhilash Lal as the resolution professional for Go First.

The airline had asked, in its plea to NCLT, for a resolution professional. It had said that the purpose of the IBC is the revival of the airline. The NCLT, however, had said that there was no provision of a resolution professional under the proceedings, and that if they admitted the plea, only then an IRP could be appointed.

The tribunal, on Wednesday, asked the company to give all necessary support to the IRP in order for the proceedings to move forth smoothly. NCLT also directed Go First to deposit Rs 5 crore with the IRP for the initial cost of proceedings. It also asked for the interests of employees to be kept in mind.

The NCLT also imposed a moratorium on Go First’s assets.

The airline had, along with the appointment of the IRP, asked for a moratorium on its assets and to restrict DGCA from taking any adverse action against it. Go First said that multiple lessors have already moved the regulator to take back possession of its aircraft.

In a more recent report, Tata Group and IndiGo, are said to be in talks with lessors for possessions of the planes, and with airport operators for parking slots.

Also read: Go First crisis: NCLT says resolution professional to take over carrier

Also read: Go First crisis: NCLT asks Go First to not retrench any employee