Institute of design and technology, University in Chennai, India

New Delhi [India], May 10 : Go First Airline Chief Executive Officer Kaushik Khona on Wednesday said the airline was grateful for the entire process of NCLT and noted that this is in line with the spirit of the Insolvency and Bankruptcy Code (IBC).Khona told that they could not have got a better order."We are very grateful for the entire process we had undergone and I am sure this is in line with the spirit of IBC so that we are able to take the decision on the revival, which obviously the IRP (Insolvency Resolution Professional) will do," Khona told ."I think this is a historic decision. It's going to really help the process...Millions of prayers have been heard and I think we could not have got a better order than this... We are very happy that we got this order, an admission and a moratorium," he added.The budget airline last Thursday filed a petition with the National Company Law Tribunal (NCLT), seeking protection under bankruptcy law. It had also sought an interim moratorium to prevent the seizure of its 26 aircraft by aircraft lessors.Asked about Go First employees, Khona said he has been interacting with them."My employees are with me and I had been interacting with them."He said he would have an opportunity to meet them today or tomorrow."I am sure they are all excited (about the NCLT order) and I got many messages from the employees," he said.The National Company Law Tribunal (NCLT) in its order on Wednesday admitted the plea of Go First Airlines for insolvency proceedings.Go First had also sought direction to appoint an insolvency resolution process (IRP) for the betterment of Go First.The NCLT bench, comprising President Justice Ramalingam Sudhakar and technical member LN Gupta, announced the order."We appoint Abhilash Lal as IRP (Insolvency Resolution Professional). Suspended board of directors will cooperate with the IRP. The suspended directors are also ordered to deposit Rs 5 crore to make the immediate expenses," the bench said.On the moratorium sought by the airline, the bench said the necessity of going into the merits of the application is that the Section 10 has already been admitted in respect of the corporate applicant and the moratorium has been initiated.According to the Insolvency and Bankruptcy Code (IBC), the effect of such an interim moratorium is that all pending legal proceedings with respect to any 'debt' are deemed to have been stayed.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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