NCLT to decide on Go Airlines insolvency petition on Wednesday

NEW DELHI: The National Company Law Tribunal (NCLT) will on Wednesday decide on the admissibility of Go Airlines (India) Ltd's voluntary insolvency petition.

According to the cause list published by the NCLT, the Principal Bench at New Delhi will decide on the two petitions filed by the airline - one under Section 10 of the Insolvency and Bankruptcy Code (IBC) and the other under Section 60(5) of IBC.

Blaming the global aircraft engine maker Pratt & Whitney of not providing spare engines for defective ones resulting in the grounding of nearly half of its fleet, Go Airlines had approached NCLT with a petition for resolution on May 2.

Hearing the petition on May 4, the NCLT had reserved its orders.

Airline's Chief Executive Officer Kaushik Khona told IANS that the airline promoters -the Wadia group - are interested to be in the business and the purpose of approaching the NCLT is to retain the aircraft as the lessors are taking action to repossess them.

Meanwhile, according to reports, the lessors for Go Airlines are approaching other airlines to lease their planes.