Resolution realities

Go First's complexity will be a test case

The National Company Law Tribunal (NCLT) has done well to swiftly admit Go First’s voluntary insolvency plea under the Insolvency and Bankruptcy Code (IBC) and appoint an interim resolution professional. The initiation of the process means creditors will not be able to recover dues for now. The airline, which had been operating for about 17 years, stopped flying earlier this month because of financial difficulties. Notably, it blamed US-based Pratt & Whitney (P&W) for not supplying engines, which led to the grounding of more than half its fleet. The airline informed the tribunal that it had won an arbitral award