Go First crisis: A significant update has been made regarding the financially troubled airline firm Go First. Up until May 19, all of the Go First flights have been grounded.
A bankruptcy petition has been filed against the company, and the National Company Law Tribunal (NCLT) suspended the board of directors during the hearing. This has also provided great relief to the employees.
The Go First insolvency petition has been authorised by NCLT. Interim Resolution Professionals (IRP) have been appointed in addition to suspending the board. In addition, the board has been told to pay Rs 5 crore for ongoing costs. Additionally, NCLT made an order for the benefit of the workers. No employee will be fired as a result of this.