The National Company Law Tribunal (NCLT) on June 15 approved the appointment of Shailendra Ajmera as Go First’s Resolution Professional in Abhilash Lal’s place, almost one and half months after the cash-strapped airline filed for bankruptcy.
Central Bank of India Limited , a member of the Committee of Creditors (CoC), had moved an application in the insolvency proceedings for the appointment of a resolution professional.
CoC approved Ajmera’s appointment by a 100 percent majority.
It met on June 9 and decided to appoint Shailendra Ajmera as resolution professional (RP) in the airline's insolvency case. Ajemra is a Partner in Transaction Advisory Services at Ernst & Young.
The cash-strapped airline has sought Rs 200 crore interim financing to restart operations, which is still being discussed. Central Bank of India, Deutsche Bank, Bank on Baroda and IDBI Bank are among the company's creditors.
On May 10, NCLT's Delhi bench admitted Go First's voluntary plea to initiate an insolvency resolution process. The tribunal appointed an IRP while suspending the board and putting a moratorium on the debt-ridden airline's financial obligations.
Founded by billionaire Nusli Wadia, Go First, earlier GoAir, filed for bankruptcy on May 2, blaming US engine maker Pratt & Whitney for grounding half its fleet due to faulty engines.
The ultra-low-cost airline has liabilities worth around Rs 11,000 crore.
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