A voluntary insolvency is a process to formally halt or end a company's operations. This type of insolvency happens from the approval of the company's management and stakeholders and does not involve any court order. In a voluntary insolvency, the company shuts its operations due to any operational or functional issue in the present which may create issues in the future. Here, the company would attempt to pay its debts to its creditors and work on its financials by selling assets. On May 2, Go First airline filed for a voluntary insolvency with the National Company Law Tribunal (NCLT) in Delhi. Court is yet to give a verdict in the case.