Go First proposes new liquidator after objections from tribunal

Bankrupt airline Go First Thursday moved an application in the National Company Law Tribunal (NCLT) proposing a new liquidator after the tribunal objected to the one approved by the airline's Committee of Creditors (CoC).

Go First's CoC had proposed Shailendra Ajmera, the grounded carrier's resolution professional (RP), as liquidator but the tribunal rejected the proposal stating, "The RP can be involved in the liquidation process in some other capacity, but not as a liquidator."

The move takes Go First closer to liquidation as the insolvency resolution process failed to draw prospective bidders.