The Go First dilemma continues. According to a recent source, the top four accounting firms may be considered by the lenders of crisis-hit Go First for the position of resolution professional (RP).
The lenders of Go First believe that many companies should be considered for the position of RP, according to an article in the Economic Times. As a result, it is anticipated that several specialists supported by industry heavyweights like KPMG, Deloitte, Ernst & Young (EY), PwC, and even Grant Thornton would be interviewed for the position.
This news comes shortly after the National Company Law Appellate Tribunal (NCLAT) affirmed the National Company Law Tribunal's (NCLT) decision to enable Go First's voluntary bankruptcy and bar lessors from reclaiming their aircraft.
Go First requested voluntary insolvency procedures in its NCLT argument and was granted permission to do so. Go First Airlines is now run by an interim resolution professional (IRP), who has been recommended by the company's previous management.
According to the article, Go First's lenders, including Bank of Baroda (BoB), the Central Bank of India, IDBI Bank, and Deutsche Bank, are open to evaluating additional candidates in addition to the RP position.
According to present regulations, the creditors of an insolvent firm have the right to choose a resolution specialist of their choosing after the committee of creditors is established following a court order, according to the Go First Crisis report.
