Financially troubled airline Go First's voluntary insolvency case was accepted by The National Company Law Tribunal (NCLT) on Wednesday.

This grants protection under a moratorium from recovery by lessors and lenders for the ailing airline's assets and leases.

The start of the Corporate Insolvency Resolution Process (CIRP) was ordered by a two-member NCLT panel made up of President Justice Ramalingam Sudhakar and L N Gupta, who also stated that an interim resolution specialist will take over the airline's management immediately.

According to news agency PTI, the NCLT court selected Abhilash Lal to serve as the airline's interim resolution professional. It should be emphasised that the NCLT judgement has suspended the previous management of Go First.

To retain the standing of the airline, the suspended management has been instructed to provide the temporary resolution specialist with the help they need. The management of Go First has also been required to deposit Rs 5 crore with IRP in order to cover costs.

Meanwhile, Go First also announced today that its flights will remain suspended till May 19 due to operational reasons. Earlier, the airline had extended flight cancellations till May 12.