The National Company Law Tribunal Monday issued notices to Go First's Committee of Creditors and the Insolvency and Bankruptcy Board of India on the issue of resolution professional's plea for refunding ₹ 597.5 crore for tickets booked by the airline. The resolution professional of the beleaguered airline informed the court that 97% of the bookings were through aggregators who had put security deposits in escrow accounts in order to make bookings.
The amount of ₹550 crore lying in the account, the senior counsel appearing for the RP submitted, was not the property of the corporate debtor. The Bench responded stating that the resolution plan is not clear on the approval of CoC to refund the amount. It further requested the counsel to endeavour to get a specific resolution in this regard. IBBI and CoC will now have to file their response.
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