Dream 11 co-founder Bhavit Sheth filed an application claiming that the application seeking initiation of insolvency against Dream 11 was barred under Section 10A of IBC.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First s plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition.
Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours.
As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
Crisis-hit Go First s urgent plea seeking voluntary insolvency resolution proceedings faced vehement opposition from aircraft lessors on Thursday, while the National Company Law Tribunal (NCLT) reserved its order on a day when the carrier extended cancellation of all flights till May 9.
A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan on Friday said it will start day-to-day hearing of the matter from February 23, the next date of hearing.