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Business News/ News / India/  NCLT to hear Go First lessors on 15 June

MUMBAI : The Delhi bench of the National Company Law Tribunal (NCLT) on Monday agreed to hear on 15 June a plea by lessors to Go First seeking repossession of leased aircraft as part of the airline’s ongoing insolvency case.

The tribunal sought a response from interim resolution professional of the debt-laden airline in a week. The lessors which have filed a petition with bankruptcy tribunal include BOC Aviation (Ireland), Jackson Square Aviation Ireland and Engine Lease Finance BV. Jackson Square Aviation Ireland has leased around eight aircraft, while Engine Lease Finance BV leased four engines to Go First.

The lessors have been in a legal tussle with the company for repossession of its aircraft after the airline filed for voluntary insolvency before NCLT. The tribunal had not only allowed Go First’s request but had imposed a moratorium, thus barring lessors from legally taking back the aircraft.

Aggrieved by the order, the lessors then moved National Company Law Appellate Tribunal (NCLAT) challenging the tribunal’s order. NCLAT, however, ruled in favour of Go First and upheld the tribunal’s order on insolvency. Last week, senior counsel for interim resolution professional had argued that the lessors were trying to scuttle the insolvency process. Separately, Delhi High Court has reserved its order in a matter pertaining to the lessor’s request to deregister the aircrafts leased to the airline.

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Priyanka Gawande
Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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Updated: 05 Jun 2023, 11:12 PM IST
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