NCLT to hear Go First lessors on 15 June
1 min read 05 Jun 2023, 11:12 PM ISTThe lessors have been in a legal tussle with the company for repossession of its aircraft after the airline filed for voluntary insolvency before NCLT
PremiumMUMBAI : 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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