Monday, May 15, 2023

Go First bankruptcy: NCLAT to pass order on aircraft lessors' petitions on May 22

The National Company Law Appellate Tribunal (NCLAT) will pass its order on May 22 on petitions filed by three aircraft lessors against Go First's voluntary insolvency resolution proceedings.

After completing the hearing on the three petitions, a two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order, PTI reported. The bench also asked the parties to submit additional documents, if any, in the next 48 hours.

A batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings was being heard by the appellate tribunal. All three lessors have leased out around 21 aircraft to Go First.

Several lessors have approached aviation regulator Directorate General of Civil Aviation (DGCA) for deregistration and repossession of Go First's 45 planes. Go First stopped flying from May 3.

15/05/2023 Business Today

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