The NCLAT allowed Engine Lease Finance BV on Friday to inspect the engines that it has leased to Go First, making alterations to the order of the NCLT.
The National Company Law Appellate Tribunal has also asked the resolution professional of Go First to communicate the date of inspection to the lessor within 10 days.
The bench then dismissed the appeal filed by the engine lessor as the National Company Law Tribunal would not have been able to hear the matter if it had remained pending before the appellate tribunal.
The NCLAT has asked the NCLT to dispose of the applications filed by the lessors expeditiously. It also showed its displeasure at the NCLT order that denied the lessors from inspecting the leased engines and planes.
Engine Lease Finance raised the point that despite the Delhi High Court's authorisation for aircraft and engine inspections, the NCLT refrained from allowing such procedures. The NCLT had previously held that the physical possession of Go First's aircraft and engines would remain with the airline during the insolvency proceedings.
The tribunal ruled that the lessors of the aircraft and engines cannot claim possession of these assets as they are the sole essence of Go First's business and taking them away would result in the airline's "corporate death".
18/08/2023 Charu Singh/BQ Prime
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