The Delhi High Court on Friday (October 13) came down strongly on the resolution professional (RP) of Go First, holding that lessors' aircraft were being "cannibalised.” In a move to safeguard the lessors' interests, the court has now allowed lessors to deploy round-the-clock security to protect the aircraft and directed the RP to furnish documentation regarding the removal of parts and the status of the planes within the next 14 days.
The dispute between Go First and its lessors reached a crucial turning point as the Delhi High Court examined the evidence presented by the lessors. The court found that cannibalisation of aircraft parts was evident in the photographs submitted by the lessors.
The lessors, who had leased their aircraft to Go First, made a prima facie case that warranted immediate action to protect their highly valuable equipment.
In its verdict, the Delhi HC emphasised the urgency of safeguarding these assets, stating, "Lessors must be permitted to contract a 24-hour security service for all the Aircraft." This move is seen as a vital step in preventing further damage to the leased aircraft.
13/10/2023 Anand Singha/CNBC TV18
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