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Go First: NCLAT Refuses To Permit Lessors To Take Back Possession Of Aircraft

Go First: NCLAT Refuses To Permit Lessors To Take Back Possession Of Aircraft


Business

oi-Renu Baliyan

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National Company Law Appellate Tribunal (NCLAT) on May 22 upheld crisis-hit Go First airline’s insolvency ordered by National Company Law Tribunal (NCLT). NCLAT refused to permit lessors to take back possession of aircraft and asked them to move NCLT to move appropriate application, according to a Business Today report.

The lessors were opposing the NCLT judgement, which had gone in favour of Go First, and given a go-head for Interim Resolution Professional (IRP) and interim moratorium, added the Business Today report.

Go First: NCLAT Refuses To Permit Lessors To Take Back Possession Of Aircraft

Earlier, Go First stopped flying from May 3. Further, aviation regulator DGCA had directed the cash-strapped airline to stop bookings till further orders. The budget carrier said that due to operational reasons, “flights until 26th May 2023 are cancelled”, as per the PTI report.

The National Company Law Tribunal (NCLT) admitted the airline’s voluntary plea insolvency resolution proceedings on May 10. Abhilash Lal was appointed as the Interim Resolution Professional (IRP) to manage the affairs of the carrier.

Story first published: Monday, May 22, 2023, 14:49 [IST]


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