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GoFirst: A new twist has come in the case of Go First Airlines. On May 15, the National Company Law Appellate Tribunal has reserved its decision and it will be issued on May 22 i.e. next Monday. A bench headed by Justice Ashok Bhushan has reserved its decision after hearing the petitions of these three companies on Monday.
Know what is the matter
Three lessees who leased aircraft to GoFirst airline had filed an application against the voluntary insolvency resolution process of GoFirst. The National Company Law Appellate Tribunal (NCLAT) will pass its order on May 22 on the applications filed by the three companies that have leased aircraft to GoFirst Airline.
Gave 48 hours time to submit papers
Citing financial crisis, GoFirst had applied for voluntary insolvency resolution in NCLT, which has been approved. The companies that leased the aircraft to the airline had appealed to the Appellate Tribunal against starting the insolvency resolution process. A bench headed by NCLAT President Justice Ashok Bhushan also said that if the concerned parties want to keep any additional documents, they can present them in 48 hours.
Aircraft leasing companies have filed petitions
The petitions were filed by the aircraft leasing companies – SMBC Aviation Capital Limited, GY Aviation and SFV Aircraft Holdings. In all, he has given 21 aircraft to GoFirst. The NCLT last week accepted the airline’s application and allowed it to start the insolvency resolution process. Along with this, it has also appointed an interim resolution professional.
GoFirst flight operations are closed from May 3
GoFirst’s flight operations have been closed since May 3. Since applying to start the bankruptcy resolution process, many aircraft providers have demanded the Directorate General of Civil Aviation (DGCA) to delist their 45 aircraft.
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