The National Company Law Appellate Tribunal is set to deliver its verdict on May 22 regarding the petitions filed by three aircraft lessors against Go First’s voluntary insolvency resolution proceedings. A two-member bench, led by Chairperson Justice Ashok Bhushan, concluded the hearings on Monday and reserved its order. The parties involved have been given a 48-hour window to submit any additional documents.
The appellate tribunal had been examining a series of petitions brought forth by SMBC Aviation Capital Ltd, GY Aviation, and SFV Aircraft Holdings, all of whom had leased approximately 21 aircraft to Go First.
In recent weeks, numerous lessors have approached the Directorate General of Civil Aviation (DGCA) seeking deregistration and repossession of Go First’s 45 planes. Go First ceased operations on May 3, compounding the challenges faced by the airline.
Last week, the principal bench of the National Company Law Tribunal (NCLT) in Delhi appointed an interim resolution professional to oversee Go First’s affairs and suspended the company’s board as part of the ongoing insolvency resolution process.
The outcome of the National Company Law Appellate Tribunal’s ruling on May 22 will significantly impact the resolution proceedings surrounding Go First’s voluntary insolvency. The verdict will determine the course of action concerning the petitions filed by the aircraft lessors.
The legal battle revolves around the fate of the leased aircraft, with the lessors seeking resolution and clarity on the status of their assets amidst Go First’s financial troubles. The final decision from the appellate tribunal will carry significant implications for all parties involved, including the lessors, Go First, and the insolvency resolution process.
As the aviation industry closely monitors the developments, the lessors’ attempts to reclaim their aircraft highlight the urgency and complexity of the situation. The outcome will also shape the future of Go First, as well as the broader implications for the lessors’ contracts and potential repossessions.
With the tribunal’s order scheduled to be delivered on May 22, all stakeholders eagerly await the decision that will determine the trajectory of Go First’s insolvency proceedings and the resolution of the lessors’ petitions.