Go First lessors’ plea to be heard by National Company Law Appellate Tribunal today
The NCLAT has scheduled a hearing for the appeal filed by three Go First lessors, namely SMBC Aviation Capital Ltd, SFV Aircraft Holdings, and GY Aviation Lease Court Ltd. The appeal is against the interim moratorium and insolvency resolution proceedings order issued by the NCLT. The hearing is set for Monday.
NCLAT
The NCLAT has postponed the discussion regarding the petition filed by Go First lessors, who seek a stay on the bankruptcy court’s order permitting voluntary insolvency of the budget airline. The matter will now be taken up on Monday.
On May 10, the NCLT accepted Go First’s request for voluntary insolvency, triggering the initiation of the Corporate Insolvency Resolution Process (CIRP). As part of this decision, the NCLT has also granted Go First protection under a moratorium, shielding the airline from any recovery actions by lessors and lenders.
The NCLT has accepted Go Airlines’ plea for insolvency proceedings and also appointed Abhilash Lal as the IRP.
According to the order, the suspended board of directors must cooperate with the IRP and deposit Rs 5 crore for immediate expenses.
Go Airlines has canceled all flight operations until May 19 for operational reasons. They apologize for any inconvenience caused and request customers to bear with them.
Pratt and Whitney, a US-based jet manufacturer, has responded to allegations from budget airline Go First that it is to blame for the airline’s financial troubles and bankruptcy.
Furthermore, a spokesperson for Pratt and Whitney stated, “Go First’s claims holding Pratt and Whitney responsible for their financial condition are baseless. We will vigorously defend ourselves against Go First’s allegations and also take our own legal actions.”
Go First, owned by the troubled Wadia Group, previously accused Pratt and Whitney of providing faulty engines that contributed to the airline’s ongoing financial crisis, eventually leading to the filing of an involuntary bankruptcy petition.
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