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Go First’ Insolvency: NCALT Reserves Verdict On Three Lessors’ Appeal For May 22

News On Time Desk 16 May 2023

New Delhi: In the case of Go First Airline, the National Company Law Appellate Tribunal (NCALT) has reserved its verdict on three lessors’ appeal challenging the order passed by the National Company Law Tribunal (NCLT) of the interim moratorium and insolvency resolution proceedings.

Justice Ashok Bhushan-led bench of the National Company Law Appellate Tribunal (NCLAT) Court on Monday evening reserved the judgement for May 22.

“We are reserving the judgement for May 22,” Justice Bhushan-led bench of the NCLAT said.

The appeal was filed by three Go first lessors — SMBC Aviation Capital Ltd, SFV Aircraft Holdings, GY Aviation Lease Court Ltd — before the NCLAT Court against Go First’s voluntary insolvency resolution proceedings.

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

NCLAT on Friday deferred the matter pertaining to Go First lessors’ petition seeking a stay on a bankruptcy court’s order allowing voluntary insolvency of the low-cost airline to Monday.

On May 10, the NCLT admitted Go First’s plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under a moratorium from recovery by lessors and lenders.

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Go First’ Insolvency: NCALT Reserves Verdict On Three Lessors’ Appeal For May 22

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