The interim resolution professional (IRP) for the insolvent airline stated on Tuesday that the Directorate General of Civil Aviation (DGCA) has correctly declined to act on the deregistration requests of the Go First aircraft lessors and that requesting such directions for taking possession of their aircraft from the Delhi High Court is “contrary to law”.

Taking ownership of the aircraft, according to senior attorney Harish Salve, who is representing the IRP, would not only jeopardise the insolvency procedure but would also stop the airline’s operations entirely, resulting in enormous losses.

The airline would cease to exist, over 7,000 people would lose their jobs, and the lessors would take off with their planes, according to the IRP, which also said that the deregistration of aircraft by the civil aviation agency would undermine the ongoing settlement process.

Aircraft lessors Pembroke Aircraft Leasing 11 Ltd, SMBC Aviation Capital, Accipiter Investments Aircraft 2 Ltd, and EOS Aviation 12 (Ireland) have filed petitions with the HC asking to have their planes currently leased by Go First de-registered.

Last Monday, the DGCA informed the HC that it had not rejected but rather kept in “abeyance” its judgement regarding Pembroke’s request to deregister its aircraft, which is now leased by Go First.

On May 22, the NCLAT affirmed the decision to allow Go First’s petition for voluntary insolvency.

Source- verve times

Link: https://vervetimes.com/go-first-lessors-plea-contrary-to-law-says-interim-rp/