Tue. May 30th, 2023

NCLAT asks three more Go First lessors contact NCLT for plane recovery.

On Wednesday, the NCLAT told three lessors of Go First’s planes to go to the National Company Law Tribunal (NCLT) with their claims for ownership of planes whose leases were cancelled by them before insolvency proceedings were initiated against the Wadia group business.

In order to resolve whether or not the moratorium applies to their planes, the appellate tribunal sent Accipiter Investments Aircraft 2, Eos Aviation 12 (Ireland), and ACG Aircraft Leasing Ireland to the NCLT.

Since “the facts and submissions raised in these appeals are same as has been considered and decided by our judgement and order dated May 22, 2023,” they “also deserve to be decided in the same terms” as that ruling.

After the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First’s petition to begin voluntary insolvency resolution proceedings earlier this month and appointed an interim resolution professional (IRP) to suspend the company’s board, the NCLAT upheld that order on May 22.

SOURCE :- https://www.moneycontrol.com/news/business/nclat-asks-three-more-go-first-lessors-to-approach-nclt-for-the-recovery-of-planes-10654591.html

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