Go First Insolvency Upheld By Tribunal, Setback For Lessors

Earlier, NCLT on May 10, 2023, admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed an interim resolution professional (IRP) to suspend the company's board.

The National Company Law Appellate Tribunal (NCLAT) on Monday upheld insolvency resolution proceedings against crisis-hit airline Go First, derailing aircraft lessors' efforts to take back their planes from the struggling Wadia group firm. 

A two-member NCLAT bench directed aircraft lessors and the Interim Resolution Professional (IRP) of the Wadia group firm to approach the National Company Law Tribunal (NCLT) regarding the claim of possession and other respective claims relating to the aircraft whose leases were terminated by the lessors after the company filed for insolvency process.

"The order dated May 10, 2023, admitting Section 10 Application is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.

Earlier, NCLT on May 10, 2023, admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed an interim resolution professional (IRP) to suspend the company's board.