"Will Have No Consequence": Go First On Termination Of Aircraft Leases

Two other lessors, G Y Aviation and SFV Aircraft Holdings, which had moved appellate tribunal on Thursday, also argued their case and opposed the CIRP against Go First.

Termination of leases for aircraft by their lessors would not have any consequence as the moratorium has been imposed under insolvency resolution proceedings, Wadia group air carrier Go First on Friday argued before the National Company Law Appellate Tribunal (NCLAT).

While aircraft lessors on the other side raised doubts over the revival of Go First through the corporate insolvency resolution process (CIRP), citing the amount required to make it fly again.

Senior advocate Arun Kathpalia representing SMBC Aviation said the average lease rent of per aircraft is around USD 2 lakh for a month and with more than 50 aircraft the monthly bill would be USD 10 million.

"Cost of this misadventure is enormous," he said.