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Two more aircraft lessors move NCLAT against Go First’s insolvency

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NEW DELHI, May 11 (PTI): Two more aircraft lessors — GY Aviation and SFV Aircraft Holding — on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First’s voluntary plea to initiate insolvency proceedings.

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SMBC Aviation Capital, which is one of the world’s largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First’s plea to initiate the insolvency resolution process against the airline.

Ireland-based GY Aviation is the largest lessor of Go First with 9 aircraft, while SFV Aircraft Holdings has leased out one aircraft to the Wadia group-owned company.

SMBC Aviation Capital has 5 aircraft on lease with Go First.

Now the total number of lessors before the National Company Law Appellate Tribunal (NCLAT) against Go First’s insolvency has become three.

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The NCLAT on Thursday heard the petition of SMBC Aviation Capital.

The matter was partly heard and a two-member bench would continue its hearing over SMBC Aviation Capital’s petition on Friday.

NCLT has appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company’s financial obligations.

During the hearing at NCLT last week, several aircraft lessors had opposed Go First’s voluntary insolvency plea.

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The Hills Times
The Hills Timeshttp://www.thehillstimes.in
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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