Go First insolvency: NCLAT to pass order on lessors’ petitions on May 22

NEW DELHI: The National Company Law Appellate Tribunal will pass its order on May 22 on petitions filed by three aircraft lessors against Go First’s voluntary insolvency resolution proceedings.

A two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on the the three petitions.

The bench also asked the parties to submit additional documents, if any, in the next 48 hours.

The appellate tribunal was hearing a batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings.

All three lessors have leased out around 21 aircraft to Go First.

So far this month, several lessors have approached aviation regulator DGCA for deregistration and repossession of Go First’s 45 planes.

Last week the Delhi-based principal bench of the NCLT appointed an interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process.