Go First Insolvency: Lessors Cannot Take Possession of Aircraft, NCLAT Upholds NCLT’s Orders | Aviation News

The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency to approach the National Company Law Tribunal (NCLT) for any remedy.

“The order dated May 10, 2023 allowing insolvency is upheld,” said the NCLAT bench headed by Chairperson Justice Ashok Bhushan. The direction came on a batch of four petitions filed by aircraft lessors opposing Go First’s insolvency proceedings. The lessors are SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings, and Engine Leasing Finance BV (ELFC).

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