Go First cancels all flights until 30 November, cites operational reasons
ALSO READ: Go First case: Govt may clarify on amendments in IBC on leased aircraft The recent IBC changes, dated 3 October, state that Section 14(1) - imposing a moratorium on insolvency proceedings - does not cover deals related to aircraft, engines, airframes, or helicopters. This alteration has enabled Go First's lessors to advocate for the repossession of their assets in tribunals and courts.
However, there might be delays due to changes within the National Company Law Tribunal (NCLT) bench overseeing the issue. Earlier this year, the high court had allowed lessors to inspect the grounded aircraft, a decision later upheld by the Supreme Court.
In May, Go First filed for insolvency due to financial challenges stemming from Pratt and Whitney engine issues. On 10 May, the NCLT approved its plea leading to the suspension of the airline’s board."Exciting news! Mint is now on WhatsApp Channels
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