Go First lessors oppose lenders being made a party in HC case

economictimes.indiatimes.com:

Go Airlines' lenders as a party to their pleas for the deregistration of planes leased to the carrier, arguing before the Delhi High Court that the lenders are neither «proper» nor «necessary parties» in the case. Justice Tara Vitasta Ganju, while issuing formal notices to the aircraft lessors, the Directorate General of Civil Aviation and others, said the issue needed examination. Eight leasing companies are seeking deregistration and return of their aircraft. The HC posted the lenders' application for impleadment in the matter for hearing on August 3. The committee of creditors (CoC) formed for the airline's debt resolution has sought to be made a party to the case filed by the lessors, claiming that it is the «ultimate decision-making authority». Counsel Dheeraj Nair, appearing for the CoC, said any order passed in the case will pose a risk of lessors' interests getting priority over those of lenders. He argued that the CoC, which includes Central Bank of India, Bank of Baroda, Deutsche Bank, DB International Asia and IDBI Bank, has admitted claims of '5,117 crore. «There is a large exposure to public monies that is sought to be recouped by way of the CIRP (corporate insolvency resolution process) of the airline and its revival is essential in the larger national interest,» he contended.

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Lessors contended that the airline's resolution professional has been made a party to the case and will represent the lenders' interests, so, the CoC