HC allows Go First lessors to inspect aircraft
₹10,800 crore. On 10 May, the NCLT Delhi admitted the plea and declared a moratorium for the company. The suspended board of directors were directed to cooperate with the Insolvency Resolution Professional (IRP) to avoid layoffs.
The decision of the NCLT was subsequently upheld by the National Company Law Appellate Tribunal (NCLAT) on 22 May. In response, several lessors, including Pembroke Aircraft Leasing 11, SMBC Aviation Capital, Accipiter Investments Aircraft 2, Eos Aviation 12 (Ireland), DAE SY 13 Ireland, SFV Aircraft Holdings Ire 9 DAC Limited, ACG Aircraft Leasing Ireland Ltd, and GY Aviation Lease 1722 Co. Ltd had approached the high court to deregister the leased aircraft.
The lessors argued that they had already terminated their lease agreement with the airline before it applied for insolvency. The lessors claimed that the termination had been initiated due to multiple defaults by Go First. Meanwhile, NCLT in June instructed the newly appointed Shailendra Ajmera as the resolution professional (RP) so as to ensure the maintenance of engines leased from SMBC Afro Engine Lease BV and Engine Lease Finance BV.
The engine lessors sought NCLT’s direction to safeguard their assets. Ajmera was unanimously chosen as the resolution professional by the committee of creditors during their first meeting on 9 June. The tribunal also instructed the resolution professional to file responses to pleas by the lessors and scheduled hearings for 6 July.
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