NCLAT allows Go First lessor to inspect planes
₹100 crore into the airline and to be able to service its insurance and other statutory obligations. Go First, earlier owned by the Wadia Group, filed for insolvency attributing financial troubles to Pratt and Whitney's faulty engines.
NCLT admitted the case on May 10, also suspended the board, and imposed a moratorium on the airline's financial obligations. The moratorium prompted several Go First aircraft lessors, including SMBC Aviation Capital, SFV Aircraft Holdings, and GY Aviation Lease, to move to the NCLAT.
However, the NCLAT rejected their plea to stay NCLT proceedings. Subsequently, lessors like Pembroke Aircraft Leasing 11 Ltd, SMBC Aviation Capital Ltd, Accipiter Investments Aircraft 2 Ltd, EOS Aviation 12 (Ireland) Ltd, SFV Aircraft Holdings IRE 9 DAC Ltd, ACG Aircraft Leasing Ireland Ltd, and DAE SY 22 13 Ireland Designated Activity Company approached the Delhi High Court.
Read more on livemint.com
