NCLT seeks update on Go First resolution process in 10 days

economictimes.indiatimes.com:

National Company Law Tribunal Friday directed Go First's resolution professional to file an additional affidavit informing the tribunal of the progress in resolution process, including a report on maintenance of aircraft and engine lessors' assets, within the next 10 days. Aircraft and engine lessors' of the airline had informed the tribunal that maintenance of assets was not taking place as per the tribunal's directions.

They requested that the additional affidavit include details of maintenance undertaken by the resolution professional. The senior counsel appearing for Go First's resolution professional informed the tribunal that as the lessors had filed cases in different fora and «far too many developments had taken place», an additional affidavit could not be filed.

Some of the lessors have approached the Delhi High Court to restrict Go First from maintenance and operations, he said; while also pointing that one lessor had challenged the NCLT's interim order at the National Company Law Appellate Tribunal (NCLAT). The NCLT, in its interim order dated July 26, had refused to restrain Go First from flying.

It said that as long as engines/aircraft were registered, they could be used by the beleaguered airline to operate as a going concern. It had reiterated its earlier order for RP to maintain aircraft and engines and refused the plea by lessors to inspect their assets.