The NCLT-appointed Interim Resolution Professional challenged the Delhi HC order in SC claiming the proceedings by lessors to repossess their aircraft and other equipment would interfere with the bid to revive the airline
Go First crisis: These changes are reportedly being made because the lenders are a bit apprehensive about continuing with the same support firms as the ones appointed by the company.
The National Company Law Appellate Tribunal (NCLAT) upheld an an order passed by National Company Law Tribunal (NCLT) which had admitted an application by Go First Airlines seeking initiation of insolvency proceedings.
A batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings was being heard by the appellate tribunal. All three lessors have leased out around 21 aircraft to Go First.