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NCLT reserves order on Go First's plea for insolvency proceeding

The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First s plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition.

Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours.

As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company. ....

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Go First's lessors request DGCA to de-register some aircraft: Report

The move from the lessors come after the airline moved NCLT to restrain lessors from taking back aircraft ....

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Lessors seek repossession of 20 Go First planes; NCLT reserves insolvency plea order

As per IDERA norms, in cases like lease rental defaults, regulators are required to deregister the aircraft and allow the lessors to repossess them within five working days of a request being filed. ....

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